06-10-2015 Council Packet - Laserfiche WebLink

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estate taxes in the year of Closing. General real estate taxes and installments of special assessments payable in all years prior to the year of Closing will be paid by Seller. General real estate taxes payable in the year of Closing shall be prorated by Seller and Buyer as of the Closing Date based upon a calendar year, Seller shall pay all deferred real estate taxes or special assessments which may become payable as a result of the sale contemplated hereby. If the amount of such general real estate taxes and installments of special assessments payable therewith cannot be determined on the Closing Date, Seller will deposit with the Title Company, from the Purchase Price, an amount equal to 110% of the most current estimate of such taxes and special assessment installments, assuming for estimating purposes that the Real Property will be fully assessed. Such deposit will be held in escrow and all interest earnings on such deposit will be paid to Seller. The Title Company will retain such deposit to pay Seller's share of the actual general real estate taxes payable in year of Closing and installments of special assessments including interest payable therewith, paying any excess over to Seller. Seller will pay any deficiency, when such general real estate taxes and installments of special assessments including interest payable therewith are known. Recording Costs. Seller will pay the costs of recording all documents necessary to place record title in the condition warranted in this Agreement. Buyer will pay the cost of recording all other documents. Other Costs. All other operating costs of the Property will be allocated between Seller and Buyer as of the Possession Date, so that Seller pays that part ofsuch other operating costs payable before the Closing Date, and Buyer pays that part of such operating costs payable from and after the Closing Date. (f) Attorney's Fees, Each of the parties will pay its own attorneys fees, except that a party defaulting under this Agreement or any closing document will pay the reasonable attorney's fees and court costs incurred by the nondefaulting party to enforce its rights regarding such default. 6. Title Examination, Title Examination will be conducted as follows: (a) Seller's Title Evidence. Seller shall within ten (10) days after the date of this Agreement, furnish the following (collectively the "Title Evidence") to Buyer: (1) Title Evidence. If the Real Property is abstract property, Seller shall deliver to Title or Buyer an Abstract of Title to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches, If the Real Property is registered property, Seller shall deliver to Title or Buyer a Registered Property Abstract to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches, In lieu of an Abstract or a Registered Property Abstract Seller