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(ii) an owner’s policy of title insurance (or equivalent) in the amount of the <br />Purchase Price, insuring such title to City; and <br />(iii) possession of the Property, free of parties in possession. <br />(c)At closing, City shall pay incash or by certified or cashier’s check the Option <br />Price described in Article II, less all Closing Costs and other costs and expenses to be paid by <br />Developer pursuant to this Article. <br />Taxes <br />4.4. Ad valorem taxes, assessments, and any other charges against the Property and/or <br />improvements conveyed to City pursuant to this Article IV shall be prorated as of the Closing <br />Date for the current year, such that Developer will be responsible for all such items which accrue <br />prior to the Closing Date, and City will be responsible for all such items which accrue on and <br />after the Closing Date. Taxes and assessments for all prior years shall be paid by Developer. <br />Closing Costs. <br />4.5 <br />(a) Developer will pay and be responsible for the following closing cost: <br />(i) the cost of all tax certificates relating to all taxes and other assessments <br />incurred or arising in relation to the Land; <br />(ii) all fees and premiums for Basic Owner’s Title Policy, and any <br />endorsements to the Basic Owner’s Title Policy; <br />(iii) one-half (½) of the Title Company’s escrow fees; <br />(iv) all recording fees; <br />(v) all costs and expenses incurred by or on behalf of Developer, including <br />Developer’ attorney’s fees; <br />(vi)all costs related to obtaining any releases of liens on the portion of the <br />Land conveyed relating to any loans secured by a deed of trust lien on said property; and <br />(vii) such other incidental costs and fees customarily paid by sellers of real <br />property in Harris County, Texas, for transactions of a similar nature to the transaction <br />contemplated herein. <br />(b) City hereby agrees to pay and be responsible for the following closing cost: <br />(i) all fees and premiums for the Survey; <br />(ii) one-half (½) of the Title Company’s escrow fees; <br />(iii) all costs and expenses incurred by or on behalf of City, including City’s <br />attorneys’ fees; and <br />ATTACHMENT I TO 908PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO <br />LA PORTE DEVELOPMENTCORPORATION – PAGE 6 <br /> <br />