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05/05/16
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05/05/16
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8.1.4 Any executed documents that may be required in the State or other <br />jurisdiction where the Property is located in order for the Deed to be <br />recorded properly on the Closing Date. <br />8.1.5 All other documents determined by Buyer or the Title Company to be <br />necessary to transfer the Property to Buyer free and clear of all <br />encumbrances other than the Permitted Encumbrances. <br />8.2 Buyer's Closing Documents. On the Closing Date, Buyer will execute and deliver <br />to Seller the following (collectively, the "Buyer's Closing Documents"): <br />8.2.1 The funds representing the remaining portion of the Purchase Price due <br />hereunder, subject to any adjustments and/or prorations required hereunder. <br />8.2.2 The Closing Statement. <br />9. Prorations. Seller and Buyer agree to the following prorations and allocation of costs <br />regarding this Agreement: <br />9.1 Title Insurance and Closing Fee. Seller will pay all costs of the issuance of the Title <br />Commitment and the fees charged by the Title Company for any escrow required <br />regarding Buyer's Title Objections. Buyer will pay all additional premiums <br />required for the issuance of any lender's and owner's Title Policies and any <br />endorsements requested by Buyer that are not necessary to cure Title Objections as <br />provided in Section 5 of this Agreement. Seller and Buyer will each pay one-half <br />(1/2) of any closing fee or charge imposed by any closing agent or by the Title <br />Company. <br />9.2 Real Estate Taxes and Special Assessments. All real estate taxes payable in the <br />years prior to the year in which the Closing occurs, any deferred taxes, and any and <br />all and pending special assessments (regardless of when such assessments are due) <br />shall be paid by Seller at the Closing. Real estate taxes payable in the year in which <br />Closing occurs shall be prorated between Buyer and Seller based upon the Closing <br />Date. <br />9.3 Recording Fees. Seller will pay any recording fees in connection with the release <br />of all mortgages, liens and encumbrances and security interests against the Property <br />that are not being assumed by Buyer. Seller shall also pay any deed tax due in <br />connection with the sale of the Property pursuant to applicable State statutes. Buyer <br />shall pay the recording fee in connection with the recording of the Deed. <br />9.4 Funds. Any account balances or other funds connected to the Property shall be <br />retained by Seller. <br />9.5 Other Costs. All other operating costs of the Property shall be prorated between <br />Seller and Buyer as of the Closing Date so that Seller pays that portion of operating <br />US.106153450.02 DRAFT <br />
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