AN AMOUNT EQUAL TO THE RECEIVED AND UNAPPLIED BALANCE OF ALL CASH (OR CASH
EQUIVALENT) TENANT DEPOSITS, INCLUDING, BUT NOT LIMITED TO, SECURITY, DAMAGE OR
OTHER REFUNDABLE DEPOSITS PAID BY ANY OF THE TENANTS TO SECURE THEIR RESPECTIVE
OBLIGATIONS UNDER THE LEASES, TOGETHER, IN ALL CASES, WITH ANY INTEREST PAYABLE
TO THE TENANTS THEREUNDER AS MAY BE REQUIRED BY THEIR RESPECTIVE TENANT LEASE OR
STATE LAW (THE " TENANT SECURITY DEPOSIT BALANCE").
ANY CASH (OR CASH
EQUIVALENTS) HELD BY SELLER WHICH CONSTITUTES THE TENANT SECURITY DEPOSIT
BALANCE SHALL BE RETAINED BY SELLER IN EXCHANGE FOR THE FOREGOING CREDIT AGAINST
THE PURCHASE PRICE AND SHALL NOT BE TRANSFERRED BY SELLER PURSUANT TO THIS
CONTRACT (OR ANY OF THE DOCUMENTS DELIVERED AT CLOSING), BUT THE OBLIGATION WITH
RESPECT TO THE TENANT SECURITY DEPOSIT BALANCE NONETHELESS SHALL BE ASSUMED BY
PURCHASER.
THE TENANT SECURITY DEPOSIT BALANCE SHALL NOT INCLUDE ANY
NON-REFUNDABLE DEPOSITS OR FEES PAID BY TENANTS TO THE SELLER, EITHER PURSUANT
TO THE LEASES OR OTHERWISE.
5.4.7
EXISTING LOANS.
SELLER SHALL BE RESPONSIBLE FOR ALL PRINCIPAL REQUIRED
TO BE PAID UNDER THE TERMS OF THE NOTE PRIOR TO CLOSING, TOGETHER WITH ALL
INTEREST ACCRUED UNDER THE NOTE PRIOR TO CLOSING, ALL OF WHICH MAY BE A CREDIT
AGAINST THE PURCHASE PRICE AS PROVIDED IN SECTION 2.2.3.
PURCHASER SHALL BE
RESPONSIBLE FOR ALL ASSUMPTION LENDER FEES, REQUIRED LOAN FUND AMOUNTS, AND ALL
OTHER FEES, PENALTIES, INTEREST AND OTHER AMOUNTS DUE AND OWING UNDER THE
ASSUMED LOAN DOCUMENTS AS A RESULT OF THE LOAN ASSUMPTION AND RELEASE.
AS SET
FORTH IN SECTION 4.7.6, ANY EXISTING RESERVES, IMPOUNDS AND OTHER ACCOUNTS
MAINTAINED IN CONNECTION WITH THE LOAN SHALL BE ASSIGNED TO PURCHASER, AND AT
CLOSING, PURCHASER SHALL REIMBURSE SELLER IN AN AMOUNT EQUAL TO THE BALANCE OF
SUCH RESERVES, IMPOUNDS AND ACCOUNTS SO ASSIGNED.
5.4.8
INSURANCE.
NO PRORATION SHALL BE MADE IN RELATION TO INSURANCE
PREMIUMS AND INSURANCE POLICIES WILL NOT BE ASSIGNED TO PURCHASER.
SELLER SHALL
HAVE THE RISK OF LOSS OF THE PROPERTY UNTIL 11:59 P.M. THE DAY PRIOR TO THE
CLOSING DATE, AFTER WHICH TIME THE RISK OF LOSS SHALL PASS TO PURCHASER AND
PURCHASER SHALL BE RESPONSIBLE FOR OBTAINING ITS OWN INSURANCE THEREAFTER.
5.4.9
EMPLOYEES.
ALL OF SELLER'S AND SELLER'S MANAGER'S ON-SITE EMPLOYEES
SHALL HAVE THEIR EMPLOYMENT AT THE PROPERTY TERMINATED AS OF THE CLOSING DATE.
5.4.10
CLOSING COSTS.
PURCHASER SHALL PAY (A) THE COST OF RECORDING ANY
INSTRUMENTS REQUIRED TO DISCHARGE ANY LIENS OR ENCUMBRANCES AGAINST THE
PROPERTY, (B) ONE-HALF OF ANY PREMIUMS OR FEES REQUIRED TO BE PAID BY PURCHASER
WITH RESPECT TO THE TITLE POLICY PURSUANT TO SECTION 4.1, (C) ALL COSTS OF ANY
ENDORSEMENTS TO THE TITLE POLICY, (D) ONE-HALF OF THE CUSTOMARY CLOSING COSTS OF
THE ESCROW AGENT AND (E) ALL DOCUMENTARY STAMP TAXES DUE IN CONNECTION WITH THE
LOAN ASSUMPTION AND RELEASE.
SELLER SHALL PAY (A) THE DOCUMENTARY STAMP TAXES
DUE IN CONNECTION WITH THE TRANSFER OF THE PROPERTY AND THE RECORDING OF THE
DEED, (B) ONE-HALF (1/2) OF ANY PREMIUMS OR FEES REQUIRED TO