2003 012 Ordinance - Laserfiche WebLink

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5. TAXES. Seller shall pay all delinquent taxes, including penalties and interest, and all other real estate taxes which are a lien on the closing date of the sale of this Parcel 2 in 2004, prorated to that date and computed, if undetermined, on the basis of the last certified tax rate and valuation. Seller shall also pay all assessments pro-rated to the date of closing, which exist on the property as of the date of said closing. Buyer agrees to pay, before delinquency, all taxes and assessments that may thereafter become due on said premises. 6. MARKETABLE TITLE. Seller shall convey to Buyer marketable title at the close of escrow, free of all encumbrances, covenants, and restrictions except for such utility easements and rights of way of record. Seller shall release dower, if any, in the property. 7. ESCROW PROCEDURE. All documents and funds and/or financial commitments for funds necessary to complete this transaction shall be placed in escrow with Surety Title ("Escrow AgenY'), Cleveland, Ohio in sufficient time to permit transfer of title on the date set forth for closing on May 1, 2004. This Agreement shall be considered by the escrow agent as escrow instructions, but shall be subject to the escrow agenYs standard conditions of escrow acceptance where not inconsistent herewith, and which conditions of escrow shall be made a part hereof and incorporated herein by reference. 8. TITLE TRANSFER. Title will transfer to Buyer by the recording of the deed on or about May 1, 2004, unless the parties otherwise agree to a mutually satisfactory date in writing. 9. TITLE GUARANTY. Evidence of a Title Guaranty shall be in the amount of the purchase price of the property or the tax value of the property, whichever is greater, and is to be furnished by the Escrow Agent to the parties within thirty (30) days prior to closing of the Sale of Parcel 1 for examination by Buyer. Seller shall be given written notice within five (5) days after receipt of such report by Buyer of any defect in title requiring correction, and shall undertake to make such corrections immediately. Seller shall not be liable for any damages by reason of any defect in title which cannot be corrected, but if such defect is not remedied prior to closing, either party may terminate this contract on notice and any deposit shall be refunded to Buyer, releasing both parties from further obligations and liability hereunder. 10. PRORATIONS, CHARGES, AND CREDITS. A. Buyer. Buyer shall be charged with the following costs, to be deducted by the escrow agent prior to transfer of title: (i) The cost for a title guaranty in the amount of the purchase price;