Common use of Prorations and Other Closing Costs Clause in Contracts

Prorations and Other Closing Costs. At the Closing on the Closing Date: (a) Purchaser shall pay the costs of recording the Deed. (b) Seller shall pay all fees, photocopy charges, premiums and other charges for the Commitment (as hereinafter defined) and the Policy and copies of instruments of record which are to be furnished to Purchaser hereunder. Any Closing fee charged by the Title Company will be split evenly by Seller and Purchaser. (c) Seller will pay in full the amount secured by any mortgage, deed of trust or other lien on the Recreation Center Site which is outstanding at the time of the Closing (other than any created by Purchaser) and, subject to this Section 7, shall also be responsible for all bills and payables related to the Recreation Center Site based on events prior to the Closing Date (which obligation will survive the Closing). Purchaser shall pay the recording costs and any mortgage registration tax or fee due upon the recording of any mortgage or other lien on the Recreation Center Site which Purchaser creates or grants simultaneously with Closing. Seller will pay all general real estate taxes and installments of special assessments for tax periods prior to the one in which Closing occurs. (d) The general real estate taxes and installments of special assessments for the tax period in which the Closing occurs shall be prorated as of the Closing Date. If some prorations cannot be computed at the time of the Closing using actual data for the calendar year in which the Closing occurs, the parties agree that in making the prorations they shall use the most recent actual data available for a preceding year; provided further that if a mistake is made in calculating the prorations, the parties agree that as soon as possible after the Closing each shall make any necessary payments owing the other party in order to correct such mistake.