Common use of Expenses of Closing Clause in Contracts

Expenses of Closing. Costs and expenses shall be paid in cash at or ------------------- before the Closing as follows: 4.2.1 Seller shall pay the cost of the owner's title insurance policy from the Title Insurer, subject to the terms of section 4.2.2 of this Agreement; 4.2.2 Buyer's inspection expenses plus the difference in cost between the owner's title policy and an ALTA title insurance policy will be paid by the Buyer; 4.2.3 Other costs related to the transaction will be paid by Buyer or Seller according to the custom and practice in the County the Property is located; 4.2.4 delinquent rents for the month in which the Closing occurs, any pre-paid rents and/or deposits of tenants are to be paid by Seller to Buyer. Subsequent to the Closing, if Buyer collects such delinquent rents which were due and payable as of the Closing and paid by Seller to Buyer, Buyer shall promptly, at the end of each month, remit such rents to Seller; 4.2.5 costs of satisfying delinquent taxes, lien indebtedness, bonds or improvement assessments which are a lien on said property as of Closing shall be paid in full by Seller. Should any real estate assessment upon the Property be payable in annual installments, Escrow Holder shall prorate the annual installment payable in 1997;