Reso 2015-2405 - Laserfiche WebLink

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(c) Each party shall be responsible for payment of its own legal fees. 8. Prorations. The real estate taxes for the year in which the transaction is closed shall be prorated as of the Closing Date and the pro rata amount thereof shall be credited against the Cash Balance. The proration shall be based upon the previous year's taxes, if the current year's assessment is not available. Seller shall pay all assessments and liens for public improvements against the Property, if any, which are as of the Effective Date certified liens. Either party may request and shall be entitled to reproration of taxes when the actual amount for the year of Closing is levied. 9. Title and Survey. (a) Within thirty (30) days of the Effective Date (hereinafter defined), Buyer shall obtain the following: (i) a title report issued by a title insurance company acceptable to Buyer ("Title Company") enabling a title agent selected by Buyer to issue an ALTA Form B title insurance commitment ("Commitment") covering the Property, whereby the Title Company agrees to issue an ALTA Form B owner's policy of title insurance ("Title Policy") in the amount of the Purchase Price at Closing, subject only to the matters ("Acceptable Exceptions") which do not adversely affect marketability (as determined by the standards adopted by the Florida Bar) of title to the Property or affect the ability of Buyer to facilitate the development of the Property, and (ii) hard copies of all exceptions to title set forth in the Commitment(collectively,the "Title Evidence"). Buyer may select their own title agent. (b) Buyer shall have the right, at their option and at their sole cost and expense, to obtain an up to date survey of the Property (certified to a date after the Effective Date) prepared in accordance with the minimum technical standards imposed by the Florida Board of Land Surveyors and signed under seal, which survey shall be certified to Buyer and the Title Company ("Survey"). If obtained by Buyer, the Survey shall be considered as a part of the Title Evidence. (c) Buyer shall review the Title Evidence and shall, within fifteen (15) days following receipt of the Title Evidence, notify Seller in writing ("Title Objection Notice") of any matters in the Title Evidence or Survey adversely affecting the marketability (as determined by the standards adopted by the Florida Bar) of title to the Property or affecting the ability of the Buyer to facilitate the development of the Property ("Title Defects"). Upon receipt of the Title Objection Notice, Seller shall use its good faith efforts to cure such Title 5 of 14 112371632.2 SIB