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3.7 Possession, Seller shall deliver possession of the Property to Buyer at the Close of <br />Escrow subject only to the Permitted Exceptions; and free of any tenancies and/or third patty claims of use <br />or ownership, <br />3.8 Taxes Assessments and Prorations. <br />3.8.1 Taxes. Only to the extent the Seller pays any <br />property taxes or assessments on the Property, all current general and special <br />taxes and assessments on the Property shall be prorated by Escrow Holder based <br />upon the latest available information as shown in the tax statements provided to <br />Escrow Molder by Seller, using customary escrow procedures in Orange County. <br />Seller shall provide Buyer with written evidence of the payment or satisfaction <br />of such taxes. Should the Property be part of a larger tax parcel ("assessment <br />Parcel") which as of the Close of Escrow remains unsegregated on the County <br />Tax Assessor's Roll for the ensuing fiscal year, Escrow Holder shall charge <br />Buyer and. credit Seller for taxes and assessments allocated to the Property <br />(based on unimproved value) leased on the percentage of the total acreage of the <br />Assessment Parcel located on the Property, which acreage figures for allocation <br />purposes shall be fairly and equitably determined and supplied to Escrow Holder <br />by Buyer and Seller, Buyer and Seller shall cooperate in good faith to cause the <br />Property to be separately assessed and segregated in Buyer's name on the current <br />tax roll. Any real property taxes or assessments levied under the Supplemental <br />Tax Roll as a result of the sale of the Property to Buyer, shall be the responsibility <br />of Buyer. Any real property taxes or assessments levied under the Supplemental <br />Tax Roll as a result of traritsfers, improvements or other occurrences before the <br />Close of Escrow shah be the responsibility ofSeller. <br />3..82 General. All pro rations provided for herein shall <br />be on an "actual dray„ basis and, a three hundred sixty-five (365) day year. The <br />provisions of this ,Section shall survive Close of Escrow. if either Party rails to <br />pay its pro rata share of taxes or other expenses by the times herein provided, <br />interest shall accrue on all unpaid amounts from when owing until paid at the <br />maximum rate allowed by law. Any errors or omissions made in calculating <br />adjustments and prorations shall be corrected promptly upon the discovery <br />thereof If any estimations are made at the Close of .Escrow regarding <br />adjustments or prorations, the Parties shall make the appropriate collection <br />promptly when accurate information becomes available. Any corrected <br />adjustment or proration shall be paid to the Party entitled thereto within thirty <br />(30) days after written request therefor and if not so paid interest shall accrue <br />and be payable on same at the maximum rate allowed by law. <br />3.9 Closing Costs. Buyer shall pay the cost of the Title Policy, the Escrow Pees and any <br />applicable documentary transfer fees (considering Seller is a City) and recording fees, and all other costs <br />and expenses incurred related to the purchase of the Property by Buyer, If required by Buyer's Iender, <br />.Buyer shall also pay for the appraisal cost of the Property (collectively, "Closing Costs"). As soon as <br />reasonably possible following the Close of Escrow, Escrow Holder shall deliver a copy of the final Escrow <br />closing statement to Buyer and Seller. <br />52 <br />