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3. IRS Form. A Designation Agreement designating the "reporting person" <br />for purposes of completing Internal Revenue Form 1099 and, if <br />applicable, Internal Revenue Form 8594. <br />c. Pro - rations and Closing Costs. Seller and Buyer agree to the following pro - <br />rations and allocation of costs regarding this Agreement: <br />1. Title Insurance and Closing Fees. Seller will pay all costs of the title <br />evidence and the fees charged by Title Company for any escrow required <br />regarding Buyer's Objections. Buyer will pay for the premium required <br />for the issuance of the Title Policy. Seller and Buyer will each pay one- <br />half (1/2) of any reasonable and customary closing fee or charge of Title <br />Company or its agent. <br />2. Deed Tax. Seller shall pay all deed taxes payable on the recording of the <br />Warranty Deed. Buyer shall pay all mortgage registry tax payable in <br />connection with Buyer's financing. <br />3. Recording Costs. Seller will pay the cost of recording all documents <br />necessary to place record title in the condition warranted and required of <br />Seller in this Agreement. Buyer will pay the cost of recording the <br />Warranty Deed. <br />4. Real Estate Taxes. Seller shall pay all real estate taxes due and payable <br />in 2005 and prior years. Seller shall pay all deferred taxes whether they <br />are so called "Green Acres" taxes or taxes that have otherwise been <br />deferred. The real estate taxes due and payable in 2006 shall be pro -rated <br />to the day of closing. <br />5. Special Assessments. Seller shall pay all levied and pending special <br />assessments. <br />9. 1031. EXCHANGE. Buyer, or its assigns, may effect an Internal Revenue Code <br />§1031 tax deferred exchange. Buyer shall pay all costs associated with such an exchange <br />including the cost of a Qualified Intermediary. Seller agrees to cooperate with Buyer in any <br />manner reasonably necessary so long as it does not incur additional costs. <br />10. NOTICES. Any notices required or permitted to be given by any party upon the <br />other is given in accordance with this Agreement if it is directed to Seller by delivering it <br />personally to an officer of Seller; or if it is directed to Buyer, by delivering it personally to an <br />officer of Buyer or if mailed in a sealed wrapper by United States registered or certified mail, <br />return receipt required, postage prepaid; or if deposited cost paid with a nationally recognized. <br />reputable overnight courier, properly addressed as follows: <br />If to Seller: CITY OF LITTLE CANADA <br />515 Little Canada Road <br />-7 -28- <br />