20-Zoning; Public Hearing - Laserfiche WebLink

Home Browse Search

Article 7- Taxes, Prorations, and Brokerage 7.1 Costs and Prorations. Seller shall pay the following Closing costs: Seller's attorney's fees, the basic premium for the Title Policy, one-half (1/2) of the Closing fee charged by the Title Company, and any other costs of Seller specified elsewhere in this Agreement. Buyer shall pay the following Closing costs: the cost of any endorsements to the Title Policy, Buyer's attomey's fees, the cost to record the Deed, one-half (1/2) of the Closing fee charged by the Title Company, any costs associated with Buyer's financing of the acquisition of the Property, and any other costs o f Buyer s pecified e lsewhere in this Ag reement. Any Closing costs not specifically allocated above or elsewhere in this Agreement shall be allocated in accordance with usual and customary practice in the locality of the Property, provided, if no usual or customary practice exists, such other costs will be borne equally by the parties. 7.2 Prorations. The income and expenses of the Properly will be prorated as of the Closing Date and the Purchase Price will be adjusted on the following basis: a. Accounts Pavable. All sums due for accounts payable by Seller which were owing or incurred by the Property prior to the Closing Date will be paid by Seller. Buyer will furnish to Seller any bills for such period received after the Closing Date for payment, and Buyer will have no further obligation with respect thereto. All accounts payable by the owner of the Property incurred on and after the Closing Date will be paid by Buyer. b. Taxes. All real property ad valorem taxes assessed against Seller and the Property for all years preceding the year in which Closing occurs, any rollback taxes imposed on the Property for periods preceding the Closing Date, and any matured and unmatured installments of special assessments with respect to the Property, shall be paid by Seller. The real properiy taxes for the year in which Closing occurs shall be prorated on a calendar year and per diem basis as of the Closing Date, and Seller agrees to a ccept a s a credit against the Purchase Price t he portion attributable to the period prior to the Closing Date. Buyer agrees to pay all real property taxes for the year in which Closing occurs and subsequent years. c. Method of Proration. In the event that the apportionments hereinabove provided for result in a credit balance to the Buyer, such sum shall be applied against the Purchase Price at the Closing. In the event the apportionments hereinabove provided result in a credit balance to the Seller, such credit balance shall be added to the Purchase Price payable at Closing. d. Adtustment. If any adjustments pursuant to this Section 7.2 are, subsequent to Closing, found enoneous, then either party hereto who is entitled to additional monies may invoice the other party for such additional amounts as may be owing, and such amount shall be paid within ten (10) days from receipt of this invoice. This covenant shall survive the Closing. 7.3. Brokerage. With the exception of Lone Star Realty ("Broker"), who has represented Seller, each party (the "Indemnifying Party") represents and warrants to the other that it has not dealt with any real estate brokers or other third parties in connection with the transaction embodied herein who are entitled to be compensated for brokerage services and the Indemnifying Party agrees to indemnify and hold the other harmless from and against any claim, GADOCS\ZWA\S&.N'aris\Purchase Contract-1doc -6- --lg/