2004_Resolutions - Laserfiche WebLink

Home Browse Search

pursuant to its Lease. Furthermore, Sellers agrees to execute and deliver at Settlement such • additional documents or indemnities as may be required by Purchaser's title insurance company in order to delete from a title insurance policy all standard exceptions for unfiled mechanic's materialmen's or similar liens (other than exceptions approved by Purchaser related to the Leases); (c) FIRPTA Certificate. A certificate executed by Sellers as to income tax status. and matters related to Section 1445 of the Internal Revenue Code, ("IRC") or other evidence satisfactory that Sellers has complied with IRC Section 1445, including establishment of escrow until the withholding requirements of IRC Section 1445 have been met. Purchaser agrees to reasonably co-operate with Sellers on such compliance provided that Purchaser does not incur any added expense in so doing; (d) Form 1099 Certificate. A certificate executed by Sellers as to the reporting of certain real estate transactions required by IRC Section 6045(e); (e) Assignment of Leases and Contract Rights. An assignment executed by Sellers of all of Sellers' interest in any Leases and any contracts directly related to the Property (as may be then in existence); (g) Certificate of Sellers' Representations and Warranties. A certificate executed by Sellers in affidavit form, satisfactory to Purchaser, dated as of the Closing Date, which provides that all of Sellers' representations and warranties set forth in this Agreement are true and correct as of the time of Closing; and • (h) Other Closing Documents. Any other reasonable documentation which may be required by a Title Company in order to issue a Title Policy to Purchaser at Closing. 8. Expenses and Prorations. Each party shall pay its own expenses with regard to the negotiation, preparation, execution and performance of this Agreement. Sellers agree to pay the expense of preparing the deed and the grantor's deed tax. Except as otherwise agreed herein, all other expenses incurred in connection with this sale, including without limitation title examination, obtaining a Title Binder, insurance premiums, survey costs, recording costs and the fees of Purchaser's attorneys, shall be borne by Purchaser. All rents, taxes, and assessments related to the Real Property shall be prorated as of the date of Closing. 9. Possession. Possession of the Property shall be given to Purchaser at the Closing. 10. Risk of Loss. All risk of loss or damage to the Property by fire, windstorm, casualty, or other cause not directly attributable to the acts or omissions of Purchaser is as by Sellers until Closing. In the event of any such loss or damage, Sellers shall, at theirs option, either repair the damage at its expense or assign to Purchaser all of Sellers' rights under any policy or policies of insurance applicable to the Property and pay to Purchaser the amount of any deductible applicable to such policy. Seller shall maintain casualty insurance with replacement cost coverage in effect with respect to the Property until Closing. 0