Agmt10 Schrader Leask Development, Inc.

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THEIR AGREEMENT TO THE FOREGOING LIQUIDATED DAMAGES PROVISION BY INITIALING THIS PARAGRAPH IN THE APPROPRIATE SPACES PROVIDED BELOW. Optionee's Ithtia1 l i( /SP.. Owner's Initials 0 The above Liquidated Damages provisions shall not Li , ptionee's liability to the extent set forth in this Agreement for any damage to persons or property to the extent caused by Optionee or any Optionee's Authorized Parties (as defined in aitE •fIgiLa 1222(ut), which liability shall be in addition to the liquidated damages referenced above. 7. Plaratisks. If the Closing occurs, all income, if any, and expenses of the Real Property shall be apportioned as of 12:01. a.m., on the day of Closing as if Optivnee were vested with title to the Real Property during the entire day upon which Closing occurs. Notwithstanding the generality of the preceding sentence, specific items of inccrne and expense shall be prorated. as follows: (a) Tajec Owner shall pay any delinquent real property taxes and assessments relating to the Real Property. Non-delinquent real estate taxes and assessments irnposed by any governmental authority shall be prorated as of the Closing Date based upon the tax bill(s) received for and applicable to the period(s) in which the Closing Date occurs; or, to the extent such tax bill(s) and applicable amount(s) are not ava.ilable by the Closing, Date, based on the most recent ascertainable assessed values and tax. rates. Owner shall receive a credit for any prepaid taxes and assessments paid by Owner attributable to the period prior to the Closing to the end of the applicable taxing period. (b) Utility Prepaid water, sewer, and other utility charges shall be credited to Owner, and unpaid water, sewer, and other utility charges accruing prior to the Closing shall be credited to Optionee. Optionee shall credit to •the account of Owner all refundable cash or other deposits posted by Owner with utility companies serving the Real Property or, at Optionee's option, Owner shall be entitled to receive and retain such refundable cash and deposits. (c) cemtracts. Any amounts owing under the Contracts that are assigned to and assumed by Optionee pursuant to Para shall be prorated as of the Closing Date. (d) Adslitional Deposits. Any Non-Applicable Deposits made by Optionee pursuant to Para tagi shall not be prorated. By way of example, if pursuant to Para h Wen Optionee makes a Non-Applicable Deposit of Twenty-One 'Thousand Dollars ($21,000) or, February I, 2011 (for the Extension Period ending on February 28, 2011), and if the Closing occurs on February 15, 2011, then the shall be no proration of such Non-Applicable Deposit notwithstandin.g that the Closing occurs prior to the expiration. of the applicable Extension Period. The Applicable Deposits (together with the initial Deposit and the Option Payment) shall be fully credited to the Purchase Price irrespective of when the Closing occurs. (e) Other Arnounts. Any other operating expense or other items pertaining to the Real Property which are customarily prorated between buyers and sellers of real property in the County shall be prorated between Owner and Optionee in accordance with local custom. Oricn Agreement 80 Cu:mica! 10,01. loe) 9