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Agenda - Council - 05/23/2023
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Agenda - Council - 05/23/2023
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4/24/2025 3:59:44 PM
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5/25/2023 11:39:30 AM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council
Document Date
05/23/2023
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i. Wire Transfer (or deliver a certified check in) an amount equal to the <br />amount of the Purchase Price adjusted for to reflect Buyer's prior payment <br />of the Earnest Money, to Escrow Agent for disbursement to Seller and <br />others pursuant to this Agreement and the Settlement Statement; <br />ii. Execute and deliver the Right of Re -Entry Agreement provided for in <br />Section 28 below; and <br />iii. File or cause Escrow Agent to file an Electronic Certificate of Real Estate <br />Value, if required and necessary. <br />c. Closing Costs. <br />i. At Closing, the following Seller closing costs and expenses must be paid <br />from the Purchase Price or, if the Purchase Price is not sufficient, paid by <br />Seller: <br />1. Seller shall pay all outstanding property taxes, including but not <br />limited to, Payable 2023 for the Property. <br />2. Seller shall pay all special assessments levied or pending against <br />the Property as of the Closing Date. <br />3. Seller's own attorney's fees. <br />4. One-half the cost of any closing fees. <br />5. The cost of real estate broker commission fees as prescribed in <br />Section 14. <br />6. State Deed Tax. <br />7. Cost of the Title Commitment. <br />ii. At Closing Buyer must pay the Purchase Price to Seller and the following <br />costs and expenses: <br />1. Buyer's own attorney's fees. <br />2. One-half the cost of any closing fees. <br />3. Documentary and recording fees for the deed(s). <br />4. The cost of the owner's title insurance policy, if Buyer elects to <br />purchase an Owner's title insurance policy. <br />d. Possession. Seller must deliver possession of the Property to Buyer at Closing. <br />14. REAL ESTATE BROKERS. Seller and Buyer represent and warrant to each other that <br />they have dealt with no brokers, real estate agents, finders or the like in connection with <br />this transaction, other than Premier Commercial Properties ("Buyer's Broker"). Seller <br />shall pay Buyer's Broker 3% of final gross sales price. Seller and Buyer agree to <br />indemnify each other and to hold each other harmless against all claims, damages, costs <br />or expenses of or for any broker's fees or commissions resulting for their actions or <br />Page 8 of 13 <br />
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