2005.09.19 EDA Packet - Laserfiche WebLink

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4.2 Buyer's Closing Documents. On the Closing Date, Buyer will execute and deliver to Seller the following(collectively,"Buyer's Closing Documents"): 4.2.1 Purchase Price. Funds representing the Purchase Price, by cash or by wire transfer of immediately available funds. 4.2.2 IRS Form. A Designation Agreement designating the "reporting person" for purposes of completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 5. Prorations. Seller and Buyer agree to the following pro-rations and allocation of costs regarding this Agreement: 5.1 Title Insurance and Closing Fee. Seller will pay all costs of the Title Evidence. Seller will pay the premium required for the issuance of the Title Policy, if an updated abstract of title is not provided. If Seller provides Buyer an updated abstract of title, Buyer shall pay the premium for issuance of the Title Policy. Seller and Buyer will each pay one-half of any closing fee or charge imposed by the Title Company. 5.2 Deed Tax. Seller shall pay all State Deed Tax payable in connection with this transaction. 5.3 Real Estate Taxes and Special Assessments. Real Estate Taxes payable in the year in which Closing occurs shall be pro-rated based upon the Closing Date. On or before the Closing Date, Seller will pay all special assessments levied or pending against the Property. 5.4 Other Costs. All other operating costs of the Property shall be allocated between Seller and Buyer as of the Closing Date, so that Seller pays that part of operating costs payable before the Closing Date, and Buyer pays that part of operating costs payable from and after the Closing Date. 5.5 Attorneys' 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 attorneys' fees and court costs incurred by the nondefaulting party to enforce its rights hereunder. 6. Title Examination. Title Examination will be conducted as follows: 6.1 Seller's Title Evidence. Seller shall, within 10 days after the date of this Agreement, furnish the following (collectively, "Title Evidence") to Buyer: (a)a commitment ("Title Commitment") for an ALTA Form B 1990 Owner's Policy of Title Insurance insuring title to the Real Property, in the amount of the Purchase Price, issued by the Title Company; (b) if the Property is abstract property, Seller shall also deliver to the Title Company or to Buyer any Abstract of Title in Seller's possession, to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches; (c) UCC searches against Seller. -3-