AG 2007 10 15 - Laserfiche WebLink

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(a) Real and personal property taxes and assessments for the current tax year levied or assessed against the Property. If the amount of taxes and assessments for the current tax year has not been fixed by the Closing, the prorations shall be based upon the taxes paid for the previous year and re-prorated at the time the amount of taxes and assessments for the current tax year has been fixed. (b) Rents collected by Seller prior to Closing shall be prorated as of the Closing date. During the period after Closing, Buyer shall deliver to Seller any and all rents accrued but uncollected as of the. Closing date to the extent subsequently collected by Buyer; provided, however, Buyer shall apply rents received after Closing (net of any collection fees or expenses) first, to payment of current rent then due; second, to rents attributable to any period after the Closing which are past due on the date of receipt; and thereafter, to Seller for delinquent rents as of the Closing. Sellermay not sue to collect any rents past due as of the Closing date or seek to evict any tenant or terminate any lease or pursue any collateral serving as security for any lease (including equipment,: fixtures and furniture) or participate in any attempts to place any tenant in involuntary bankruptcy. All security deposits and prepaid rents (if any) of any tenant occupying the Property at the Closing shall be paid over by Seller to Buyer at Closing. (c) All sums due for accounts payable, including but not limited to leasing commissions, which vWere owing or incurred by the Property or the Seller prior to the Proration Time will be paid by: the Seller. The Buyer will furnish to the Seller any bills for such period received after the Closing Date for payment, and the Buyer will have no further obligation with respect thereto. All accounts payable incurred after the Proration Time will be paid by the Buyer. (d) Utilities, water and sewer, shall be prorated as of the Closing date and transferred into the name of the Buyer effective the day after Closing. Seller shall be responsible for any such charges prior to the Proration Time, including those which are unbilled. (e) The provisions of this section shall survive the Closing. I1. TITLE. (a) At Closing, Seller shall deliver to Buyer a general warranty deed, subject only to Permitted Exceptions, conveying to Buyer fee simple title to the Property, said title to be insurable at regular rates by a title insurance company (the "Title Company") of Buyer's choice at Buyer's cost. (b) If Buyer does not approve the title to the Property due to adverse matters of title other than the Permitted Exceptions, Buyer shall advise Seller in writing of the specific objections prior to the conclusion of the Inspection Period. In the event said objections are not cured or remedied to the satisfaction of Buyer within fifteen (15) days thereof, the Buyer shall, at its election, have the right to accept such title as Seller is able to convey, without any claim on the part of the Buyer for abatement of the Purchase Price for defects or objections except for monetary liens affecting the Property which are dischargeable by payment of money out of the Purchase Price at Clgsing; or the Buyer shall have the right to rescind this Contract, and upon such rescission pursupnt to this paragraph, the Buyer shall be entitled to a return of the Binder and upon repayment, this'Contract shall be null, void and of no force and effect. All title exceptions approved by Buyer or waived in writing by Buyer shall thereafter be included in the Permitted Exceptions. Should any additional new title exceptions arise after the conclusion of the Inspection Period, then Seller shall likewise cure the same within fifteen (IS) days or else Buyer shalt have the remedies set forth above notwithstandingthe fact that the Inspection Period has expired. 4 ~~ G-3 /