Common use of Xxxxx's Obligation to Pay Closing Costs and Other Amounts Clause in Contracts

Xxxxx's Obligation to Pay Closing Costs and Other Amounts. Buyer will pay for the following closing costs: all of the Escrow fee, notary fees, appraisal fees, recording costs, charges for Xxxxx's credit report, costs of preparing any mortgages and promissory notes, and title insurance costs. Buyer will also pay mortgage costs. Buyer will also pay the start-up fee in the amount described in Article III, Section D.1 above. This start-up fee will not be refunded and cannot be transferred. It is a one-time charge at the time of sale, not a common expense, and is in addition to the normal monthly maintenance charges or fees. It will be held and used by the Seller and the first Managing Agent of the Association to pay for certain initial common expenses of the Project such as insurance premiums and as a working capital fund for the benefit of all the unit owners. Xxxxx agrees that Xxxxxx does not have to pay any start-up fee for any unit in the Project even if it is owned by Seller. Buyer will also pay the advance maintenance fee, the Koa Ridge Owners Association start-up assessment and the Koa Ridge Owners Association assessments described in Article III, Section D above. In order to submit the land of the Project to a condominium property regime, the Declaration was recorded in the Bureau of Conveyances of the State of Hawaii. Upon the recordation of the Declaration, the City will assign a CPR number to each condominium unit in the Project. Due to deadlines utilized by the City that affect the timing of the issuance of CPR numbers, the land upon which the Project is located currently may be assessed as a single parcel for a limited period of time during which each unit would not be separately assessed for real property tax purposes. If the land of the Project is assessed as a single parcel and the real property tax bill for the entire parcel has been or will be received by the Seller, Seller will prepare a worksheet to allocate the real property taxes among the units and Buyer will pay at Closing an amount equal to the portion of the real property taxes allocated to the Property, as provided on the worksheet, for the entire initial tax year (ending June 30) in which the Closing occurs, prorated as of the Closing Date. If the land of the Project is taxed as a single parcel in the subsequent tax year and the real property tax bill for the entire parcel is received by the Seller, Seller will prepare a worksheet for the subsequent tax year to allocate the real property taxes among the units. Seller will send Buyer an invoice for Xxxxx’s share of real property taxes for the subsequent tax year, and Xxxxx shall remit payment to Seller promptly upon receipt of such invoice. Seller will remit, when due, the real property tax payments to the City. Upon request, Seller will provide Buyer with a copy of the worksheet.

Xxxxx's Obligation to Pay Closing Costs and Other Amounts. Buyer will pay for the following closing costs: all of the Escrow fee, notary fees, appraisal fees, recording costs, charges for Xxxxx's credit report, costs of preparing any mortgages and promissory notes, and title insurance costs. Buyer will also pay mortgage costs. Buyer will also pay the start-up fee in the amount described in Article III, Section D.1 above. This start-up fee will not be refunded and cannot be transferred. It is a one-time charge at the time of sale, not a common expense, and is in addition to the normal monthly maintenance charges or fees. It will be held and used by the Seller and the first Managing Agent of the Association to pay for certain initial common expenses of the Project such as insurance premiums and as a working capital fund for the benefit of all the unit owners. Xxxxx agrees that Xxxxxx does not have to pay any start-up fee for any unit in the Project even if it is owned by Seller. Buyer will also pay the advance maintenance fee, the Koa Ridge Owners Association start-up assessment and the Koa Ridge Owners Association assessments described in Article III, Section D above. In order to submit the land of the Project to a condominium property regime, the Declaration was recorded in the Bureau of Conveyances of the State of Hawaii. Upon the recordation of the Declaration, the City will assign a CPR number to each condominium unit in the Project. Due to deadlines utilized by the City that affect the timing of the issuance of CPR numbers, the land upon which the Project is located currently may be assessed as a single parcel for a limited period of time during which each unit would not be separately assessed for real property tax purposes. If the land of the Project is assessed as a single parcel and the real property tax bill for the entire parcel has been or will be received by the Seller, Seller will prepare a worksheet to allocate the real property taxes among the units and Buyer will pay at Closing an amount equal to the portion of the real property taxes allocated to the Property, as provided on the worksheet, for the entire initial tax year (ending June 30) in which the Closing occurs, prorated as of the Closing Date. If the land of the Project is taxed as a single parcel in the subsequent tax year and the real property tax bill for the entire parcel is received by the Seller, Seller will prepare a worksheet for the subsequent tax year to allocate the real property taxes among the units. Seller will send Buyer an invoice for Xxxxx’s share of real property taxes for the subsequent tax year, and Xxxxx shall remit payment to Seller promptly upon receipt of such invoice. Seller will remit, when due, the real property tax payments to the City. Upon request, Seller will provide Buyer with a copy of the worksheet.. SPECIMEN

Xxxxx's Obligation to Pay Closing Costs and Other Amounts. Buyer will pay for the following closing costs: all of the Escrow fee, notary fees, appraisal fees, recording costs, charges for Xxxxx's credit report, costs of preparing any mortgages and promissory notes, and title insurance costs. Buyer will also pay mortgage costs. Specimen Buyer will also pay the start-up fee in the amount described in Article III, Section D.1 above. This start-up fee will not be refunded and cannot be transferred. It is a one-time charge at the time of sale, not a common expense, and is in addition to the normal monthly maintenance charges or fees. It will be held and used by the Seller and the first Managing Agent of the Association to pay for certain initial common expenses of the Project such as insurance premiums and as a working capital fund for the benefit of all the unit owners. Xxxxx agrees that Xxxxxx does not have to pay any start-up fee for any unit in the Project even if it is owned by Seller. Buyer will also pay the advance maintenance fee, the Koa Ridge Owners Association start-up assessment and the Koa Ridge Owners Association assessments described in Article III, Section D above. In order to submit the land of the Project to a condominium property regime, the Declaration was recorded in the Bureau of Conveyances of the State of Hawaii. Upon the recordation of the Declaration, the City will assign a CPR number to each condominium unit in the Project. Due to deadlines utilized by the City that affect the timing of the issuance of CPR numbers, the land upon which the Project is located currently may be assessed as a single parcel for a limited period of time during which each unit would not be separately assessed for real property tax purposes. If the land of the Project is assessed as a single parcel and the real property tax bill for the entire parcel has been or will be received by the Seller, Seller will prepare a worksheet to allocate the real property taxes among the units and Buyer will pay at Closing an amount equal to the portion of the real property taxes allocated to the Property, as provided on the worksheet, for the entire initial tax year (ending June 30) in which the Closing occurs, prorated as of the Closing Date. If the land of the Project is taxed as a single parcel in the subsequent tax year and the real property tax bill for the entire parcel is received by the Seller, Seller will prepare a worksheet for the subsequent tax year to allocate the real property taxes among the units. Seller will send Buyer an invoice for Xxxxx’s share of real property taxes for the subsequent tax year, and Xxxxx shall remit payment to Seller promptly upon receipt of such invoice. Seller will remit, when due, the real property tax payments to the City. Upon request, Seller will provide Buyer with a copy of the worksheet.