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11. Prorations. All items of expense shall be paid, prorated or adjusted as of the close of <br /> business on the Closing Date in the manner hereinafter set forth: <br /> a. Real estate taxes and installments of special assessments due and payable in the <br /> year of Closing shall be prorated between Seller and Buyer on the basis of the number of <br /> days in the calendar year of Closing before the Closing Date (as to Seller) and on and <br /> after the Closing Date (as to Buyer). Buyer shall pay all real estate taxes and installments <br /> of special assessments due and payable in the year following Closing and thereafter. <br /> b. All other items which are customarily prorated in transactions similar to the <br /> transaction contemplated hereby and which were not heretofore dealt with, will be <br /> prorated as of the Closing Date. In the event any prorations or computations made under <br /> this Paragraph are based on estimates or prove to be incorrect, then either party shall be <br /> entitled to an adjustment to correct the same, provided that it makes written demand on <br /> the party from whom it is entitled to such adjustment within ninety (90) days after <br /> Closing. <br /> 12. Closing Costs. In addition to the other costs and expenses specifically provided for in <br /> this Agreement,closing costs and expenses shall be borne as follows: <br /> a. Seller shall be obligated for and shall pay: <br /> (i) Cost of issuance of the Commitment; <br /> (ii) One-half(1/2) of the closing fees and escrow fees charged by the Title <br /> Company,except costs and fees relating to Buyer's 1031 Exchange; <br /> (iii) The cost of recording or filing the Deed; <br /> (iv) All state deed or transfer taxes; <br /> (v) All fees for recording all documents necessary to place record title in <br /> Seller's name and in the condition represented by Seller in this Agreement; <br /> and <br /> (vi) Seller's attorneys' fees. <br /> b. Buyer shall be obligated for and shall pay: <br /> (i) The title insurance premium for Buyer's policy of extended coverage title <br /> insurance in the amount of the Purchase Price, including endorsements <br /> required by Buyer; <br /> 8 <br /> 67 <br />