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2004_Resolutions
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2004_Resolutions
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(f) Assignment of Leases and Contract Rights. An assignment executed by <br />Seller of all of Seller's interest in any Leases and any contracts directly related to the Property <br />(as may be then in existence); <br />(g) Certificate of Seller's Representations and Warranties. A certificate <br />executed by Seller in affidavit form, satisfactory to Purchaser, dated as of the Closing Date, <br />which provides that all of Seller's representations and warranties set forth in this Agreement are <br />true and correct as of the time of Closing; and <br />(h) Other Closing Documents. Any other reasonable documentation which <br />may be required by a Title Company in order to issue a Title Policy to Purchaser at Closing. <br />8. Expenses and Proration. Each party shall pay its own expenses with regard to the <br />negotiation, preparation, execution and performance of this Agreement. Seller agrees, to pay the <br />expense of preparing the deed, Seller's attorney's fees, wood infestation report and the grantor's <br />deed tax. Except as otherwise agreed herein, all other expenses incurred in connection with this <br />sale, including without limitation title examination, obtaining a Title Binder, insurance premiums, <br />survey costs, recording costs and the fees of Purchaser's attorneys, shall be borne by Purchaser. All <br />rents, taxes, and assessments related to the Real Property shall be prorated as of the date of Closing. <br />9. Possession. Possession of the Property shall be given to Purchaser at the Closing. <br />• 10. Condemnation. If, prior to Closing, the Property is condemned by a third party , in <br />whole or part, or all or any portion of the Property should become the subject of a condemnation <br />proceeding initiated by a third party, Seller shall promptly notify Purchaser of any, such <br />condemnation proceeding or action relating thereto, and thereafter, either the Seller or the Purchaser <br />may terminate this Agreement by written notice delivered to the other party. If neither party elects <br />to terminate this Agreement, the parties shall proceed to Closing, and the Seller shall assign to <br />Purchaser at Closing all interest of Seller in and to any condemnation proceeds that may be payable <br />to Seller on account of such condemnation and Purchaser shall be entitled to a credit against the <br />Purchase Price at Closing in the amount of any condemnation proceeds which Seller receives before <br />the Closing. <br />11. Risk of Loss. All risk of loss or damage to the Property by fire, windstorm, casualty, <br />or other cause not directly attributable to the acts or omission of Purchaser is assumed by Seller <br />until Closing. In the event of any such loss or damage, Seller shall, at its option, either repair the <br />damage at its expense or assign to Purchaser all of Seller's rights under any policy or policies of <br />insurance applicable to the Property and pay to Purchaser the amount of any deductible applicable <br />to such policy. Seller shall maintain casualty insurance with replacement cost coverage in effect <br />with respect to the Property until Closing. <br />12. Notices. Any notice required or permitted by this Agreement shall be given by <br />certified mail, return receipt requested, and, unless otherwise provided for herein, shall be deemed <br />given as of the date postmarked in the United States mail to the following addresses or at such <br />• other addresses as are specified by written notice delivered in accordance herewith. <br />5 <br />
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