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This Occupancy Agreement is made between a vendor and purchaser who have already entered into a Purchase and Sale Agreement for the purchase and sale of real property. The agreement grants the right to the purchaser to have interim occupancy of the premises pending the completion of purchase and sale and sets forth the terms and conditions of the occupancy. This document can be used by a buyer or seller of residential property, or a real estate agent, if the buyer and seller wish the purchaser to be allowed to occupy the property before the sale is complete.
This Occupancy Agreement is made between a vendor and purchaser who have already entered into a Purchase and Sale Agreement for the purchase and sale of real property. The agreement grants the right to the purchaser to have interim occupancy of the premises pending the completion of purchase and sale and sets forth the terms and conditions of the occupancy. This document can be used by a buyer or seller of residential property, or a real estate agent, if the buyer and seller wish the purchaser to be allowed to occupy the property before the sale is complete. OCCUPANCY AGREEMENT THIS OCCUPANCY AGREEMENT, made this _____ day of __________, 2______ B E T W E E N: (the "Purchaser") - and- (the “Vendor”) WHEREAS, the Purchaser and Vendor have entered into an Agreement of Purchase and Sale dated ________________ (the “Purchase Agreement”), wherein the Purchaser agrees with the Vendor to purchase the premises municipally known as ______________________, and more legally described as _______________________ (the “Premises”). AND WHEREAS, the Purchaser and the Vendor have agreed to enter into an Occupancy Agreement. IN CONSIDERATION OF payment of Two ($2.00) Dollars by each of the parties hereto to each of the other and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged the Vendor and the Purchaser agree as follows: A. INTERIM AND FINAL CLOSING 1. The Purchaser agrees to occupy the Premises on the _____ day of ___________, 2______ (the “Occupancy Date”) in accordance with the provisions of this Occupancy Agreement. 2. The transfer of title to the Purchaser and completion of the Purchase Agreement shall take place on a date to be set by the Vendor on _________ (___) business days written notice but in any event no later than ______ (___) weeks following the Occupancy Date (the “Closing Date”). B. INTERIM OCCUPANCY Subject to the terms contained herein, the Vendor grants to the Purchaser interim occupancy of the Premises as follows: © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 1. The transfer of title to the Premises shall take place on the Closing Date, upon which date, unless otherwise expressly provided for herein, this Occupancy Agreement shall be terminated. 2. Unless terminated earlier in accordance with the provisions of the Purchase Agreement, this Occupancy Agreement shall automatically terminate with the delivery of the Transfer/Deed of Land to the Purchaser on the Closing Date. The Occupancy Agreement may be terminated earlier by the Vendor in the Vendor’s sole discretion and without limitation of any other rights or remedies provided for in the Purchase Agreement or at law, if the Purchaser breaches any terms of the Purchase Agreement or the Occupancy Agreement. Upon such termination, the Purchaser shall be deemed a trespasser and shall give up vacant possession forthwith. The Vendor may take such steps as the Vendor may deem necessary to obtain vacant possession of the Premises and the Purchaser shall reimburse the Vendor for all costs and expenses of whatsoever kind incurred by the Vendor in regaining vacant possession of the Premises. 3. Before taking possession of the Premises, the Purchaser agrees to execute and deliver to the Vendor any such documents, directions, acknowledgements, assumption agreements, inspection lists and any and all other documents required by the Vendor in the same manner and to the extent possible or practical as if the actual closing of the transaction were taking place at that time. 4. Occupancy by the Purchaser shall be governed insofar as applicable by the following provisions delivered to the Purchaser upon entering into the Purchase Agreement and the Purchaser covenants as follows: a) the Purchaser, the Purchaser’s spouse and/or children shall personally occupy the Premises and only they shall occupy the Premises during the Occupancy Period and only for residential purposes; b) the Purchaser shall maintain the Premises in a clean and proper condition, and shall not alter the Premises, without the prior written approval of the Vendor which approval may be arbitrarily withheld; c) The Purchaser shall not cause damage whatsoever, to any part of the Premises. d) The Purchaser shall permit the Vendor or its agents entry to the Premises at all reasonable hours for the purpose of viewing, inspecting and/or repairing the Premises; and e) The