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(b) At the Closing, Purchaser shall deliver to Seller through the Title Company: <br />(i)the Purchase Price; and <br />(ii)the Restriction Agreement duly executed by Purchaser. <br />With respect to the issuance of the title policy, Purchaser agrees to execute such documents as required by <br />the Title Company to allow the cost of the Owner’s Title Policy and any related endorsements that are <br />required to be issued pursuant to the City Sales Contract regarding the Property are passed through to the <br />sale of the Property by Seller to Purchaser, it being the intent of Purchaser and Seller that only one title <br />policy by issued in favor of Purchaser following the concurrent closing of this transaction and the <br />transaction between Seller and City. <br />Taxes. <br />6. <br />Purchaser understands and acknowledges that the Property is presently exempt from the <br />assessment of ad valorem taxes, which status will change upon conveyance of the Property to Purchaser. <br />Seller shall not be responsible for payment of property taxes assessed against the Property for periods <br />after the date of Closing, if any become due and payable. <br />Closing Costs. <br /> 7. <br />(a)Seller hereby agrees to pay and be responsible for the following closing cost with respect <br />to the closing of the Property: <br />(i) the cost of all tax certificates relating to all taxes and other assessments incurred <br />or arising in relation to the Property; <br />(ii) one-half (½) of the Title Company’s escrow fees; <br />(iii)the basic premium for the Owner’s Policy of Title Insurance; <br />(iv) all costs and expenses incurred by or on behalf of the Seller, including Seller’s <br />attorney’s fees; and <br />(v) such other incidental costs and fees customarily paid by sellers of real property in <br />Harris County, Texas, for transactions of a similar nature to the transaction contemplated herein. <br /> (b) Purchaser hereby agrees to pay and be responsible for the following closing cost with <br />respect to the closing on the purchase of the Property: <br />(i) all fees and premiums for any endorsements to the Basic Owner’s Title Policy; <br />(ii) all fees and costs for the Survey; <br />(iii) one-half (½) of the Title Company’s escrow fees; <br />(iv)feesfor recording the Restriction Agreement and the Special Warranty Deed with <br />the County Clerk of Harris County; <br /> <br />ATTACHMENT I TO PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO <br />LA PORTE DEVELOPMENTCORPORATION – PAGE 15 <br /> <br />