6.1. EDSR 05-15-2023 - Laserfiche WebLink

Home Browse Search

Seller shall pay any deed tax payable on the Deed. Seller and Purchaser each shall pay one-half of the fee charged by the Title Company for handling the Closing. Purchaser shall pay the premium for any policy of title insurance it elects to purchase and the cost of any endorsements. Seller shall pay the cost of recording all documents necessary to vest marketable title in Seller and cure Title Objections, if any. Purchaser shall pay the cost of recording all other documents, including, but not limited to, the Deed. Each party shall pay its own legal fees. 11. Real Estate Taxes and Special Assessments. Real estate taxes due and payable in the tax year prior to the year of Closing and all prior years, including any real estate taxes otherwise payable during any such year which may have been deferred, shall be paid by Seller. Real estate taxes due and payable in the tax year of Closing, including any real estate taxes otherwise payable during such tax year which may have been deferred, shall be prorated as of the Closing Date based upon the parties’ respective period of ownership of the Real Property in such year of Closing. If the real estate taxes due and payable in the tax year of Closing are unavailable on the Closing Date, the proration will be based on the real estate taxes due and payable in the immediately prior year and shall be readjusted between the parties when final bills are issued. On or prior to the Closing Date, Seller shall pay all special assessments levied or pending against the Real Property as of the Closing Date; or, at Purchaser’s option, Purchaser shall receive a credit at Closing for the amount thereof against the Purchase Price. If the actual amount of any pending or other assessments is not known at the Closing Date, the Title Company shall withhold in escrow from Seller’s proceeds at closing an amount equal to 125 percent of the estimated amount thereof. When the amount of said assessments becomes fixed and payable, the Title Company shall apply said withheld escrow in payment of the assessments, returning any surplus to Seller. If the amount withheld in escrow is insufficient to pay the assessments, Purchase shall notify Seller, and Seller shall immediately pay, and shall be liable for the immediate payment of, any such deficiency. Purchaser shall be responsible for the payment of any special assessments levied or pending against the Real Property after the Closing Date. The provisions of this Paragraph shall survive Closing. 12. Possession; Utilities. Seller shall deliver possession of the Real Property to Purchaser on the Closing Date. All utilities and other expenses shall be prorated and adjusted as of the Closing Date, with Purchaser responsible for the utilities and expenses beginning on the Closing Date. To the extent practical, Seller shall pay prior to the Closing Date any utility bills that pertain to the period before the Closing Date and deliver appropriate receipts evidencing such payment at Closing. 13. Revesting Title in Seller Subsequent to Conveyance to Purchaser. In the event that the Purchaser fails to complete the Proposed Project within one year from the date of the Deed and Purchaser fails to construct the building and receive a certificate of occupancy for it within two years from the date of the Deed, subject to Unavoidable Delays, and such failure is not cured within 60 days after written notice from Seller to Purchaser, the title to and possession of the Real Property shall revert back to the Seller. An “Unavoidable Delay” for purposes of this Agreement means delays, outside the control of the party claiming their occurrence, which are the direct result of strikes, lockouts or other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, war, invasion, rebellion, revolution, insurrection, riots or civil war, or unavailability or shortage of supply of construction materials or construction labor, 872867.v1-4/28/23 8