Post-Closing Buyer Possession Agreement

The Seller, _________ ("Seller"), and the Buyer, _________ ("Buyer"), have signed a Real Estate Sales Agreement dated _________ (the "Contract") pertaining to the real estate commonly known as _________, Illinois, and any appliances, equipment and fixtures described therein (collectively the "Property"). For good and sufficient consideration, the parties agree that Seller shall deliver possession of the Property to Buyer after the closing date which is described in the Contract (the "Closing Date"), on the following terms and conditions (the "Possession Agreement"):

1. Possession Date. Seller shall deliver possession of the Property to Buyer not later than _________ P.M. on _________[date] (the "Possession Date").

2. License for Occupancy. Buyer grants to Seller a license to use, occupy and possess the Property for a period of time commencing on the Closing Date and ending on the Possession Date. Seller shall not use or allow the Property to be used for any purpose other than as a single family residence, occupied only by Seller and Seller's immediate family, and shall not allow the Property to be used for any illegal purpose. This Possession Agreement shall not be construed as creating the relationship of landlord and tenant.

3. License Fee and Utility Charges.

4. Escrow Deposit. At closing, Seller shall deposit with _________ (the "Escrowee") the sum of _________ Dollars (the "Escrow Deposit"), as security for Seller's obligations under this Possession Agreement. Any amounts owing to Buyer in connection with this Possession Agreement shall be deducted from the Escrow Deposit and shall be paid to Buyer. Any amount remaining with Escrowee after such payments of the sums due to Buyer shall be paid to Seller upon the delivery by Seller to Buyer of possession of the Property, as set forth in paragraph 10 below. All disbursements of money from the Escrow Deposit shall be made at the joint written direction of Seller and Buyer. Seller shall pay all fees in establishing and maintaining the escrow. The amount of the Escrow Deposit shall not be construed as a limit on the amount Buyer is entitled to collect from Seller under this Possession Agreement. Prior to disbursement of the Escrow Deposit, Buyer shall have the right to inspect the Property to confirm that Seller has removed all furniture and items from the Property and that the Property is in the condition required under the provisions of this Possession Agreement.

5. Seller's Insurance and Risk of Loss to Seller's Contents. At closing, Seller shall deliver to Buyer an insurance policy insuring Seller for the risks described in this paragraph 5, naming Buyer as an additional insured on the liability coverages, together with a receipt showing the premium on this insurance policy to be paid in full for a period not less than _________ days after the closing:

6. Risk of Loss; Condition of Property on the Possession Date.

7. Seller's Failure To Deliver Possession. If Seller fails to deliver possession to Buyer by the Possession Date, Seller agrees to pay to Buyer the following costs and expenses which shall be collectively referred to hereafter as "Buyer's Delay Damages":

(i) _________ dollars per day from the Possession Date to and including the date on which possession is delivered to Buyer, and

(ii) The following additional out-of-pocket expenses, if any, incurred by Buyer on account of the delay in delivering possession:

[Or, in the alternative, the parties may wish to provide a larger per diem use and occupancy charge for the period after the Possession Date as a liquidated damages amount, such as the following:

7. Seller's Failure To Deliver Possession. If Seller fails to deliver possession to Buyer by Possession Date, Seller agrees to pay to Buyer the sum of _________ ($_____) Dollars ("Liquidated Damages Payment") for each day Seller remains in possession after the Possession Date to and including the day upon which Seller delivers possession to Buyer. These Liquidated Damage Payments, if any, shall be deemed to be payments for use and occupancy and as liquidated damages, and such payments shall be Buyer's exclusive damages remedy for Seller's delay in delivering possession, together with the costs and expenses provided in paragraph 9.]

8. Alterations. Except as required in paragraph 6, Seller shall make no repairs, alterations or modifications or perform any decorating in and to the Property without prior written permission of Buyer. Seller shall pay immediately for all work, labor and material done upon or provided to the Property and shall not permit any mechanic's liens to attach against the Property. If any mechanic's lien shall attach to the Property for work done by Seller or its agents, Buyer shall have the right to discharge such lien from the Escrow Deposit.

9. Possession Suit. If Seller fails to vacate the Property and deliver the keys to Buyer or the listing broker for delivery to Buyer on or before Possession Date, Buyer, at its option, shall have the right, upon the delivery of written notice to Seller, to file a forcible entry and detainer law suit to recover possession of the Property. Seller consents and submits to the jurisdiction of the Circuit Court of the County in which the Property is located. Seller shall pay to Buyer all reasonable costs and expenses of Buyer's recovering possession of the Property, including, but not limited to, court costs, attorneys' fees and expenses, sheriff's charges for eviction and delivering possession to Buyer and Buyer's Delay Damages.

10. Delivery of Possession. Until Seller has vacated the Property and delivered the keys to Buyer or the listing broker with instructions to deliver the keys to Buyer, Seller shall be deemed to be in possession of the Property for all purposes under this Possession Agreement. The failure, refusal or delay of one or both parties to sign a joint direction to Escrowee to disburse the Escrow Deposit shall not delay delivery of the keys to the Property to Buyer and Buyer's taking possession of the Property.

11. Seller's Indemnity of Buyer. Seller agrees to defend, indemnify and hold Buyer harmless from and against any and all damages, losses, claims, demands, liabilities, costs and expenses (including reasonable attorneys' fees and expenses) incurred by Buyer arising out of or in connection with:

(i) Seller Misuse, including payment of any deductible under any insurance policies of Buyer,

(ii) claims for bodily injury, death, and property damage, arising out of or in connection with Seller's possession, use or occupancy of the Property,

(iii) any mechanic's claim for lien, or other charge attaching to the Property arising from Seller's possession, use and occupancy of the Property, and

(iv) Buyer's enforcement of the terms and conditions of this Possession Agreement.

12. Attorneys' Fees and Protection of Escrow Funds. If a suit to construe or enforce the provisions of this Possession Agreement is filed, (i) the prevailing party shall be entitled to recover from the other party the prevailing party's court costs and reasonable attorneys' fees and other costs and expenses incurred in the enforcement of this Possession Agreement, suit, trials, appeals, rehearings, (ii) the other party to pay the attorney's fees and other costs and expenses incurred by the Escrowee pursuant to the provisions of this Possession Agreement, and (iii) the court in which the suit is pending shall have authority to enter judgment for such sums. The party at fault shall restore to the Escrow Deposit any amount incurred by the Escrowee acting under and pursuant to the provisions of this Possession Agreement, including, but not limited to, cost of filing, intervening or participating in any law suit relating the Escrow Deposit or Escrowee's obligations under this Possession Agreement.

13. Disposition of Escrow Deposit in Event of a Claim of Default. If either party claims that the other party has defaulted under this Possession Agreement, the Escrowee shall continue to hold the Escrow Deposit until there is an Event of Distribution (as defined in paragraph 13.A. below), or the Escrowee files an interpleader suit as authorized in paragraph 13.B. below and deposits the funds with the Clerk of the Court.

14. Miscellaneous. This Possession Agreement shall survive the closing and shall not merge in the deed. This Possession Agreement shall be executed by both Seller, Buyer and Escrowee and when so executed shall be in full force and effect.

Dated: _________

Seller: _________

Buyer: _________

In consideration of the indemnity protections and other provisions of the Possession Agreement relating to the Escrow Deposit and Escrowee, the undersigned as Escrowee hereby agrees to hold, disburse and deal with the Escrow Deposit in the manner described in the Possession Agreement.

Dated: _________

Escrowee: _________