Res 2013-075/Approving a contract with Robert Peyton for the purchase 1.18 acres of land

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ARTICLE V CLOSING 5.01. Closing Date. The closing shall be held at the office of the Title Company, on or before June 7th, 2013, or at such time, date, and place as Seller and Purchaser may agree upon in writing (which date is herein referred to as the "Closing Date "). 5.02. Seller's Obligations. At the closing Seller shall deliver to Purchaser a duly executed and acknowledged general warranty deed conveying good and indefeasible title in fee simple to the Property, subject to items listed in Schedule B of the Title Commitment, an IRS Nonforeign Person Affidavit, evidence of Seller's authority to close this transaction and such other reasonable and customary closing documents as may be requested by the Title Company. 5.03. Purchaser's Obligation. At the Closing, Purchaser shall pay the cash portion of the Purchase Price. 5.04. Title Policy. Purchaser may obtain a Texas Owner's Title Policy of Insurance at Purchaser's sole expense, issued by the Title Company, subject only to those title exceptions listed in the Title Commitment, such other exceptions as may be approved by Purchaser, and the standard printed exceptions contained in the usual form of Texas Owner's Title Policy. 5.05. Closing Costs. All costs and expenses of closing in consummating the sale and purchase of the Property shall be borne and paid as follows: (1) Owner's Title Policy and survey to be paid by Purchaser. (2) Deed and tax certificates, paid by Purchaser. (3) All other escrow fees and closing costs shall be paid by Purchaser. (4) Attorney's fees paid by each respectively. (5) Recording fees paid by Purchaser 5.06 Ad Valorem Taxes. Ad valorem taxes for the Property for the calendar year of closing will be prorated between Purchaser and Seller as of the Closing Date. Seller's portion of the prorated taxes will be paid to Purchaser 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 Purchaser and Seller will adjust the prorations in cash within thirty days of when the actual assessment and taxes are known. Seller will promptly notify Purchaser of all notices of proposed or final tax valuations and assessments that Seller receives after the Effective Date and after closing. All taxes due as of closing will be paid by Seller at closing. 5.07 Postclosing Adjustments. If errors in the prorations made at closing are identified 2