Rent Back Agreement
This Rent-Back Agreement (hereinafter referred to as "Agreement") is entered into this 20th day of January 2050 ("Effective Date") by and between the undersigned buyer [Your Name] (hereinafter referred to as "Buyer") and the undersigned seller [Seller Name] (hereinafter referred to as "Seller").
1. PROPERTY
The agreement highlights the property located at the address specified as [Your Property Address]. The property has been legally defined per the plat that has been officially recorded. This definition identifies the property as a residential structure meant to house a single family.
2. TERMS AND CONDITIONS OF OCCUPANCY
2.1 Upon closing of the sale and transfer of owner rights to the Buyer, the Seller will rent back the property from the Buyer for a specific period and under specified terms and conditions.
2.2 The Buyer agrees to allow the Seller to remain in possession of the property located at [Your Address] (the "Property") for a specified period following the closing date of the sale.
2.3 The duration of the rent-back period shall be 30 Days, commencing from the closing date.
2.4 During the rent-back period, the Seller shall pay rent to the Buyer for [Amount] per month, payable on the 1st of each month.
2.5 The Seller shall use the Property solely for residential purposes and shall not sublet or assign any portion of the Property to any third party without the prior written consent of the Buyer.
3. CONDITIONS OF RENT BACK
3.1 The Seller shall maintain the Property in good condition, reasonable wear and tear excepted.
3.2 The Seller shall be responsible for all utilities, maintenance, and repairs associated with the Property during the rent-back period.
3.3 The Buyer shall have the right to inspect the Property with reasonable notice to ensure compliance with the terms of this Agreement.
4. TERMINATION
4.1 Either party may terminate this Agreement upon 15 days written notice to the other party.
4.2 In the event of termination, the Seller shall vacate the Property within 15 days of the termination date.
5. INDEMNIFICATION
5.1 The Seller, under the terms of this Agreement, willingly accepts and agrees to their responsibility to indemnify the Buyer. This indemnification means the Seller undertakes to reimburse the Buyer for any loss or damage they may incur. Alongside this, the Seller agrees to actively defend the Buyer if necessary.
5.2 Moreover, the Seller commits to holding the Buyer harmless, meaning they agree not to hold the Buyer responsible for any damaging incidents that may take place. This will apply in the event of any losses, claims, liabilities, and expenses the Buyer may face. These expenses could potentially include the fees for a reasonable attorney curtailed by the Buyer if any dispute arises. Such a dispute would have to arise out of the Seller having breached any of their representations and warranties as outlined in this Agreement.
6. DISPUTE RESOLUTION
Any disputes arising under this Agreement shall be resolved through negotiation and, if necessary, mediation. If mediation is unsuccessful, either party may pursue legal remedies available under the governing law.
7. GOVERNING LAW
The governance and interpretation of this Agreement is subjected to be exclusively under the laws of the specified Jurisdiction. Any issues, discrepancies, or misunderstandings associated with this Agreement should therefore be evaluated and assessed according to these specific laws of the [Jurisdiction].
8. SIGNATURE
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument. This Agreement may be executed and delivered electronically or by facsimile.
[Your Name]
Buyer
[Date Signed]
[Seller Name]
Seller
[Date Signed]
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