Common use of Prorations; Closing Costs Clause in Contracts

Prorations; Closing Costs. Seller, as an agency of the State of Idaho, is statutorily precluded from paying taxes and most assessments on Endowment Land. The County or other governmental or quasi-governmental entities may show past due taxes and/or assessments relating to a prior lessee’s use of the Endowment Land and are typically the personal obligation of the prior lessee. Taxes and assessments and utilities for the current year, if any, shall be prorated between the prior lessee of record or owner of the Personal Property and Buyer as of the date of Closing. Xxxxx agrees to work with the prior lessee of record or the owner of the Personal Property outside of Closing if utilities cannot be reasonably ascertained at Closing or thereafter if adjustments need to be made between Buyer and such prior lessee or owner of the Personal Property. Seller shall pay one-half (1/2) of Closing Agent’s closing and escrow fees. Buyer shall pay one-half (1/2) of Closing Agent’s closing and escrow fees. In addition, Buyer shall pay all other closing costs and related auction expenses, including, but not limited to: 1) recording fees for the cost of recording the State Deed; 2) the cost for title insurance, at Buyer’s option; 3) lender fees, if any, together with any associated recording fees, if any; and, 4) any other cost, fee or expense which may reasonably be required in order for the transaction to close. All parties shall be responsible to pay their own attorney fees, if applicable. Seller shall prorate the lease payment with the prior lessee of record as of the date of Closing, and shall reimburse any difference outside of the Closing with the Closing Agent.