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2015-246
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2015-246
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Last modified
4/23/2018 3:42:20 PM
Creation date
12/17/2015 11:35:13 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/15/2015
Control Number
2015-246
Agenda Item Number
12.G.1
Entity Name
RREF RB 2012 LTI-FL PHP LLC
Subject
Alternative Water Supply
Sale and Purchase Property
Official Document 12.G.2
Area
925 5th St. SW
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(e) Other Prorations. In addition to the previously stated adjustments and prorations <br />at Closing the parties shall also make such adjustments and prorations to the Purchase Price as <br />are customary and usual in transactions similar to the transaction contemplated by this <br />Agreement. <br />(f) Reproration and Post -Closing Adjustments. In the event that any adjustments or <br />prorations (other than real estate taxes) cannot be apportioned or adjusted at Closing by reason of <br />the fact that final or liquidated amounts have not been ascertained, or are not available as of such <br />date, the parties hereto agree to apportion or adjust such items on the basis of their best estimates <br />of the amounts at Closing and to re -prorate any and all of such amounts promptly when the final <br />or liquidated amounts are ascertained. In the event of any omission or mathematical error on the <br />closing statement, or if the prorations, apportionments and computations shall prove to be <br />incorrect for any reason, the same shall be promptly adjusted when determined and the <br />appropriate party paid any monies owed. This provision shall survive the Closing. <br />3.4 Costs and Expenses. Buyer shall pay all escrow fees, all costs of recording, all <br />documentary stamp, transfer and similar taxes, the title insurance premium for any title insurance <br />policy and endorsements requested or required by Buyer, the costs of any survey or survey <br />update obtained by Buyer, the cost of obtaining the Title Commitment, and the costs of all lien <br />searches and other due diligence expenses in connection with the issuance of a title insurance <br />policy. Attorneys' fees, consulting fees, and other due diligence expenses shall be borne by the <br />party incurring such expense. The provisions of this Section shall survive the Closing. <br />ARTICLE IV <br />TITLE <br />4.1 Evidence of and Encumbrances upon Title. [X] Buyer [ ] Seller [check appropriate box] <br />shall order a Title Commitment within five (5), Business Days of the Effective Date, and upon <br />receipt thereof shall promptly deliver a copy of the Title Commitment to the other party. The <br />Title Commitment shall be the basis upon which Buyer reviews the status of title to the Real <br />Property. Buyer may deliver to Seller written' objections to exceptions contained in the Title <br />Commitment on or before the fifth (5th) Business Day prior to the Feasibility Date; provided, <br />however, the following shall be deemed "Acceptable Encumbrances" and Buyer shall not have <br />the right to object to Acceptable Encumbrances: <br />(a) Real property taxes and assessments for the year in which the sale and purchase <br />shall be closed, which shall be prorated as provided for herein; <br />(b) The standard printed exceptions contained in owner's title insurance policies; <br />(c) Zoning and other regulatory laws and ordinances affecting the Property; <br />(d) Conditions, easements and restrictions of record; <br />(e) Any other matters of record that do not render title unmarketable; and <br />MIAMI 2957652.8 79037/33274 <br />8 <br />
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