2020 062 RESOLUTION - Laserfiche WebLink

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47 All funds and documents necessary for the completion of this transaction shall be placed with the Escrow Agent on 48 or before 01 /18/2021 and title shall be transferred on or about 01 /18/2021 49 Seller shall deliver possession to Purchaser no later than 01 /18/2021 at 5:00 ❑ AM ®PM. 50 51 Payment and collection of fees for use and occupancy after title transfer shall be the sole responsibility of Seller 52 and Purchaser. Seller shall deliver possession of Property in the same condition as it was at the time of execution 53 of this Agreement, absent normal wear and tear. 54 The parties agree that the title work and escrow shall be completed by: RADIAN SETTLEMENT SERVICES INC (the 55 "Escrow Agent"). Seller shall convey a marketable title to Purchaser by general warranty deed and/or fiduciary deed, 56 if required, with dower rights released, free and clear of all liens and encumbrances whatsoever, except a) such 57 restrictions, conditions, easements (however created) and encroachments as do not materially adversely affect the 58 use or value of the Property; b) zoning ordinances, if any; and c) taxes and assessments, both general and special, 59 not yet due and payable. Seller shall furnish an Expanded Owner's Fee Policy of Title Insurance in the amount of 60 the purchase price with cost of the insuring premium split equally between Seller and Purchaser. Seller shall have 61 thirty (30) days after notice to remove title defects that may arise and if Seller is unable to do so, Purchaser may 62 accept title subject to any and all defects or terminate this Agreement, in which case neither Purchaser, Seller nor 63 any Brokers or Agents shall have any further liability to each other, and both Purchaser and Seller agree to promptly 64 sign a mutual release, whereupon the earnest money shall be returned to the Purchaser. 65 66 Ohio law requires escrow deposits (earnest money or down payment) of $10,000.00 or more to be made by wire 67 transfer to the Escrow Agent. The parties hereby direct the Escrow Agent to provide written confirmation of its receipt 68 of the earnest money deposit to the Agents involved in this transaction and via email to: erarathfthiocoxmail.com. 69 70 Tenant security deposits, if any, shall be credited to Purchaser through escrow at closing. Rents, taxes, special 71 assessments, city and county charges, homeowners association fees, subdivision charges and maintenance fees, 72 if any, shall be prorated by the Escrow Agent as of the date of recording of the Deed. Taxes and assessments shall 73 be prorated based upon the latest available tax duplicate. The parties are advised to consult with the county auditor's 74 office about the status of the Property taxes as the latest available tax duplicate may not accurately reflect the 75 amount of taxes owed. The parties agree to adjust directly any changes in proration when the tax duplicate for the 76 calendar year of closing becomes available. If the Property is new construction and recently completed or in the 77 process of completion at the time of the Agreement, then the Escrow Agent is instructed to make a good faith 78 estimate of the taxes to be owed on the value of the improved Property to the date of title transfer and reserve 79 sufficient funds in escrow from Seller's net proceeds to pay those taxes when they become due and payable after 80 title transfer. The Escrow Agent is instructed to release the balance of the funds on reserve once it receives notice 81 from the county auditor that the taxes on the land and improvements have been paid in full to the date of title 82 transfer. The Escrow Agent shall withhold $ Zero from Seller to secure payment of final water and sewer 83 charges, if any. The Escrow Agent is instructed to either pay said charges or verify Seller's payment of said charges 84 and remit any balance to Seller. Seller is not aware of any proposed taxes or assessments, public or private, except 85 the following: . 86 87 Seller shall pay the following costs through escrow: a) real estate transfer tax, b) any amount required to discharge 88 any mortgage, lien or encumbrance, c) title exam and one-half the cost of insuring premium for Expanded Owner's 89 Fee Policy of Title Insurance, d) prorations due Purchaser, e) broker's commissions; f) one-half of the escrow fee 90 (unless government regulations prohibit payment of escrow fees by Purchaser in which case Seller shall pay the 91 entire escrow fee. Seller shall pay directly all utility charges to the date of title transfer or date of possession, 92 whichever is later. Seller shall pay all costs for the repair of any leak(s) in the water or gas main supply lines found 93 between the street and foundation at the time of transfer or restoration of utilities. 94 95 Purchaser shall pay the following through escrow (unless prohibited by government regulations): a) one-half of the 96 escrow fee b) one-half the cost of insuring premiums for Expanded Owner's Fee Policy of Title Insurance; c) all 97 recording fees for the deed and any mortgage; d) The deed and any other 98 ). 99 recordable transfer documents shall be prepare y ames agy, jasenagy@aol.com or 100 Purchaser shall secure homeowners insurance on the Property. 2 of 5 RIIR4 MERE