2008-06-11 Agenda & Handouts - Laserfiche WebLink

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Objections. Buyer will pay all premiums required for the issuance of any Title Policy. Seller and Buyer will each pay one-half of any closing fee or charge imposed by any closing agent or by the title company. 5.2. Deed Tax. Seller shall pay all State Deed Tax payable in connection with this transaction. Buyer shall pay all Mortgage Registry Tax payable in connection with Buyer's financing. 5.3. Real Estate Taxes and Special Assessments. All Real Estate Taxes and Special Assessments payable in the years prior to the year in which the Closing occurs shall be paid by Seller. Real Estate Taxes payable in the year in which Closing occurs, and installments of Special Assessments payable therewith, shall be pro- rated based upon a calendar year based upon the Date of Closing, except that if Buyer's lender shall require Special Assessments to be prepaid, Seller shall prepay the same on the Date of Closing. 5.4. Other Costs. All operating costs of the Property, if any, 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. Attorney's Fees. Each of the parties will pay its own attorney's 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 twenty (20) 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, deleting standard exceptions and including affirmative insurance regarding zoning, contiguity, appurtenant easements and such other matters as may be identified by Buyer, in the amount of the Purchase Price, issued by a title insurance company acceptable to Buyer ("Title"); (b) if the Property is abstract property, Seller shall also deliver to Title or Buyer an Abstract of Title to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches; (c) an AL T A survey prepared by a registered land surveyor and certified to Buyer and Buyer's lender, if any, within thirty (30) days from the date hereof showing the Real Property and location of all buildings and easements thereon and such other information and containing such matters as Buyer or Buyer's lender shall reasonably request. 6.2. Buver's Objections. Within twenty (20) days after receiving the last of the Title Evidence, Buyer will make written objections ("Objections") to the form and/or - 4 - 1St.'