7.3. SR 07-20-2015 - Laserfiche WebLink

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7. PRORATIONS. The City and the Buyer agree to the following prorations and allocation of costs regarding this Agreement: 7.1. Title Insurance and Closing Fees. The Buyer shall pay the cost of the Title Commitment (as defined in Section 8.3). The Buyer shall pay the cost of the title insurance premium, any additional premiums for endorsements, and the state deed tax. The parties shall share equally any reasonable and customary closing fee and charges imposed by the title company. 7.2. Real Estate Taxes and Special Assessments. The City shall pay, on or before the Closing Date, all levied special assessments, constituting a lien against the Property as of the effective date, including, without limitation, any installments of special assessments that are payable with general real estate taxes in the year in which Closing occurs. Any general real estate taxes payable in all years prior to the year in which the Closing occurs shall be paid by the City. Any general real estate taxes payable in the year in which Closing occurs shall be the responsibility of the Buyer. 7.3. Recording Costs. The City shall pay the cost of recording all documents necessary to vest marketable title in the Buyer and to cure title objections, if any. The Buyer shall pay the cost of recording all other documents, including, but not limited to, the quit claim deed. 7.4. Attorneys’ Fees. Each of the parties shall pay its own attorneys’ fees. 8. TITLE EXAMINATION. Title Examination shall be conducted as follows: 8.1. City’s Title Evidence. Within 10 days of the Effective Date, the City shall furnish the following (collectively, “Title Evidence”) to the Buyer: 8.1.1. Certificate of Title. A current Certificate of Title for the Property. 8.1.2. Survey. A copy of any existing land survey of the Property in the City’s possession or control. The Buyer, at the Buyer’s option, also may obtain, at the Buyer’s expense, a new survey of the Property. Any new survey shall be certified and delivered to the City as well as the Buyer and any other parties that the Buyer may designate. 8.2. Title Commitment. The Buyer may order, within seven (7) days of receiving the Title Evidence, in Buyer’s sole discretion and at the Buyer’s expense, a commitment (the “Title Commitment”) issued by any title insurance company acceptable to Buyer (“Title Company”), for an owner’s title insurance policy in the full amount of the Purchase Price, showing fee simple title to the Property in City subject only to Buyer’s permitted encumbrances, deleting standard exceptions and including affirmative insurance endorsements relating to zoning, contiguity, access, appurtenant easements and other matters as may be identified by Buyer. 5 455958v10 SJS EL185-31