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11 <br /> 27278, as soon as the certificate is available, and (3) that the original of the certificate be <br /> provided to Buyer at the closing. However, Seller shall not be obligated to undertake the <br /> cleanup identified in the Phase I report if, in Seller's sole discretion, Seller determines that it is <br /> not economically reasonable to do so. In that event, Seller may terminate this Agreement upon <br /> written notice to Buyer. <br /> (5) Seller's obligations under this Section shall survive the closing and <br /> continue in full effect notwithstanding receipt of the purchase price. <br /> (g) Representations/Warranties. All representations and warranties contained in this <br /> Agreement are true and correct as of the date of execution of this Agreement and will be true <br /> as of the Closing Date and shall survive closing and execution and delivery of the Deed and <br /> shall not be merged therein. <br /> 4. SETTLEMENT CHARGES: <br /> (a) Seller shall pay for the preparation of a deed, for the preparation and recording <br /> of all documents necessary to convey marketable fee simple title free of liens and <br /> encumbrances, and for the excise tax required by law. <br /> (b) Buyer shall pay for recording the deed. <br /> (c) Ad valorem taxes on the Property, if any, for the calendar year in which the <br /> closing occurs shall be paid by Seller. The credit for pro-rated ad valorem taxes on the <br /> Property that would be due Seller if Buyer were not a North Carolina local government shall <br /> be added to the purchase price as provided in Section 1 of this Agreement. Seller shall pay any <br /> Orange County ad valorem taxes on personal property of Seller for the entire year of the <br /> closing. Seller shall pay all deferred taxes and any tax penalties including late listing penalties. <br /> 6 <br />