Possession After Closing. Buyer shall obtain possession and occupancy of the Property at Closing. The Property shall be delivered at Closing free and clear of all tenants and occupants, and shall be free and clear of all debris, trash, vehicles, and all personal property (other than any personal property being acquired by Buyer hereunder). The Property shall be delivered at Closing in the same condition in which it existed as of the Effective Date, nominal wear and tear excepted.
Possession After Closing. At Closing, Seller shall deliver possession of the Property to Buyer, free of tenants and other occupants, except that Mercury shall retain possession of portions of the Real Property as tenant under the Lease pursuant to and subject to the terms of the Lease. Except to the extent that Mercury remains responsible therefor pursuant to the Lease, real estate and personal property taxes (exclusive of installments of any betterment assessments not yet due and payable), water and sewer charges, and other operating expenses shall be apportioned between the parties at the Closing as of the close of the Business Day prior to the Closing Date on the basis of the fiscal period for which assessed or billed. If the Closing shall occur before a new tax rate is fixed, the apportionment of taxes at the Closing shall be upon the basis of the old tax rate for the preceding period applied to the latest assessed valuation. Promptly after the new tax rate is fixed, the apportionment of taxes shall be recomputed. The terms of this Section 5.1 shall survive Closing and not be merged therein for a period of one (1) year after Closing.
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.
