11 Ordinance - 3700 block of Bonham

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Commercial Contrad- Unimproved Property Concerning Corner of Loo 286 and H 82 West 13. SALES EXPENSES: A. SP11er's Expenses: Selier will pay for the following at or before closing: (1) releases of existing liens, other than those liens assumed by Buyer, inciuding prepayment penalties and recording fees; (2) release of Seller's loan liability, if appiicabie; (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 ob~ec~ovisions of thes contra~tre; and (7) other expenses that Seller will pay under othe p B. Buver's Expenses: Buye'le pay for the following at or before closing: (1) all loan expenses and fe, (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. Pror S: (1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants wili be prorated through the closing date. closes closin (2) If the amount of ad valorem taxes for the year i a sessed nethe prev ousty.earl Ibthe taxes for the date, taxes will be prorated on the basis of taxes rora year in which the sale closes vary from the ae ount~Ph cht s the le closeshbecoml e availableSThis prorations when the tax statements for the y Paragraph 14A(2) survives closing. sub ect to an existing lien, Seller will transfer all (3) If Buyer assumes a loan or is taking the Property reserve deposits held by the lender for the paym ent of taxes, insurance premiums, and other charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate adjustment at closing. BRollback Taxes: If Seller changes the use of the Property before closing or if a denial of a special enalties, or xes, valuation on the Property claimed by Seller result{he assessments wi I be additional obl gataon of the Seller. If interest (assessments) for periods before closing, this sale or Buyer's use of the Property after closing resultsis Paait'~a 14B survvnes clo pngods before closing, the assessments will be the obligation of Buyer. Th 9. ph following C. Rent and Securit De osits: At closing, Seller will ten aerfter to Buyer closing: all prepaid security deposits expenses, and the advance rental advance payments received by Seller for periodS but received by rorated payments, and other advance payments the recpaentt the partyonwhom it was p orated wyithin 5 days after the other party will be remitted by P 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. and Seller~0_6!a- Page 8 of 12 AR-1802) 10-18-05 Initialed for ldentification by Buyer~~, Montgomery - N1 (T produced with ZipFomO by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www zIDoaix °m 000057