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shall pay all nonrefundable escrow, title and f~na~d~ing'~.~sts <br />theretofore incurred and Seller and Buyer shall be relieved of <br />further liability hereunder. <br /> <br /> 5. ESCROW PROCEDURE. All documents and funds <br />necessary to complete this transaction shall be placed in escrow <br />with Chicago Title Insurance Company within 60 days of approval <br />of this Agreement by Council. This Agreement shall be <br />considered by the Escrow Agent as escrow instructions, but shall <br />be subject to the Escrow Agent's standard conditions of escrow <br />acceptance where not inconsistent herewith, and which conditions <br />of escrow shall be made a part hereof and incorporated herein by <br />reference. <br /> <br /> 6. TITLE TRANSFER, OCCUPANCY AND POSSESSION. <br /> <br /> A. Title Transfer. Title shall transfer to <br /> <br />Purchaser by the recording of the deed unless such date is <br />changed by agreement of Buyer and Seller. <br /> <br /> B. Occupancy and Possession. Seller shall deliver <br />occupancy and possession of the Property to Buyer upon transfer <br />of title. <br /> <br /> 7. SALES COMMISSIONS. Seller shall be responsible for <br /> any and all sales commissions due any individual or business <br /> entity as a consequence of this transaction. The Seller agrees <br /> to indemnify, save and hold harmless the Buyer from any claims <br /> for sales commissions of any sort. <br /> <br /> 8. PRORATIONS, CHARGES AND CREDITS. <br /> <br /> A. Charges Against Seller. Seller shall be <br /> <br /> charged with the following costs, to be deducted by the Escrow <br /> Agent from funds due Seller: (1) the cost of examination of <br /> title and the premium for the Title Insurance required by'this <br /> Agreement; (2) the costs of any conveyance fees and/or real <br /> es~a~e transfer taxes applicable ~o the Proper~y; (3) the costs <br /> <br /> <br />