2017 009 Ordinance - Laserfiche WebLink

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3. POSSESSION. Possession must be relinquished by SELLERS to BUYER no later than 5:00 p.m. on the Closing Date. In the event the SELLERS hold over, a rental fee of Twenty-Five Dollars ($25.00) per day shall be paid by the SELLERS to BUYER for a maximum term of seven (7) days. Upon expiration of the seven (7) day hold over, .SELLERS must vacate and forward rental payment to BUYER. 4. TITLE TRANSFER. Title will transfer to BUYER by the recording of the deed, on the Closing Date, unless the parties otherwise agree to a mutually satisfactory date in writing. 5. UTILITIES, WATER/SEWER; TAXES; PRORATION OF REAL ESTATE TAXES. SELLERS shall be responsible for any and all utilities consumed upon the premises, until possession is transferred to BUYER. BUYER and SELLERS shall cooperate to have any and all utilities transferred as of the date of possession and SELLERS shall order final meter readings as of said date. SELLERS shall pay all taxes and assessments both general and special, due and payable as of the date possession is transferred to BUYER. BUYER intends to apply for a real estate tax exemption as a municipal corporation from that date forward. Escrow Agent shall withhold Two Hundred Dollars ($200.00) from the SELLERS' proceeds pending proof of payment of the final water/sewer bill. 6. I3AZARDS. BUYER assumes all risk of damage to or destruction of any improvements now on said land after the date of transfer of possession. SELLERS will assume all risk and be liable for cost of repair or replacement of any damages or improvements until the time of transfer of possession to BUYER. 7. MARKETABLE TITLE. SELLERS 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. The title guaranty referenced in Section 10 of this -Agreement shall be in a form reasonably acceptable to BUYER, and shall -guarantee good and __ __ marketable title to the Property, without any exception for: (i) facts or matters that would be -2-