01-31-05 - Laserfiche WebLink

Home Browse Search

7. Prorations. Seller and Buyer agree to the following prorations and allocation of . costs regarding this Agreement: 7.1 ClosinQ Fee. Buyer and Seller shall each pay one-half (Y:.) of any reasonable closing fee or charge imposed by Title. 7,2 Real Estate Taxes and Special Assessments. At the Closing, Seller shall pay (a) all real property taxes payable in the year in which the Closing occurs, prorated through the Closing Date, if any; (b) any unpaid real property taxes payable for years prior to the year in which the Closing occurs; and (c) all charges for improvements or services already made to or which benefit the Property and all levied and pending assessments, whether general or special assessments, with respect to the Property which arise prior to the Closing Date. At the Closing, Buyer shall pay all real property taxes payable in the year in which the Closing occurs, prorated from and after the Closing Date. The proration described in this Section is subject to the provisions of Section 8 of this Agreement. If the amount of such general real estate taxes cannot be determined on the Closing Date, general real estate taxes for the year of the Closing shall be prorated between Seller and Buyer on an estimated basis, using the latest known mill rate and value assessed for real property tax purposes, and an adjustment will be made after Closing for any difference between the prorated estimated amount and the actual real estate taxes for the year. 8. Title Examination. Title examination will be conducted as follows: . 8.1 Seller's Title Evidence, Promptly after the Execution Date, Buyer shall order the following (collectively, "Title Evidence"), at Seller's cost and expense: (a) a commitment for an owner's title insurance policy from Title ("Title Commitment") for the Property; and (b) copies of all encumbrances described in the Title Commitment ("Title Documents"). 8.2 Buver's Obiections. Within thirty (30) days after receiving the Title Evidence or, if later, thirty (30) days after receipt of the AL T A-certified survey described in Section 5, Buyer may make written objections ("Objections") to the form and/or contents of the Title Evidence. Buyer's failure to make objections within such time period will constitute a permanent waiver of Objections. The Objections may include without limitation, any easements, restrictions or other matters which may interfere with the Proposed Use of the Property or which may be revealed by a survey of the Property. If any Objections are raised as to the Property, Seller shall be allowed ninety (90) days from the receipt of such Objections to make reasonable efforts to make such title marketable. Pending correction of title, the Closing shall be postponed, but upon correction of title and within ten (10) days after written notice to Buyer, the parties shall perform this Agreement according to its terms. If title is not made marketable of record as to all of the Property within ninety (90) days after Seller's receipt of the Objections, Buyer may either (a) terminate this Agreement and any related agreements with respect to all of the Property at Buyer's written option; or (b) waive the Objections and purchase all of the Property. If Buyer so terminates this Agreement and any related agreements, neither Seller nor Buyer shall be liable to the other for any further . Purchase Agreement 4 6