Purchaser agrees to indemnify the Vendor for all losses, costs and expenses incurred as a result of the Purchaser’s neglect, damage or use of the Premises, or by reason of injury to any person or property in or upon the Premises resulting from the negligence of the Purchaser or the Purchasers family members, invitees, servants, agents, tenants, contractors and licensees. The Purchaser agrees that should the Vendor elect to repair or redecorate all or any part of the Premises as a result of the Purchaser’s neglect, damage or use of the Premises, the Purchaser shall immediately reimburse the Vendor for the cost of doing same, the determination of need for such repairs or redecoration shall be at the sole discretion of the Vendor, and such costs may be added to the Purchase Price. 5. The Purchaser shall not have the right to assign or sublet the Occupancy Agreement without the Vendor's written consent, which may be arbitrarily withheld. Any consent to an © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 3 assignment of this Occupancy Agreement shall be subject to the payment to the Vendor of the Vendor’s reasonable administrative and overhead costs and any other costs associated with such assignment and to the execution and delivery by the Purchaser of the Vendor's standard form of Assignment of Occupancy Agreement if required by the Vendor. 6. The Purchaser shall be responsible from the Occupancy Date to arrange for and pay all telephone, alarm system, utility and other charges and expenses billed directly to the Premises Owner (Purchaser) by the supplier of such services including arrangements of, and payable for, any applicable installation charges. 7. The Vendor and Purchaser covenant and agree, that notwithstanding the taking of possession of the Premises by the Purchaser, that all terms of the Purchase Agreement continue to be binding upon them and that the Vendor may enforce the provisions of the Occupancy Agreement separate and apart from the Purchase Agreement. 8. It is the responsibility of the Purchaser, on and after the Occupancy Date, to fully insure any personal property of the Purchaser or of those for whom the Purchaser is in law responsible. The Vendor shall not be liable for any such losses whether occasioned by fire, theft or any other causality. 9. The Vendor and Purchaser agree that the Purchase Agreement shall be extended to the Closing Date as herein defined. All terms and conditions of the Purchase Agreement shall remain the same and time is of the essence. C. GENERAL 1. The term “Occupancy Agreement” means this Occupancy Agreement and any amendment, recital, instrument, exhibit, or schedule supplementary or ancillary to this agreement, and the expressions “hereof, “hereto”, “hereunder”, “hereby” and similar expressions referred to this Occupancy Agreement and not to any particular Section or other portion of this Occupancy Agreement. 2. Time shall be of the essence of this Occupancy Agreement in all respects. 3. This Occupancy Agreement shall ensure to the benefit of, and be binding on, the parties and their respective successors and permitted assigns. 4. Any provision in this Occupancy Agreement which, as it may relate to a party, is prohibited or unenforceable in any jurisdictions shall, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be severed from the balance of this Occupancy Agreement, all without affecting the remaining provisions of this Occupancy Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 5. This Occupancy Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument. Counterparts may be executed either in original or faxed form and the parties adopt any signatures received by a receiving fax machine as original signatures of the parties; provided, however, that any party providing its signature in such many shall promptly forward to the other parties an original signed copy of this Occupancy Agreement which was so faxed. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 4 6. This Occupancy Agreement constitutes the entire Occupancy Agreement between the parties pertaining to the subject matters of this Occupancy Agreement and such other agreement and documents and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. There are no conditions, warranties, representations or other agreements among the parties hereto in connection with the subject matter of this Occupancy Agreement (whether oral or written, express or implied, statutory or otherwise) except as specifically set out in this Occupancy Agreement or in other such agreement and documents. 7. This Occupancy Agreement shall be governed by and construed in accordance with the laws of the State of _________________ applicable in that State. IN WITNESS WHEREOF the parties have executed this Occupancy Agreement as of the day and year first written above. Witness: Vendor Witness: Purchaser © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 5
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