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1999-05-26
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1999-05-26
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installments of special assessments including interest payable with general real <br /> estate taxes in 1999. Since Seller owns a ganger tax parcel than the Property sold <br /> to Buyer, and a lot split will occur to accomplish this sale, Seller will only pay <br /> that percentage of special assessments determined by the square foorege of the <br /> Property as the numerator and the complete square footage of the tax parcel as the <br /> denominator. General real estate taxes and installments of special assessments <br /> payable therewith payable in 1998 and all prior years will be paid by Seller. <br /> General real estate taxes payable in 1999 shall be prorated by Seller and Bu3-er as <br /> of the Closing Date based upon a calendar fiscal yeas. The real estate tax <br /> proration shall also calculate the percentage of the Property being purchased by <br /> Buyer of the entire tax parcel owned by Seller. Seller shall pay all deferred real <br /> estate taxes or special assessments which may become payable as a result of the <br /> sale contemplated hereby. <br /> (d) Basic Rents. All basic rent and other charges under the Lases will be prorated as <br /> of the Closing Date. <br /> (e) k.ecording Costs. Seller will pay the cost of recording all documents necessary to <br /> place record title in the condition warranted and requested by Seller in this <br /> Agreement. Buyer will pay the cost of recording all other documents. <br /> (f) Other Cpsts. All other operating costs of the Property, will be allocated between <br /> Seller and Buyer as of the Closing Date, so that Seller pays that part of suck other <br /> operating costs payable through tb.e Closing Date, and Buyer pays that part of <br /> such operatine costs payable after the Closing Date. <br /> (g) Attorney's Fees. Each of the parties will pay its teem attorneys fees, except that a <br /> party defaulting under this Agreement or any closing document will pay the <br /> reasonable attorneys' fees and court costs incurred by the nondefaulting party to <br /> enforce its rights regarding such default, <br /> (h) Flo Main Decertification. The Property is currently designated as being located <br /> within a floodplain by the Federal Emergency Management Administration <br /> (FEMA). Seller has applied to decertify the Property from the floodnlain status. <br /> Seller and Buyer agree to equally divide all costs and expenses tc accomplish this <br /> decenification. <br /> 6. Title Examination. Title Examination will be conducted as follows: <br /> (a) Seller's Title Evidence, Seller shall, within 30 days after the date of this <br /> Agreement, furnish the following (collectively, "Title Evidence ") to Buyer; <br /> (1) Title Insurance Commitment, A. commitment ("Title Commitment ") <br /> for an ALTA Form B 1970 Owner's Policy of Title Insurance insuring <br /> title to the Real Property, deleting standard exceptions and including <br /> affirmative insurance regarding zoning, contiguity, appurtenant <br /> 6 <br />
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