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This excerpt taken from the RICK 8-K filed May 14, 2008. Proration
of Closing Costs and Expenses. (a) Ad valorem taxes for the
Property for the then current year shall be prorated at the Closing effective as
of the date of the Closing and shall be adjusted in cash to Purchaser at the
Closing. If the amount of taxes for the year in which the Closing
takes place is not known at the time of the Closing, the apportionment of the
taxes shall be upon the basis of the tax rate for the preceding year applied to
the latest assessed valuation; provided, however, that any
difference in ad valorem taxes for the year of sale actually paid by Purchaser
shall be adjusted between the parties upon receipt of written evidence of the
payment thereof.
(b) Seller
hereby agrees to pay and be responsible for the following Closing
costs:
(i) all
fees and premiums for the Title Binder and for the Owner's Title
Policy;
(ii) one-half
(2)
of the Title Company's escrow fees;
(iii) all
costs and expenses incurred by or on behalf of Seller including Seller's
attorney's fees; and 9
(iv) such
other incidental costs and fees provided herein to be paid by Seller or
otherwise customarily paid by sellers of property in Dallas County, Texas in
transactions of a similar nature to the transactions provided
herein.
(c) Purchaser
hereby agrees to pay and be responsible for the following Closing
costs:
(i)
all fees and premiums for a Mortgagee’s Title Policy, if any;
(ii) the
cost of recording the Deed to the Property;
(iii) one-half
(2)
of the Title Company's escrow fees;
(iv)
all costs and expenses incurred by or on behalf of Purchaser including
Purchaser's attorney's fees; and
(v)
such other incidental costs and fees provided herein to be paid by Purchaser or
otherwise customarily paid by purchasers of property in Dallas County, Texas in
transactions of a similar nature to the transactions provided
herein.
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