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06-10-2015 Additions
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06-10-2015 Additions
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6/11/2015 9:25:08 AM
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estate taxes in the year of Closing. General real estate taxes and installments of <br />special assessments payable in all years prior to the year of Closing will be paid <br />by Seller. General real estate taxes payable in the year of Closing shall be <br />prorated by Seller and Buyer as of the Closing Date based upon a calendar year. <br />Seller shall pay all deferred real estate taxes or special assessments which may <br />become payable as a result of the sale contemplated hereby. If the amount of such <br />general real estate taxes and installments of special assessments payable therewith <br />cannot be determined on the Closing Date, Seller will deposit with the Title <br />Company, from the Purchase Price, an amount equal to 110% of the most current <br />estimate of such taxes and special assessment installments, assuming for <br />estimating purposes that the Real Property will be fully assessed. Such deposit <br />will be held in escrow and all interest earnings on such deposit will be paid to <br />Seller. The Title Company will retain such deposit to pay Seller's share of the <br />actual general real estate taxes payable in year of Closing and installments of <br />special assessments including interest payable therewith, paying any excess over <br />to Seller. Seller will pay any deficiency, when such general real estate taxes and <br />installments of special assessments including interest payable therewith are <br />known. <br />(d) Recording Costs. Seller will pay the costs of recording all documents necessary to <br />place record title in the condition warranted in this Agreement. Buyer will pay the <br />cost of recording all other documents. <br />(e) <br />Other Costs. All other operating costs of the Property will be allocated between <br />Seller and Buyer as of the Possession Date, so that Seller pays that part of such <br />other operating costs payable before the Closing Date, and Buyer pays that part of <br />such operating costs payable from and after the Closing Date. <br />(f) Attorney's Fees. Each of the parties will pay its own attorneys fees, except that a <br />party defaulting under this Agreement or any closing document will pay the <br />reasonable attorney's fees and court costs incurred by the nondefaulting party to <br />enforce its rights regarding such default. <br />6. Title Examination. Title Examination will be conducted as follows: <br />(a) Buyer's Objections. Within five (5) days after receipt of the last title evidence, <br />Buyer will examine the title to the property and make written objections <br />("Objections") to the form and/or contents of the Title Evidence. Buyer's failure <br />to make Objections within such time period will constitute a waiver of Objections. <br />Any matter shown on such Title Evidence and not objected to by Buyer shall be a <br />"Permitted Encumbrance" hereunder. Seller will have thirty (30) days after <br />receipt of the Objections to cure the Objections, during which period the Closing <br />Date will be postponed as necessary. Seller shall use its best efforts to correct any <br />Objections. To the extent an Objection can be satisfied by the payment of money, <br />Buyer shall have the right to apply a portion of the cash payable to Seller at the <br />
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