Resolution 4976 - Laserfiche WebLink

documents and monies required to complete the purchase and sale in accordance with this Agreement. "Closing"means the happening of the following events: all documents are recorded and the sale proceeds are available to Seller. 5. Prorations; Closing Costs . Seller and Purchaser understand that no real estate taxes or assessments currently apply to the Property and that no real estate excise tax is applicable to the conveyance of the Property. However, if any such real estate taxes, assessments or excise taxes are, in fact, payable, they shall be paid at Closing as follows: any real estate taxes and assessments for the year in which the Closing Date occurs shall be prorated on a per diem basis as of the Closing Date; Seller shall pay any State of Washington real estate excise tax applicable to the conveyance of the Property; and Purchaser shall pay any tribal real estate or excise tax applicable to the conveyance of the Property. Seller shall pay the premium for Purchaser's Title Insurance Policy(defined below) and one-half of Closing Agent's escrow fee. Purchaser shall pay the cost of recording the Deed, any taxes (whether in the nature of compensating, rollback or other taxes) that may accrue at Closing or any time thereafter by reason of any change in the zoning, land use or other tax classification of the Property and one-half of Closing Agent's escrow fee. 6. Possession . Purchaser shall be entitled to possession on Closing. 7. Default 7.1 By Seller . If there is an event of default under this Agreement by Seller, and if there is then no event of default under this Agreement by Purchaser, Purchaser shall be entitled, (a) in addition to all other remedies available at law or in equity, to seek specific performance of Seller's obligations hereunder or(b)to terminate this Agreement by written notice to Seller and Closing Agent. If Purchaser so terminates this Agreement, the escrow shall be terminated, the Deposit shall be immediately returned to Purchaser, all documents shall immediately be returned to the party who deposited them, and neither party shall have any further rights or obligations under this Agreement, except as otherwise provided in this Agreement, and except that Seller shall pay any costs of terminating the escrow. 7.2 By Purchaser . If Purchaser fails, without any default by Seller, and without legal excuse, to complete the purchase of the Property, Seller's sole and exclusive remedy shall be the termination of this Agreement and the retention of the Deposit held by Closing Agent, and, in such event, Purchaser waives and releases any claim that Seller's retention of the Deposit is an unenforceable penalty or forfeiture,or that Seller is not entitled to retain the Deposit. Initials of Purchaser Initials of Seller 2 S:'MSoine\Real Estatalteservation\PUrcahse&Sale final corrected 11-14-0O.doc Seattle/11.15.00