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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 /> £ Each parry 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. BindingEffect.ffect. 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 />