Agenda - Planning Commission - 09/01/2016

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that would be disclosed by an accurate survey of the Property;and(D) matters that constitute Permitted Exceptions pursuant to Section 6; ii. A certified copy of a duly adopted City Ordinance and Resolution authorizing Seller's sale of the Property to Buyer;and iii. Seller's affidavits,well disclosure certificate(if required),settlement statement approved by Seller and Buyer,and any other documents required by the Escrow Agent. b. Buyer's Obligations at Closing. At Closing,Buyer must: i. Wire Transfer(or deliver a certified check in)an amount equal to the amount of the Purchase Price adjusted for to reflect Buyer's prior payment of the Earnest Money and to reflect amounts Buyer must pay or will receive pursuant to Section 14(c),to Escrow Agent for disbursement to Seller and others pursuant to this Agreement and the Settlement Statement;and ii. File or cause Escrow Agent to file an Electronic Certificate of Real Estate Value. 16.OPTION TO EXTEND. In the event Buyer requests a 6-30 day extension of the Inspection Period or Closing Date,and the extension is agreed to in writing by Seller, Buyer must deposit an additional&--$5,000 Earnest Money with the Escrow Agent. The additional Earnest Money is nonrefundable,and will comply with terms outlined in Section 4 of this Agreement. a. Closing Costs. i. At Closing,the following Seller closing costs and expenses must be paid from the Purchaser Price or,if the Purchase Price is not sufficient,paid by Seller: 1. Seller's portion of the prorated property taxes. 2. Seller's own attorney's fees. 3. One-half the cost of any closing fees. 4. State deed tax. 5. The cost of providing Title Commitment as prescribed in Section 6 6. The cost of providing ALTA Survey as prescribed in Section 5. 7. The cost of real estate broker commission fees as prescribed in Section 15. ii. At Closing Buyer must pay the Purchase Price to Seller and the following costs and expenses: 8 DRAFT