1998 008 Ordinance - Laserfiche WebLink

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Seller or Purchaser, in accordance with the terms of this Agreement, if Closing does not _ occur. Interest on the Earnest Money Deposit shall be paid to the Party entitled to ~' receive the Earnest Money Deposit pursuant to this Agreement. (d) Seller and Purchaser shall deposit their respective documents, and Purchaser shall deposit the Purchase Price, less the Earnest Money Deposit, with the Title Company on or before the Closing Date. Seller's documents shall include the Deed, any documents required by the Title Company and a certified copy of resolutions of Seller's Board of Directors authorizing this transaction. (e) At Closing, Seller shall pay: (i) all of the Title Costs; (ii) one-half of the cost of the Survey, (iii) all transfer taxes and conveyance fees required to be paid in connection with the transfer of the Premises to Purchaser; (iv) one-half of the Title Company's fees for its services as escrow agent hereunder, and (v) any other charges or prorations as required herein. At Closing, Purchaser shall pay: (i) the cost of recording the Deed; (ii) one-half the cost of the Survey; (iii) one-half of the Title Company's fees for its services as escrow agent hereunder; and (iv) any other charges or prorations as required herein. (f) At Closing, the Title Company shall: (i) deliver the Deed to Purchaser by filing the Deed for record in the public records in which the Premises are located; (ii) pay to Seller the Purchase Price less any credits to which Purchaser is entitled; (iii) issue the Title Policy; and (iv) charge Seller and Purchaser for other respective costs. 10. CONDEMNATION AND EMINENT DOMAIN. If any portion of a Parcel is condemned or subjected to a taking, either total or partial, by eminent domain for any public or quasi-public use, Purchaser shall have the right exercisable by notice to Seller, to either.proceed to close this transaction, in which event Purchaser shall be entitled to participate in any such condemnation or eminent domain proceedings and to receive all of the proceeds attributable to any portion of the Premises to be conveyed to Purchaser with no reduction in the Purchase Price, or to terminate this Agreement, in which event all funds and documents shall be returned to the depositing Party, the Earnest Money Deposit and all other monies and documents deposited by Purchaser in escrow shall be returned to Purchaser; Seller and Purchaser shall pay the costs and expenses of this transaction chargeable to them; and Seller and Purchaser shall have no further rights or obligations hereunder except as otherwise set forth herein. 11. DAMAGE jDESTRUCTION. Until the Closing Date, Seller shall maintain insurance coverage insuring the Premises and shall maintain the Premises in the same condition as exists on the Effective Date, except for ordinary wear and tear. If, before the Closing Date, any part of the Premises is destroyed or damaged, Purchaser shall have the right: (a) to terminate this Agreement by written notice- to Seller and to receive back all monies paid or deposited hereunder or in connection herewith; or (b) to accept the Premises in its then current condition and to receive the proceeds of any insurance settlement and the amount of Seller's deductible. MRU\L960439\AGR00003.002 $