10-13-1997 EDA - Laserfiche WebLink

Home Browse Search

6.2 At Closing, Buyer shall pay to Seller the balance of the Purchase Price pursuant illto Section 2. The following adjustments shall be made at Closing: 6.2.1 Seller shall pay all delinquent real estate taxes, including penalties and interest due and payable, and all agricultural use tax recoupment for years through the year of closing, if any, and all special assessments due, pending or levied. Seller shall pay or credit on the purchase price, all real estate taxes levied or assessed for years prior to the closing, and a portion of such taxes levied or assessed in the year of closing, prorated through the date of closing. Proration of undetermined taxes shall be based on a 365-day year and on the most recent available tax rate and valuation giving effect to applicable exemptions, recently voted millage, change in valuation, etc., officials as of that date, and the amounts so computed shall be adjusted within thirty (30) days after the actual tax amounts are available in the year of closing, and, if the valuation should be contested, readjusted between the parties upon final determination of the actual year of closing taxes. 6.2.2 Buyer shall pay the premium for Buyer's title insurance policy including all required endorsements and the cost of the Survey. Buyer and Seller shall each pay for one-half of any closing fees. 6.2.3 Seller shall pay for any deed stamp tax or transfer tax due with respect to the warranty deed. Buyer shall pay all recording fees. 0 7. RIGHT OF ENTRY: INDEMNITY. During the term hereof, Buyer, its agents and employees shall have the right to enter upon the Property for the purposes described in Sections 3 and 4 hereof and for any other reasonable purpose. Buyer agrees to indemnify and hold Seller harmless from and against any claim, loss or expense, including reasonable attorneys' fees, to the extent such are caused by Buyer pursuant to this Section 7. 8. DEFAULT: TERMINATION. If either party shall default in any of its respective obligations under this Agreement, the other party may, by written notice to such defaulting party specifying the nature of the default and the date on which this Agreement shall terminate (which date shall be not less than twenty (20) days after the giving of such notice), terminate this Agreement and upon such date, unless the default so specified shall have been cured, this Agreement shall terminate. If this Agreement is terminated by Seller for Buyer's default, the earnest money shall be forfeited to and retained by Seller as agreed final liquidated damages and shall become the sole and exclusive property of Seller and Buyer shall deliver to Seller copies of all reports (other than prospective tenants) to Seller. If this Agreement is terminated by Buyer for Seller's default or as otherwise provided in this Agreement, such earnest money shall thereupon be returned to Buyer and Buyer shall have the right to seek all remedies available at law or in equity including without limitation, specific performance. Seller agrees that Buyer is entitled to specific performances of the Agreement. If any litigation or other legal action results from a breach of this Agreement, the losing or defaulting party shall pay the prevailing or non-defaulting party an amount equal to the revailing or non-defaulting party's reasonable attorneys' fees and other reasonable costs in connection herewith. The provisions of Section 8 shall survive closing. -6-