FOR THE FISCAL YEAR IN WHICH CLOSING OCCURS HAVE BEEN DETERMINED BUT HAVE NOT
BEEN PAID BEFORE CLOSING, SELLER SHALL BE CHARGED AND BUYER CREDITED AT CLOSING
WITH AN AMOUNT EQUAL TO THAT PORTION OF SUCH TAXES AND ASSESSMENTS WHICH RELATES
TO THE PERIOD BEFORE THE CLOSING DATE AND BUYER SHALL PAY THE TAXES AND
ASSESSMENTS PRIOR TO THEIR BECOMING DELINQUENT.
IF THE ACTUAL TAXES AND
ASSESSMENTS ARE NOT KNOWN AT CLOSING, THE PRORATION SHALL BE BASED UPON THE MOST
RECENT ASSESSED VALUES AND TAX RATES.
TO THE EXTENT THAT THE ACTUAL TAXES AND
ASSESSMENTS PAID DIFFER FROM THE AMOUNT APPORTIONED AT CLOSING, THE PARTIES
SHALL MAKE ALL NECESSARY ADJUSTMENTS BY APPROPRIATE PAYMENTS BETWEEN THEMSELVES
WITHIN SIXTY (60) DAYS OF THE ISSUANCE OF FINAL TAX BILLS.
(F)
AFTER CLOSING, BUYER SHALL PROVIDE SELLER WITH SUCH INFORMATION
AND COPIES OF INVOICES AND OTHER DOCUMENTS AND RECORDS AS SELLER SHALL
REASONABLY REQUEST, EVIDENCING THAT BUYER HAS REMITTED TO SELLER ALL AMOUNTS
REQUIRED AS A RESULT OF ANY RECONCILIATION OF THE EXPENSES OF THE PROPERTY
REFERENCED IN PARAGRAPH 7.4(A) ABOVE TO THE ESTIMATED PAYMENTS OF SUCH EXPENSES
RECEIVED FROM THE TENANTS OF THE PROPERTY (INCLUDING ANY POST-CLOSING
ADJUSTMENTS THERETO).
(G)
IF ANY ERRORS OR OMISSIONS ARE MADE REGARDING ADJUSTMENTS AND
PRORATIONS, THE PARTIES SHALL MAKE THE APPROPRIATE CORRECTIONS PROMPTLY UPON THE
DISCOVERY THEREOF.
IF ANY ESTIMATIONS ARE MADE AT THE CLOSE OF ESCROW REGARDING
ADJUSTMENTS OR PRORATIONS, THE PARTIES SHALL MAKE THE APPROPRIATE CORRECTION
PROMPTLY WHEN ACCURATE INFORMATION BECOMES AVAILABLE.
ANY CORRECTED ADJUSTMENT
OR PRORATION SHALL BE PAID IN CASH TO THE PARTY ENTITLED TO THE ADJUSTMENT.
IF
REAL PROPERTY TAXES ARE BASED ON AN ESTIMATE, SUCH REAL PROPERTY TAXES SHALL BE
REPRORATED, UPON WRITTEN REQUEST OF EITHER PARTY, UPON RECEIPT OF THE ACTUAL TAX
BILL.
NOTWITHSTANDING ANYTHING TO THE CONTRARY ABOVE, THE ABOVE RIGHT TO
ADJUSTMENT SHALL TERMINATE NINE (9) MONTHS AFTER CLOSE OF ESCROW, PROVIDED THAT
BUYER HAS DELIVERED TO SELLER THE FINAL 2006 EXPENSE RECONCILIATION FOR CHARGES
TO TENANTS.
14
7.5
PAYMENT OF COSTS.
SELLER SHALL PAY FOR (I) THE BASE PREMIUM
CHARGES FOR THE BASIC TEXAS OWNER'S TITLE POLICY (WITH NO ENDORSEMENTS)
("STANDARD PREMIUM"), (II) ONE-HALF (1⁄2) OF ALL ESCROW COSTS AND FEES (NOT
INCLUDING BUYER'S LENDER'S ESCROW COSTS), AND (III)
OTHER COSTS CUSTOMARILY
PAID BY SELLER OF SIMILAR PROPERTIES IN HARRIS COUNTY, TEXAS.
BUYER SHALL PAY
(I) THE COST TO UPDATE THE SURVEY; (II) ONE-HALF (1⁄2) OF ALL ESCROW COSTS AND
FEES (NOT INCLUDING MONEY LENDER'S ESCROW COSTS); (III) ANY ADDITIONAL TITLE
COMPANY CHARGES (SUCH CHARGES TO BE AT THE PROMULGATED RATE FOR ANY ENDORSEMENTS
AND SIMULTANEOUS ISSUE RATE FOR ANY LOAN POLICY) IN EXCESS OF THE STANDARD
PREMIUM (INCLUDING, WITHOUT LIMITATION, ANY ENDORSEMENTS AND EXTENDED COVERAGE);
(IV) ALL TRANSFER TAXES (V) ALL COSTS ARISING FROM OR RELATING TO THE FINANCING
OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, ANY MONEY LENDER'S ESCROW
FEES CHARGED BY THE ESCROW HOLDER; AND (VI) OTHER COSTS CUSTOMARILY PAID BY
BUYERS OF SIMILAR PROPERTIES IN HARRIS COUNTY, TEXAS.
7.6
ESCROW HOLDER AUTHORIZED TO