2018.09.17 CC Packet - Laserfiche WebLink

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6. Prorations. Seller and Buyer agree to the following pro -rations and allocation of costs regarding this Agreement: 6.1 Title Insurance and Closing, Fee. Seller will pay all costs of the Title Evidence. Buyer will pay the premium required for the issuance of the Title Policy. Seller and Buyer will each pay one-half of any closing fee or charge imposed by the Title Company. 6.2 Deed Tax. Seller shall pay all State Deed Tax payable in connection with this transaction. 6.3 Real Estate Taxes and Special Assessments. Real Estate Taxes and installments of Special Assessments payable in the year in which Closing occurs shall be pro- rated based upon the Closing Date. 6.4 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. 6.5 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. 7. Title Examination. Title Examination will be conducted as follows: 7.1 Seller's Title Evidence. Seller shall, within 60 days after the Effective Date, furnish the following ("Title Evidence") to Buyer: (a) a commitment ("Title Commitment") for an ALTA 2006 Owner's Policy of Title Insurance ("Title Policy") insuring title to the Real Property, in the amount of the Purchase Price, issued by the Title Company; (b) a current survey prepared by a registered land surveyor and complying with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (2005) (COMMENT # JACK TO REVIEW) 7.2 Buver's Objections. Within 10 days after receiving the Title Evidence, Buyer will make written objections ("Objections") to the form and/or contents of the Title Evidence. Any matter shown on such Title Evidence and not objected to by Buyer within the foregoing 10-day period, shall be a "Permitted Encumbrance" hereunder. Seller will have 30 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed, if necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money only, Seller shall have the right to apply a portion of the cash payable to Seller at the Closing to the satisfaction of such Objection, and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such 30-day period, Buyer will have the option to do any of the following: 7.2.1 Terminate this Agreement; or IN