05-22-2023 City Council Packet - Laserfiche WebLink

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c. All other documents necessary to transfer the Property to Buyer free and clear of all encumbrances except the Permitted Encumbrances. 3. Costs. Seller and Buyer agree to the following allocations of costs: a. Closing Costs. Buyer shall pay all costs of closing associated with this transaction, including but not limited to all costs of issuing the title insurance commitment, title insurance premiums and surcharges required for the issuance of any owner’s title insurance policy, the closing fees charged by the Title Insurer, and recording fees. b. Documentary Taxes. Buyer shall pay all state deed tax for the warranty deed to be delivered by Seller under this Agreement. c. Real Estate Taxes and Levied and Pending Assessments. General real estate taxes due in 2023 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 charges or special assessments levied or pending against the Land as of the date of this Agreement. Buyer will be responsible for all charges or special assessments levied against the Land after the date of this Agreement. d. Attorney’s Fees. Each party will pay its own attorney’s fees. 4. Title. a. Quality of Title. Seller shall convey marketable fee title to the Property to Buyer, subject to no liens, easements, encumbrances, conditions, reservations, or restrictions other than the Permitted Encumbrances. b. Title Evidence. As quickly as possible after this Agreement is fully executed by the Parties, Buyer will obtain a commitment (“Title Commitment”) for an owner’s policy of insurance in the amount of the Purchase Price insuring title to the Property subject only to the Permitted Encumbrances. c. Buyer’s Objections. At any time prior to the Closing Date, Buyer shall make written objections (“Objections”) to the form and/or contents of the Title Commitment. Buyer’s failure to make Objections prior to the Closing Date will constitute waiver Objections. Any matter shown on such Title Commitment and not objected to by Buyer shall be deemed an additional “Permitted Encumbrance” hereunder, but in no circumstance will a mortgage referenced in Section 10 below be deemed a Permitted Encumbrance pursuant to this Section. Seller shall use their best efforts to correct any Objections. If the Objections are not cured prior to the Closing Date, Buyer will, in addition to any other remedy available at law or under this Agreement, have the option to do either of the following: