06-14-2021 Council Packet - Laserfiche WebLink

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3 (vi) A closing statement detailing the financial terms of the closing; (vii) The RCA as required per Section 9, and the RREA as required by Section 31, both duly executed and acknowledged by Seller; and (viii) All other documents necessary to transfer the Property to Buyer free and clear of all encumbrances except the Permitted Encumbrances. (b) By Buyer. At the Closing, Buyer shall deliver to Seller the Purchase Price, and the RCA and RREA as required by Section 9 and 31, both duly executed and acknowledged by Buyer. 5. Costs. Seller and Buyer agree to the following allocations of costs: a. Closing Costs. Buyer shall pay the costs of issuing the title insurance commitment, the closing fees charged by the Title Insurer, recording fees, any expenses associated with the deletion of the survey exception or other modifications requested by Buyer, and Buyer’s attorney fees. Seller shall pay the cost of releasing any liens affecting the Property and removing or modifying any exceptions to title for which it receives objections from Buyer, the title policy in the full amount of the Purchase Price, and Seller’s attorney’s fees. b. Documentary Taxes. Seller shall pay all state deed tax for the Deed to be delivered by Seller under this Agreement. c. Real Estate Taxes and Levied and Pending Assessments. General real estate taxes due in the year of closing shall be prorated by Seller and Buyer as of the Closing Date based upon a calendar fiscal year. Seller shall be responsible for any green acre charges due on the property. Seller shall be responsible for all special assessments levied or pending against the Property as of the date of this Agreement. d. Attorney’s Fees. Each party will pay its own attorney’s fees. 6. Title. a. Quality of Title. Seller shall convey insurable fee title to the Property to Buyer, subject to no liens, easements, encumbrances, conditions, reservations, or restrictions other than the Permitted Encumbrances.