Use and Occupancy Agreement v. 3.1
USE AND OCCUPANCY AGREEMENT
Concerning Property located at: ____________________________________________
The undersigned Buyer and Seller, for good and valuable consideration, the adequacy of which is
hereby acknowledged, agree as follows:
1. Occupancy and Term - The Buyer shall have the right to use and occupy the Property prior to
closing starting on ____________________________ and continuing until the Closing Date.
2. Possession - The taking of possession of the Property by the Buyers shall constitute acceptance of
the Property in their then condition and shall satisfy Seller’s obligations under the terms of the
Purchase and Sale Agreement.
3. Payments - The Buyer agrees to pay the Seller under the following terms as consideration for the
use and occupancy of the property:
4. Utilities and Maintenance - The Buyers shall pay all amounts due for all utilities for the Property,
including electricity, gas and oil, and any normal maintenance, including snow removal, so long as
they occupy the Property. The Seller shall be responsible, at its sole cost and expense, for
maintenance and repairs of the mechanical (which shall mean heating/cooling and plumbing),
electrical, and structural systems of the Property and the roof (the “Systems”), except for
maintenance and repair of such Systems caused by Buyers’ negligence.
5. Insurance - The Buyers agree to obtain and maintain, at their sole cost and expense a hazard
insurance policy which covers the Buyer’s liability for the use and occupancy of the Property.
6. No Tenancy - The Buyers agree that no tenancy of any nature has been established by the
execution of this Agreement by the Seller.
7. Damages - The Buyer agrees that the Buyer shall be liable for all losses and damages incurred by
the Seller due to the Buyers’ failure to vacate the Property on the Termination Date.
8. Termination Date - In the event the closing does not occur the Buyer hereby agrees to vacate the
premises by ____________________.