08-14-12 Meeting of the La Porte Development Corporation Board of Directors

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7. Closhlg.costs. (a) Seller Hereby agrees to pay and be responsible for the following closing cost with respect to the closing of the Property: (i) the cost of all tax certificates relating to all taxes and other assessments incurred or arising in relation to the Property; (ii) one-half (%2) of the Title Company's escrow fees; (iii) the basic premium for the Owner's Policy of Title Insurance; (iv) all costs and expenses incurred by or on behalf of the Seller, including Seller's attorney's fees; and (v) such other incidental costs and fees customarily paid by sellers of real property in Harris County, Texas, for transactions of a similar' nature to the transaction contemplated herein. (b) Purchaser hereby agrees to pay and be responsible for the follownlg closing cost with respect to the closing on the purchase of the Property: (i) all fees and premiums for any endorsements to the Basic Owner's Title Policy; (ii) all fees and costs for the Survey; (iii) one-half (%) of the Title Company's escrow fees; (iv) fees for recording the Restriction Agreement and the Special Warranty Deed with the County Cleric of Harris County; (v) all costs and expenses incurred by or on behalf of the Purchaser, including Purchaser's attorneys' fees; (vi) all premiums and fees for optional riders and arnendnrents to the Basic Owner''s "Title Policy and all costs related to issuance of any Mortgagee's Title Policy; and (vii) such other incidental costs and fees custorrrarily paid by purchasers of property in Harris County, Texas, for transactions of a similar nature to the transaction contemplated herein. 8. Collditiorls to Closing. Closing on the sale of the Property shall be conditioned upon: (i) Purchaser having executed the Restriction Agreement; (ii) Seller closing on the purchase of the Property from City pursuant to the City Sales Contract; and (iii) The zoning of the Property being amended, if necessary, and a Site Plan for the Property, if necessary, such that Purchaser may develop and use the Property for the Required ATTACHMENT 1 TO PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPIIEN'T CORPORATION - PAGE 15 (kU1:5I4112:55288)