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closing will be continued if the provisions of Paragraph 9. are exercised and <br /> compliance has been met. Tri-County Title & Escrow Company, Columbus, <br /> Nebraska,will be the closing agent, the cost of which shall be shared equally <br /> between the parties <br /> 4. Possession: Full possession of the properties being traded herein shall occur on <br /> the closing date. <br /> 5. Real Estate Taxes: Assuming the amounts of real estate taxes for 2014 for all of <br /> the real estate in this trade are available before the possession date hereof, said <br /> 2014 real estate taxes and real estate taxes for all previous years shall be paid by <br /> the party herein who was in possession of each real estate parcel during 2014, and <br /> said party in possession during 2014 shall provide proof of payment of said 2014 <br /> taxes to the other party prior to the possession date herein. Real estate taxes for <br /> 2015 and subsequent years shall be paid by the party in possession of the real <br /> estate after closing. <br /> 6. Title Insurance:PRRIF agrees to furnish to BELF a current commitment from a title <br /> insurance company selected by BELF (with the expense of the policy to be paid by <br /> PRRIF), for the issuance of a standard owner's policy of title insurance showing <br /> marketable title to the real estate legally described in Exhibits A and B free and <br /> clear of all liens, encumbrances, and special assessments levied or assessed which <br /> are not of record. (Any such liens, encumbrances and special assessments which <br /> are of record may be considered a defect in title by BELF unless it waives such <br /> defect.) Any other title insurance policies for any real estate transferred hereby <br /> shall be at the option of the party receiving the real estate and at said party's sole <br /> expense. Although BELF is not providing title insurance to PRRIF, BELF agrees that <br /> the real estate described in Exhibit C is free and clear of all liens, encumbrances, <br /> and special assessments levied or assessed which are of record. Either party shall <br /> notify the other at least 30 days prior to closing regarding whether either party <br /> claims that a title defect exists in any of the real estate which said notifying party <br /> is to receive in this trade. The parties agree that should a valid title defect exist, <br /> the party transferring the real estate with such defect shall have a reasonable <br /> time, not to exceed 30 days, to correct said defect, and the closing may be <br /> extended, if necessary. If any such defects are not cured within such period, the <br />