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• • <br />Neither title to, nor possession of, the Property shall pass to <br />Buyer until the close of Escrow. <br />5.6. Pro_rations. Real property taxes, interest <br />on assessments assumed by Buyer, rents, insurance premiums on <br />hazard insurance assigned to Buyer, and interest on any <br />indebtedness secured by any deed of trust to remain on the <br />Property shall be prorated as of 12:Q1 a.m. on the Closing Date <br />on the basis of a 30-day month. All security deposits and <br />prepaid rents held by Seller shall be credited to Buyer. Any <br />balance in any tax and insurance impound account shall be <br />credited to Seller. Assessments of record shall be paid by <br />Seller.. Any supplemental tax bill shall be prorated between <br />the parties outside of escrow with Seller paying any additional <br />taxes assessed for any period before Close of Escrow and Buyer <br />paying the taxes for any period after the Close of Escrow. <br />5.7. Closing Costs. Buyer and Seller shall <br />share equally the premium for the Title Policy, Escrow fees, <br />and all other costs and charges of the Escrow for the sale of <br />the Property. SELLER shall pay for transfer stamp. <br />6. presentations and Warranties of Seller. Seller <br />makes the following representations and warranties to, and <br />covenants with Buyer, and acknowledges and agrees, as of the <br />date hereof and (except as otherwise provided below) again as of <br />the Closing Date, that all such warranties, representations and <br />covenants shall continue in effect and survive the close of <br />Escrow, the waiver of any conditions to close of Escrow set <br />forth herein, and the delivery of the Grant Deed conveying title <br />to the Property from Seller to Buyer: <br />6.1. Physical Condition. To the best of Seller's <br />knowledge, there are now no material physical structural or <br />mechanical defects of the Property, including without <br />limitation, the plumbing, heating, air conditioning and <br />electrical systems and, to the best of Seller's knowledge, all <br />such items are in good operating condition and repair and in <br />compliance with all applicable governmental laws or regulations. <br />6.2. Service Contracts. There are no service <br />or maintenance contracts or agreements relating to the Property <br />to which Seller is a party which Buyer, by entering into this <br />Agreement, will become liable for or bound by subsequent to the <br />Closing Date which have not been disclosed by Seller; <br />6.3. Encumbrances. There are no leases, <br />easements, encumbrances, or other agreements affecting the <br />Property executed by Seller except as shall be shown in the <br />Title. Report, as updated as of closing above; <br />-4- <br />