Resolution 5871 - Laserfiche WebLink

8.2 Closing Procedure Closing shall occur at the office of Title Company. All documents and instruments required for Closing shall be delivered to Closing Agent, or at such other location(s) as Title Company may select, on or before the Closing Date. Funds required for Closing shall he delivered to Closing Agent by 12:00 p.m. on the Closing Date. Each Party agrees to execute and deliver to Closing Agent closing escrow instructions to implement and coordinate Closing in accordance with the terms of this Agreement. 9. APPORTIONMENTS AND CLOSING COSTS 9.1 Proration of Income and Expenses The following items shall be adjusted or prorated between City and OM at Closing, in the manner set forth herein with the exception of income and expenses for those portions of the City Property subject to the Shelter Lease and the Public Works Yard Lease which shall be the continuing obligation of the City subsequent to Closing as set forth in the Shelter Lease and Public Works Yard Lease, respectively. 9.1.1 Taxes and Assessments With respect to any real property taxes and any local improvement district assessments, special assessments, and drainage district service charges assessed against the City Property but which are not due and payable as of the day prior to the Closing Date, such taxes and charges shall be prorated as of the day prior to the Closing Date on the basis of the most recent ascertainable taxes and charges, with the City providing OM a credit at Closing for such prorated amount, excluding any "rollback" or "recapture" taxes, penalties or interest due as a result of all or any portion of the City Property having been in an open space, agricultural or other similar use classification which shall be the sole responsibility of the City. In addition, any assessments due and payable before the Closing Date under any documents of record against the City Property, such as covenants, conditions and restrictions, shall be prorated as of the Closing Date. Any taxes arising from events on or after the Closing Date, or assessed after the Closing Date, shall be the sole responsibility of OM. 9.1.2 Income and Operating Expenses All income and operating expenses for or pertaining to the City Property, including, without limitation, public utility charges, shall be prorated, with City responsible for payment through and including the Closing Date and OM responsible for payment thereafter. 9.2 Post-Closing Adjustments To the extent items are prorated or adjusted at Closing on the basis of estimates, or are not prorated or adjusted at Closing pending actual receipt of information upon which such prorations and/or adjustments are to be based, OM and the City will, upon a proper accounting, pay to the other such amounts as may be necessary such that the City will pay all expenses of the City Property for the period on and prior to the Closing Date and OM will pay all expenses of the City Property for the period after the Closing Date, except as otherwise provided in any of the -18- 06107-0063 L[GAL 13023969.1