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a. Closing costs shall be shared equally by the parties. <br />b. Cost of drafting and recording the Deed shall be paid by the City. <br />c. All costs of perfecting title as described in Paragraph 3, if any, shall be paid <br />by Pearson. <br />d. The title commitment shall be provided by Pearson at Pearson's cost. Any <br />owner's title insurance shall be purchased by the City. <br />e. State deed tax shall be paid for by Pearson. <br />f. Each party shall pay its own attorney's fees. <br />g. Property taxes shall be prorated as of the date of closing. <br />h. The City is responsible for the cost of any survey obtained by the City. <br />6. Term. The term of this agreement shall be six months from the date set forth <br />above. The agreement cannot be extended unless a written extension is signed by <br />both parties. <br />7. Right of Entry. Upon the City's exercise of its right of first refusal, the City or its <br />agents shall be entitled to enter upon the Parcels for the purpose of conducting soil <br />tests, engineering studies and surveys. <br />8. Binding Effect. This agreement is binding upon the parties, their heirs, successors <br />and assigns. This agreement may be recorded against the Parcels. <br />9. Governing Law. This agreement is governed by the laws of the State of <br />Minnesota. <br />3 <br />