Resolution 5871 - Laserfiche WebLink

Closing Documents. If either Party receives any bill or invoice that relates to the period for which the other Party is responsible, the receiving Party will refer such bill to the responsible Party and the responsible Party agrees to pay, promptly upon receipt, such portion of the bill or invoice as relates to the period for which it is responsible. 9.3 Closing Costs The City shall pay the following costs in connection with Closing: (i) all real estate excise taxes; (ii) the premium payable for the standard coverage portion of the Title Policy (excluding, without limitation, any premiums or other charges relating to any extended coverage or endorsements requested by OM); (iii) the cost of the Survey; (iv) recording fees for the Deed, the City Work Easement and the Overpass Easement; (v) all Monetary Encumbrances; and (vi)one-half of Title Company's escrow fee. OM shall pay (A) one-half of Title Company's escrow fee, and (B) the premium payable for the extended coverage portion of the Title Policy and all endorsements to the Title Policy requested by OM, and any premium payable for any mortgagee's policy of title insurance. Each Party shall pay the fees of its own attorneys, accountants and other professionals. 10. CASUALTY LOSS AND CONDEMNATION 10.1 Damage lf, prior to the Closing Date, all or any part of the City Property is substantially damaged by fire, casualty, the elements or any other cause, the City shall immediately give notice to OM of such fact and at OM's option (to be exercised prior to the earlier of thirty (30) days after the City's notice or the Closing Date), this Agreement shall terminate, in which event neither party will have any further obligations under this Agreement, except for those obligations which expressly survive the termination of this Agreement, and the Deposit shall be refunded to OM. If OM fails to timely elect to terminate despite such substantial damage, or if the City Property is damaged but not substantially, there shall be no reduction in the Purchase Price, and the City shall assign to OM at Closing all of the City's right, title and interest in and to the proceeds of all insurance related to such damage. For purposes of this Section 10.1, the words "substantially damaged" mean damage that would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair. 10.2 Condemnation if, prior to the Closing Date, eminent domain proceedings are commenced against all or any part of the City Property, the City shall immediately give notice to OM of such fact and at OM's option (to be exercised prior to the earlier of thirty (30) days after the City's notice or the Closing Date), this Agreement shall terminate, in which event neither party will have further obligations under this Agreement, except for those obligations which expressly survive the termination of this Agreement, and the Deposit shall be refunded to OM. If OM fails to timely elect to terminate despite such eminent domain proceedings, there shall be no reduction in the Purchase Price, and the City shall assign to OM at Closing all of the City's right, title and interest in and to any award made or to be made in the eminent domain proceedings. -19- 06i07-0063 LEGAL13023969 1