10.2 Purchase Agreement - HOTGL Hotel

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6 7. PRORATIONS. Seller and Buyer agree to the following prorations and allocation of costs regarding the Real Property and this Agreement. a. Deed Tax. Buyer shall pay all state deed tax regarding the deed to be delivered by Seller under this Agreement. b. Real Estate Taxes and Special Assessments. Real estate taxes and any special assessments payable in the year of Closing shall be prorated between Seller and Buyer to the Closing Date. The Buyer shall pay real estate taxes and any special assessments payable therewith thereafter. c. Recording Costs. Buyer will pay the cost of recording the Deed. Seller shall pay the cost of recording any documents necessary to perfect its own title. d. Other Costs. All other operating costs of the Real Property will be allocated between Seller and Buyer as of the Closing Date, so that Seller pays that part of such other operating costs accruing on or before the Closing Date, and Buyer pays that part of such operating costs accruing after the Closing Date. e. Attorneys’ Fees. Each of the parties will pay its own attorneys’, accountants’ and consultants’ fees. 8. TITLE EXAMINATION. a. The Delivery of the Title Commitment. Buyer may obtain, at its option and expense and within 30 days of the effective date of this Agreement, a commitment for an owner’s policy of title insurance. Buyer shall pay all costs associated with obtaining title insurance including, but not limited to, updating of the abstract or obtaining a new abstract of title for the Real Property, title insurance premiums and title examination fees (hereinafter the “Title Commitment”), issued by a Title Insurance Company authorized to do business in the State of Minnesota and approved by Buyer (hereinafter the “Title Company”). The Title Commitment shall be based upon the description of the Real Property provided herein and shall show fee title in the Seller, subject only to the permitted encumbrances waived in writing by Buyer, and shall provide for extended coverage risks and include special endorsements for zoning, contiguity and such other matters as Buyer may request. b. The Making and Curing of Title Objections. Buyer shall be allowed fifteen (15) days after receipt of the Title Commitment in which to make objections to the content of the commitment, said objections to be made in writing. If there are any objections to the title which are not remedied by the Closing Date, the Seller shall have sixty (60) days from the date of receipt of said written objections in which to remedy said objections.