Closing and Final Payment Sample Clauses

Closing and Final Payment. (a) The entire balance (“Balance”) of the Contract Price (including all unpaid Overages, Extras, and Change Orders), after deducting the previously paid Deposit and after deducting any Change Orders that were paid up front, shall be paid by Buyer to Contractor, as the Final Payment, at the closing (“Closing”), which shall occur at Contractor’s request and discretion after Substantial Completion of the Work; for any Balance not paid upon Contractor’s request, Contractor, at its sole discretion, may opt to charge interest for each overdue payment at the rate of one and one half percent (1.5%) per month starting on the requested Closing Date or other due date. (b) At the Closing, Contractor, as seller, and Buyer, as buyer, shall execute a Deed, Ground Water Hazard Statement, Declaration of Value and Closing Statement, and any other customary and necessary documents to effectuate Contractor’s sale of, and transfer of title to, the Property and the House to Buyer. (c) At Closing, all existing utilities, including but not limited to water, gas and electricity, shall be transferred and otherwise put into Buyer’s name, and thereafter Buyer shall be solely responsible for all utility costs, provided however that if the originally scheduled Closing is delayed at the request of or otherwise due to Buyer, then Buyer is liable for all utility costs from the date of the originally scheduled Closing to the date of the actual Closing, and the Contract Price will be increased by such utility costs. Xxxxx is responsible for the transfer of utilities in Buyer’s name, and Contractor shall have no responsibility for damages as a result of Buyer’s failure to transfer utilities in Buyer’s name. In addition, Buyer shall be responsible to order any additional utility services, such as telephone, garbage, television or internet. Contractor reserves the right to refuse to schedule a Pre-Closing Walk Through or Closing unless and until it confirms the utility transfer has been or is being arranged. (d) The making of the Final Payment shall constitute acceptance of the Work as in compliance with the Contract Documents and a waiver of all claims by Xxxxx, except claims arising from items that are set forth in the Punch List and claims arising from the terms of Contractor’s Limited Warranty set forth later herein. Xxxxx expressly acknowledge and agrees that Xxxxx has the absolute contractual obligation to timely submit, when requested by Contractor, the Final Payment once Substantial Co...