Common use of EXPENSE ALLOCATIONS Clause in Contracts

EXPENSE ALLOCATIONS. SECTION 6.1. TRT Partner shall pay for all recording charges for the Deed and any financing documents relating to TRT Partner’s financing, any endorsements to the Existing Title Policy, any update of the Survey and any other costs incurred by TRT Partner in connection with its inspection of the Property. SECTION 6.2. The following expenses shall be split between the Partnership and Contributor in accordance with local custom: (i) any recording fees for the release of liens released by Contributor, (ii) documents required to effect any cure of Title Objections that Contributor has elected to cure in accordance with this Agreement and (iii) documentary stamp taxes, transfer taxes or similar taxes which become payable by reason of the Deed from Contributor to the Partnership. SECTION 6.3. The parties shall be responsible for paying their own attorney’s fees in connection with this transaction. Each of the Partnership and Contributor shall be responsible for payment of fifty percent (50%) of the escrow fees.