Reso 2007-1172 - Laserfiche WebLink

Home Browse Search

15. Closing Costs, Taxes, Prorations and Impact Fees. 15.1 Ad Valorem Taxes. Seller shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated and ad valorem taxes for the year of closing into escrow with the Miami-Dade County Revenue Collector. 15.2 Seller's Closing Costs. Seller shall pay for the following items prior to or at the time of Closing: Cost of providing marketable title as provided herein. 15.3 Buyer's Closing Costs. Buyer shall pay for the following items prior to or at the time of Closing: Recording of Deed; title insurance premium and title search and examination costs; survey costs, appraisal costs, costs of the Phase I Environmental Assessment Report and other inspections performed pursuant to this Agreement and related expenses and all costs and expenses of any financing of Buyer's acquisition of the Property contemplated hereby; documentary stamps on the Special Warranty Deed and any all surtax imposed by Miami-Dade County with respect to the Special Warranty Deed. 16. Possession. Buyer shall be granted full possession of the Property at Closing. 17. Condemnation. In the event of the institution of any proceeding by any Governmental Authority other than Buyer (which hereby agrees not to institute such a proceeding) for the proposed taking of any material portion of the Property by eminent domain prior to Closing, or in the event of the taking of any material portion of the Property by eminent domain prior to Closing, Seller shall promptly notify Buyer and Buyer shall thereafter within fifteen (15) days after receipt by Buyer of the notice from Seller either (1) terminate this Agreement, whereupon Seller and Buyer shall be released of all further responsibility and obligations hereunder other than those that expressly survive termination of this Agreement; or (2) proceed to close this transaction. Seller hereby agrees to furnish Buyer with written notice of a proposed condemnation within five (5) business days after Seller's receipt of notification. Should buyer terminate this Agreement, the parties hereto shall be released from their respective obligations and liability hereunder other than those that expressly survive termination of this Agreement and Buyer shall receive a return of the Escrow Funds provided that Buyer had timely exercised the Option in the manner required under this Agreement. Should Buyer elect not to terminate this Agreement, the parties hereto shall proceed to Closing and Seller shall assign all of its rights, title and interest in all awards in cOlmection with such taking to Buyer. 18. Notice. Notices shall be in writing delivered by hand, or by certified mail, return receipt requested, or overnight delivery by nationally recognized service, to the addressee at the address set forth herein, and shall be deemed to have been delivered on the date of receipt of such notice, if hand-delivered, or, if mailed, on the date the receipt for which the certified mail is signed or refused, by the addressee or its unauthorized agent or employee, or if an overnight nationally recognized delivery service, on the business day immediately following delivery to Option Agreement for A vila Condo. Assn. Property 13