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theretofore paid or deposited hereunder, in which event Seller <br />shall pay all nonrefundable escrow and title costs"incurredl and <br /> <br />Seller and Buyer shall be relieved of further liability <br />hereunder. <br /> <br />5. ESCROW PROCEDURE. Ail documents and funds <br /> <br />necessary to complete this transaction shall be placed in escrow <br />with Chicago Title Insurance Company within 30 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. The escrow agent shall record the deed and deliver <br />funds as soon as possible after receipt of all documents and <br />funds necessary to close the transaction. <br /> <br /> 6. TITLE TRANSFER, OCCUPANCY AND POSSESSION. <br /> <br /> A. Title Transfer. Title shall transfer to <br />Purchaser by the recording of the deed. <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. Each party shall be responsible <br />for any and all sales commissions or other charges due any <br />individual or business entity retained by that party to <br />represent them in this transaction. Seller and Buyer agree, <br />warrant and represent that no real estate commissions are due <br />any person or entity from this transaction and each party agrees <br />to indemnify, save and hold harmless the other from any claims <br />for sales commissions of any sort arising through them. <br /> <br /> <br />