Common use of Possession After Closing Clause in Contracts

Possession After Closing. Possession of the Property shall be delivered to Buyer one year following the Closing or the expiration or termination of the residential lease agreement described as follows. Seller’s possession of the Property following Closing will be pursuant to a written residential lease agreement between the Buyer as the Landlord and the Seller as the Tenant which will be agreed to by the parties on or before the Closing, and which will contain at a minimum a nominal lease payment of one dollar ($1.00) to Buyer and: (a) all maintenance, repair and replacement of improvements located on the Property to be the responsibility of the Seller; (b) Seller insuring against all hazards and occurrences on the Property; (c) removal of improvements (which shall include the right, but not the obligation, to remove all improvements on the Property except for the residences located thereon) and Seller’s personal property upon the expiration of the Lease and surrender of possession of the Property to the Buyer; and (d) any and all other residential lease issues and matters that are reasonable or necessary for an occupancy of the type contemplated herein. If Seller removes the existing high fence on the Property, Seller shall be responsible for installing a barbwire boundary fence sufficient to turn cattle. In the event that the parties have not agreed to and executed the written residential lease agreement described above on or before the Closing, then the parties will proceed to Closing, whereupon the Seller will retain possession of the Property following Closing as a tenant at the will of the Buyer and upon the terms and conditions provided to the Seller by the Buyer on or after Closing.