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Commercial Contract - Unimproved Property Concerning Corner of Loo 286 and H 82 West 13. SALES EXPENSES: A. Selier's Expenses: Seller wiii pay for the following at or before closing: (1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties and recording fees; (2) release of Seller's loan liability, if applicable; (3) tax statements or certificates, (4) preparation of the deed; : (5) one-half of any escrow fee; (6) costs to record any documents to cure title objections that Seller must cure; 'and (7) other expenses that Seller will pay under other provisions of this contract. B. BuYer's Expenses: Buyer will pay for the following at or before closing: (1) all loan expenses and fees, (2) preparation of any deed of trust; (3) recording fees for the deed and any deed of trust; (4) premiums for flood insurance as may be required by Buyer's lender; (5) one-half of any escrow fee; (6) other expenses that Buyer will pay under other provisions of this contract. 14. PRORATIONS: A. Prorations: (1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated through the closing date. (2) If the amount of ad valorem taxes for the year in which the sale closes is not available on the closing date, taxes will be prorated on the basis of taxes assessed in the previous y.ear. If the taxes for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year in which the sale closes become available. This Paragraph 14A(2) survives closing. (3) If Buyer assumes a loan or is taking the Property subject of t taxese inslu lien, Seller t nd fothelr reserve d e p o s i t s h e l d b y t he lender for the paymen p charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appro p r i a t e adjustment at closing. B. Rollback Taxes: If Seller changes the use of the Property before closing or if a denial ot esc or l valuation on the Property claimed by Seller results in the assessment of additional taxes, penal interest (assessments) for periods before closing, the assessments will be the obligation of the Seller. If this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of Buyer. This Paragraph 146 survives closing. C. Rent and Securitv Deposits: At closing, Seller will tender to Buyer all security deposits a l{~enltal advance payments received by Seller for periods after closing: prepaid expenses, advance rorated received payments, and other advance PaY paid ienbto ttenants. he party onwhorn it was p orated wyth nt 5 days after the other party will be remitted by the ecp the rent is received. This Paragraph 14C survives closing. 15. DEFAULT: A. If Buyer fails to comply with this contract, Buyer is in default and Seller may: (1) terminate this contract and receive the earnest money as liquidated damages, thereby releasing the parties from this contract; or (2) enforce specific performance, or seek other relief as may be provided by law, or both. (TAR-1802) 10-18-05 and SellerQr/J,52DL- Page 8 of 12 Initialed for ldentification by Buyer~f. produced with ZipFortnG by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www zioLooix Com Montgomery - ti1 M 0QOC84