Real Estate Purchase and Sale Agreement 4-8-16

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Page 4 of 13 INITIALS: Seller:_________/Date:________ Purchaser:_________/Date:________ Seller:_________/Date:________ 7. Closing: 7.1. Date of Closing: For purposes of this Agreement, “date of closing” shall be constructed as the date upon which all appropriate documents are recorded and proceeds of this sale are available for disbursement to Seller. Funds held in reserve accounts pursuant to escrow instructions shall be deemed, for purposes of this definition, as available for disbursement to Seller. 7.2. Place and Time of Closing: The sale shall be closed in the offices of AmeriTitle (hereinafter the “Closing Agent”), within 30 days after the waiver of or satisfaction of contingencies set forth in Section 4, but in any event not later than August 1, 2016, which shall be the Termination Date. 7.3. Prorations at Closing: All taxes for the current year, rents, insurance, interest, mortgage reserves, water and other utilities (and other such amounts) shall be prorated as of the date of closing. Irrigation assessments, if any, shall be prorated on the basis of a 30-day month, 183 day irrigation season (April 15 to October 15). 7.4. Seller’s and Purchaser’s Deliveries at Closing: At Closing, Seller shall deliver (or cause to be delivered) to Purchaser the following: 7.4.1. Deed: A duly-executed and acknowledged Statutory Warranty Deed conveying to Purchaser marketable fee simple title to the Property (the “Deed”) free of all liens and encumbrances and defects in title other than those not objected to (or waived) by Seller as provided for herein. The Deed will be in a form prepared by Seller, subject to the reasonable approval of Purchaser. 7.4.2. Assignment and Assumption of Leases: A duly-executed and acknowledged Assignment and Assumption of Leases assigning Leases and mobile homes from Seller to Purchaser in the form set forth on Exhibit A. 7.4.3. Closing Statement: The closing statement, prepared by the Title Company, reflecting the financial terms of the transaction contemplated by this Agreement (the “Closing Statement”) executed by Seller. 7.4.4. Further Instruments: Any and all further instruments which Purchaser or the Title Company shall request of Seller in order to meet requirements of the Commitment or to otherwise effect the conveyance of the Property as contemplated in this Agreement. 7.4.5. At Closing, Purchaser shall deliver to Seller (i) the remainder of the Purchase price, subject to proration and adjustment, as provided herein; (ii) the Closing Statement, executed by Purchaser; and (iii) any and all further instruments which Seller or the Title Company shall request of Purchaser in order to meet requirements of the Commitment or to otherwise effect the conveyance of the Property as contemplated in this Agreement. 7.5. Closing Costs. The Closing costs of this transaction shall be allocated as follows: PURCHASER COST OR EXPENSE SELLER Seller’s attorney’s fees, if any X X Purchaser’s attorney’s fees, if any Premium due for Standard Policy of Title Insurance X X Premium due for Extended Policy of Title Insurance