7.1. SR 06-19-2006 - Laserfiche WebLink

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ofthe transaction which is the subject of this Agreement, and shall be memorialized by a Park Dedication Credits Agreement to be executed by City and delivered to Tiller at closing as set forth in Section 8.2 ofthis Agreement. 2.2 Deed Restriction. Buyer agrees that the Property will be subject to the restriction contained in the Restriction Agreement attached hereto as Exhibit "C", which Deed Restrictions shall be recorded in the Office of the County Recorder on or about the Date of Closing. 2.3 Prorations and Allocations. Seller and Buyer shall make prorations and allocations of the following expenses, with respect to the Property: 2.3.1 Real Estate Taxes and Special Assessments. 2.3.1.1 Real Estate Taxes. General real estate taxes (i) payable in the years prior to the year of closing will be paid by Seller, (ii) payable in the year of closing shall be prorated by Seller and Buyer as of the Closing Date, based upon a calendar year; and (iii) payable in the year following the year of closing shall be paid by Buyer. 2.3.1.2 Special Assessments. Seller shall pay any special assessments levied or pending against the Subject Property as ofthe Effective Date, or that become levied or pending after the Effective Date of this Agreement, including, but not limited to, area wide transportation charges and area charges for sanitary sewer, storm sewer and trunk water charge, if any. 2.3.2 Title Insurance. Buyer shall pay the title insurance commitment fee and Buyer will pay all costs of the owner's Title Policy and all supplements and endorsements thereto. 2.3.3 Closing Fee. Buyer will pay any reasonable and customary closing fee or charge imposed by any closing agent designated by the Title Company. 2.3.4 Deed Tax. Buyer shall pay all state deed tax regarding the Warranty Deed to be delivered by Seller pursuant to this Agreement. 2.3.5 Recording Costs. Seller will pay the cost of recording any documents necessary to clear title and Buyer shall pay the cost of recording the Warranty Deed. 2.3.6 Attorneys' Fees. In any litigation, arbitration or similar proceeding to resolve a dispute between Seller and Buyer arising under or relating to this Agreement, the prevailing party shall be entitled to recover its reasonable costs, including reasonable attorney's fees, from the other party as Page 3 Version Date: 6/15/06 C:\Documents and Settings\tallardlLoca1 Settings\Temporary Internet Files\OLKFlAgreement attach to 72.DOC