2017/09/06 Council Agenda Packet

F party entitled to receive it as provided in this Agreement and return all documents to the party that deposited them. 7.2 Seller's Escrow Deposits. On or before the Closing Date, Seller shall deposit into escrow the following: a) the duly executed and acknowledged Deed; b) a duly executed and completed Real Estate Excise Tax affidavit; c) a nonforeign affidavit pursuant to Section 1445 of the • Internal Revenue Code d) any other documents, instruments, records, correspondence and agreements Seller is obligated under this Agreement to provide that have not been previously delivered; e) keys to the Property, if any. 7.3 Buyer's Escrow Deposits. On or before the Closing Date, Buyer shall deposit into escrow the following: a) cash in an amount sufficient to pay the Purchase Price, plus Buyer's share of closing costs; b) a duly executed and completed Real Estate Excise Tax affidavit; c) a nonforeign affidavit pursuant to Section 1445 of the Internal Revenue Code; and d) any other documents, instruments, records, correspondence and agreements Buyer is obligated under this-Agreement to provide that have not been previously delivered. • 7.4 Additional Instruments and Documentation. Seller and Buyer shall each deposit any other instruments and documents that are reasonably required by Closing Agent or otherwise required to close the escrow and consummate the purchase and sale of the Property in accordance with this Agreement. 7.5 Closing Costs. On closing, Seller shall pay real estate excise taxes; sales tax, if any; half of the Closing Agent's escrow fee; and shall pay the premium for a standard coverage owner's policy of title insurance. Buyer shall pay half Closing Agent's escrow fee and shall also pay the cost of the additional premium for an extended coverage title insurance policy (if required by Buyer) and recording fee for the deed. Additionally, Seller shall pay applicable prorated items as set forth in Section 4.3 5 68