Res 2017-153/approving a real estate contract to purchase 20.61 acres of land at 2240 Clovis Barker at a purchase price of $2.75 per square foot totaling $2,468,872 plus closing costs and rollback taxes totaling approximately an additional $132,000 for th

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possession; the costs to obtain the Survey; the costs to deliver copies of the instruments described in section A.5; the additional premium for the "survey/area and boundary deletion" in the Title Policy, if the deletion is requested by Buyer; the costs, of work required by Buyer to have the survey reflect matters other'than those requited under this contract; the costs to obtain financing of the Purchase Price, including the incremental premium costs of mortgagee's title policies and endorsements and deletions required by Buyer's lender; and Buyer's expenses and attorney's fees. C. Ad Valorem Taxes. Buyer is a tax-exempt governmental entity and assumes no responsibility for taxes associated with Seller's ownership of the Property through the Closing Date. Ad valorem taxes for the Property for the calendar year of closing will be prorated between Buyer and Seller as of the Closing Date. Seller's portion of the prorated taxes will be paid to Buyer at "closing as an adjustment to the Purchase Price. If the assessment for the calendar year of closing is not known at the Closing Date, the proration will be based on taxes for the previous tax year, and Buyer and Seller will adjust the prorations in cash within thirty days of when the actual assessment and taxes are known. Buyer, however, agrees to assume responsibility for payment of any "roll -back" taxes arising from a change in use. Seller will promptly notify Buyer of all notices of proposed or final tax valuations and assessment-, that Seller receives after the Effective Date and after closing. All taxes due as of closing will be paid at closing. After closing, Buyer may forward any tax bills attributable to Seller's ownership of the Property (except for "roll -back" taxes, which are assumed by Buyer), directly to Seller and Seller shall promptly pay such bill, If Buyer pays such bill, it may forward an invoice to Seller for reimbursement and Seller shall promptly pay such invoice. Buyer may pursue any remedies available at law or in equity to enforce the Seller's obligations under this paragraph. Seller's obligations under this paragraph shall survive closing. d, Postclosing Adjustments. If errors in the prorations made at closing are identified within ninety days after closing, Seller and Buyer will make postclosing adjustments to comet the errors within fifteen days of receipt of notice of the errors. 0.. Broker's Commissions. Buyer will not be responsible for payment of any Broker's Commissions and Seller agrees to indemnify, defend and hold Buyer harmless from any loss, attorney's fees, court costs and other costs arising out of a claim by any person or entity claiming a fee or commission arising from this transaction. 3. Issuance of Title Policy. Seller will cause Title Company to issue the Title Policy to Buyer as soon as practicable after closing.