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

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4.5 Closing Costs. (a) Developer will pay and be responsible for the following closing cost: (i) the cost of all tax certificates relating to all taxes and other assessments incurred or arising in relation to the Laid; (ii) all fees and premiums for Basic Owner's Title Policy, and any endorsements to the Basic Owner's Title Policy; (iii) one-half ('/2) of the Title Company's escrow fees; (iv) all recording fees; (v) alt costs and expenses incurred by or on behalf of Developer, including Developer' attorney's fees; (vi) all costs related to obtaining any releases of liens oil the portion of the Land conveyed relating to any loans secured by a deed of trust lien oft said property; and (vii) such other incidental costs and fees customarily Maid by sellers of real property in Harris County, Texas,. for transactions of a similar nature to the transaction contemplated herein. (b) City hereby agrees to pay and be responsible for the following closing cost: (i) all fees and premiums for the Survey; (ii) one-half ('/2) of the Title Coml7any's escrow fees; (iii) all costs and expenses incurred by or oil behalf of City, including City's attorneys' fees, and (iv) such other incidental costs and fees customarily Laid by purchasers of property in Harris Count),, Texas, for transactions of a similar nature to the transaction contemplated herein. 4.6. Permitted Excepliotjs. City acknowledges and agrees that the Property and improvements conveyed pursuant to this Article IV will be conveyed by Developer at closing subject only to such casements, conditions and restrictions as have been approved or deemed approved by City, inchlding; (i) utility easements granted by subdivision plat or instrument subsequent to the purchase of the Property by Developer; and (ii) such other matters as City may waive. 4.1 Conve_ nce As �Is. City acknowledges and agrees that the Property and/or improvements conveyed pursuant to this Article IV will be colweyed "AS IS" with all faults and defects, whether patent or latent, existing as of the Closing. Except with respect to the quality of the title being conveyed by Developer as set forth in the Special Warranty Deed, City acknowledges and agrees that Developer will be making no representations, warranties, ATFACIIME\'T 1 TO 912 PURCHASE AND SALE AGREEMENT: C'ITY OF LA PORTF TO LA PORTE DEVELOPMENT CORPORATION -- PAGE 17