2017/12/20 Council Agenda Packet

• (f) The Use Restriction Covenant duly executed by City in recordable form. (g) All other documents executed by City necessary for Closing. 6.3 Delivery by Developer. On or prior to the Closing Date,Developer shall deposit with the Closing Agent the following: (a) The Project Construction Covenant executed by Developer in recordable form. (b) The Use Restriction Covenant duly executed by Developer in recordable form.. (c) All other documents executed by Developer necessary for Closing. 6.4 Title Policy; Other Instruments. The Title Company shall issue the Title Policy at Closing, or as soon thereafter as practicable. City and Developer shall each deposit with the Closing Agent such other instruments as are reasonably required by the Title Company or otherwise required to close the escrow and consummate the purchase and sale of the Property in accordance with the terms hereof. 6.5 Pro-rations and Real Property Taxes. All revenues and all expenses of the Property, if any, and excluding insurance premiums, shall be prorated as of 11:59 p.m. on the Closing Date. Developer shall pay all real property taxes and assessments as of and after the Closing Date. 6.6 Closing Costs and Expenses. Developer and City shall each pay their own attorney's fees and expenses to perform their obligations hereunder in addition to the following: (a) City shall pay: (i) That portion of the premium for the Title Policy attributable to standard owner's coverage; (ii) Any excise taxes, fees and charges imposed by governmental entities on the conveyance of the Property; (iii) All recording costs for the Deed; and (iv) One-half of the Closing Agent's fees and charges for escrow services. 7 87