9. Real Estate Taxes, Utility Charges, Municipal Improvements, Price Escalator

1. Real estate taxes and utility use charges shall be apportioned as of the date of closing, which means that Seller will pay real estate taxes and utility use charges assessed against the Unit for that period of time prior to closing. Any utility deposits or utility company meter charges will be the responsibility of the Buyer, including hook-up charges.
2. The Township of Bernards has the right to make local improvements, such as the installation of a new sewer system or the construction of road improvements, which benefit the Unit and the Condominium. The cost of the improvement would be charged against the property(ies) receiving the benefit of the improvement by means of a municipal improvement assessment. The Seller knows of no such improvement which is needed or contemplated. If such an improvement benefiting the Unit is completed prior to closing, the Seller shall pay the assessment; if the improvement is completed after the closing, the Buyer shall be responsible for payment of the assessment.
3. This Agreement is contingent upon the ability of the Seller to complete the Unit at present prices of construction material and at existing wages for labor. If Seller is, at any time or for any reason unable to complete the Unit at the present price for the construction material and/or the existing wages for labor, then Seller shall give Buyer written notice at least sixty (60) days prior to the proposed closing, as to the increase in purchase price. Buyer then has the right to notify Seller, in writing, and within ten (10) days after receiving notice of price increase from Seller , that Buyer refuses to pay the increased price. If Buyer does not give such notice, this Agreement shall continue to be enforceable and Buyer shall pay the increased purchase price at closing. If, during the ten (10) day period, Buyer gives notice that Buyer refuses to pay the increased purchase price, then Seller shall return all deposit monies to Buyer, without interest, and this agreement shall be terminated. Seller agrees that the purchase price may not be increased by more than 2% percent of the total purchase price.