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Any extended coverage or endorsements to the Owner Policy that Purchaser wishes to obtain from <br /> the Title Company shall be issued at Purchaser's sole expense. <br /> 4. At Purchaser's sole cost and expense, Title Company shall issue to Seller a <br /> Loan Policy of Title Insurance (or a binding commitment to so issue with the actual title policy to be <br /> delivered within a reasonable period of time after Closing) ("Loan Policy"), in the amount of the <br /> Purchase Price, less the cash down payment, insuring that, after the completion of Closing, title to <br /> the Property is vested in the City of Everett, Washington, free and clear of liens, encumbrances, or <br /> exceptions,other than Permitted Encumbrances,with the Seller's Deed of Trust in first lien position. <br /> C. Upon satisfaction and delivery of all of the matters described in Section 4B above, <br /> Title Company shall act as escrow agent in closing the transaction hereunder and shall: <br /> 1. • Record the Deed in the Real Estate Records of Snohomish County, <br /> Washington with instructions for the recorder to return the original executed and recorded Deed to <br /> Purchaser. <br /> 2. Record the Deed of Trust in the Real Estate Records of Snohomish County, <br /> Washington with instructions for the recorder to return the original executed and recorded Deed of <br /> Trust to Seller. <br /> 3. Deliver the original Note to Seller. <br /> 4. Subject to the prorations and allocation of costs as described in Subsections <br /> 4(D)-4(E) below, release the remaining cash portion of the Purchase Price to Seller. <br /> D. Closing costs shall be allocated as follows: <br /> 1. Seller shall pay its own attorneys' fees, one-half (1/2) of the escrow fees <br /> charged by Title Company, the cost to record the Deed and excise taxes, if any, relating to the sale <br /> of the Property. <br /> 2. Purchaser shall pay its own attorneys'fees, one-half(1/2)of the escrow fees <br /> charged by the Title Company,the premium for both the Owner Policy and the Loan Policy,and any <br /> additional premium to limit the survey exception under the Owner Policy to "shortages in area". <br /> E. Taxes affecting the Property shall be pro-rated and assumed as follows: <br /> 1. Ad valorem and similar taxes and assessments relating to the Property for the year in <br /> which the Closing occurs (the "Taxes") shall be prorated between Seller and Purchaser as of the <br /> Closing Date, based on the latest rate applied to the latest assessed valuation for the Property,with <br /> Seller to bear the economic burden of all such Taxes for the period prior to and including the Closing <br /> Date and with Purchaser to bear the economic burden of all such Taxes for all periods after the <br /> Closing Date. Such allocation shall be final and shall not be subject to adjustment based on tax <br /> assessments to be issued after the Closing. <br /> 2. Purchaser shall be solely responsible for all taxes and subsequent assessments <br /> against the Property, including all interest and penalties thereon, relating to any agricultural, open- <br /> space or other special use valuation of the Property obtained by Seller or otherwise as a result of a <br /> change in land usage or ownership("Roll-Back Taxes"), and Purchaser covenants and agrees to <br /> pay such amounts to the appropriate taxing authorities on or before delinquency thereof and shall <br /> -4- <br />