Adjustment for Prorations and Closing Costs Sample Clauses

Adjustment for Prorations and Closing Costs. On the Closing Date, Transferee shall receive as a credit against the Contribution Value, or Transferor shall receive an amount in addition to the Contribution Value, as applicable, the amounts necessary to effectuate the proration adjustments contemplated by Section 7.5.1 hereof and the Closing Cost allocations contemplated by Section 7.6 hereof.
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Adjustment for Prorations and Closing Costs. On the applicable Closing Date for each Property, Transferee shall receive as a credit against the Contribution Value for such Property an amount (the “Credit Amount”) equal to the sum of: (a) all unapplied cash security deposits which were paid by the tenants or other occupants of such Property (collectively, the “Tenants”) under the “Leases” (as hereinafter defined) affecting such Property to or for the account of the applicable Transferor and that are refundable to such Tenants, plus accrued interest, if and to the extent required to be paid to such Tenants on such unapplied cash security deposits, unless such Transferor at the applicable Closing pays over to Transferee in cash all such unapplied security deposits, plus accrued interest thereon, if applicable; (b) expenses and other sums owed by or required to be funded by the applicable Transferor to any Tenant of such Property for any tenant improvement work related to such Property which occurred and/or were due and payable prior to (i) the Execution Date with respect to each Existing Property or (ii) the date a Completion Notice is delivered with respect to each Development Property; (c) rentals already received for such Property by the applicable Transferor attributable to the period from and after such Closing Date; (d) any rent concessions which accrue to any Tenants of such Property after such Closing Date; and (e) the amount, if any, by which prorated amounts allocated to the applicable Transferor pursuant to Section 7.5.1 hereof exceed prorated amounts allocated to the applicable Property Owning Entity or the Operating Partnership pursuant to Section 7.5.1 hereof. In addition, notwithstanding anything to the contrary contained herein, on the applicable Closing Date for each Property, Transferee shall be obligated to reimburse the applicable Transferor for any expenses or other sums (other than any legal fees or attorneys’ costs) actually funded or incurred following (i) the Execution Date with respect to the Existing Properties and (ii) the date that the applicable Completion Notice is delivered with respect to the Development Properties, by the applicable Transferor for any tenant improvement work or leasing costs related to such Property to the extent such amounts were actually paid by such Transferor and not taken into account in calculating the agreed upon Net Operating Income for such Property; provided, however, that if such amounts are not yet due and payable as of the applicable Closin...
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Adjustment for Prorations and Closing Costs. On the "Closing Date" (as hereinafter defined), Buyer shall receive as a credit against the Purchase Price (the "Credit Amount") an amount equal to the sum of: (a) security deposits which were paid by "Tenants" (as hereinafter defined) to or for the account of any Seller, plus accrued interest, if and to the extent required to be paid to such Tenants on such security deposits; (b) expenses and other sums owed by any Seller to any Tenant for any work or as a result of any dispute (as acknowledged in any written agreement or correspondence executed by any Seller or any Seller's agent); (c) rentals already received by any Seller attributable to the period from and after the Closing Date; (d) any rent concessions which accrue to any Tenant after the Closing Date (as evidenced by a written agreement or correspondence executed by any Seller or any Seller's agent); and (e) the amount, if any, by which other prorated amounts are allocated to Buyer pursuant to Section 7.5.1 hereof.
Sample 1
Adjustment for Prorations and Closing Costs. On the Closing Date, Transferee shall receive as a credit against the Contribution Value an amount equal to the sum of: (i) all security deposits which were paid by tenants ("TENANTS") under the "Leases" (as hereinafter defined) to or for the account of Transferor plus accrued interest, if and to the extent required to be paid to such Tenants on such security deposits; (ii) expenses and other sums owed by Transferor to Tenants for work or disputes which occurred prior to the Closing Date; and (iii) the amount, if any, by which prorated amounts allocated to Transferor pursuant to Section 5.5 below exceed prorated amounts allocated to Transferee pursuant to Section 5.5 below.
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Adjustment for Prorations and Closing Costs 
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Related to Adjustment for Prorations and Closing Costs

  • CLOSING COSTS AND ADJUSTMENTS All adjustments are made as of settlement date.

  • Prorations and Adjustments The following shall be prorated and adjusted between Seller and Purchaser as of the day of the Closing, except as otherwise specified:

  • Closing Costs and Prorations Taxes and assessments for the current year, if any, shall be prorated between the prior owner of the Personal Property and Buyer as of the date of closing. Seller shall pay one-half (½) of Closing Agent’s closing and escrow fees. Buyer shall pay one-half (½) of Closing Agent’s closing and escrow fees. In addition, Buyer shall pay all other closing costs, including but not limited to: (1) recording fees for the cost of recording the State Deed; (2) the cost for any title insurance purchased at Buyer’s option; (3) lender fees, if any, together with all associated recording fees, if any; and (4) any other cost, fee, or expense which may be reasonably required in order for the transaction to close.

  • Closing Costs The costs attributed to the Closing of the Property shall be the responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the Closing shall include but not be limited to a title search (including the abstract and any owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other costs by the title company that is in standard procedure with conducting the sale of a property.

  • Adjustments and Prorations The following adjustments and prorations shall be made at Closing:

  • Purchase Price Adjustments (a) As promptly as practicable (but not later than ninety (90) days) following the Closing Date, Buyer shall deliver to Parent a certificate setting forth in reasonable detail (A) Buyer’s calculation of (1) Closing Date Working Capital (the “Preliminary Working Capital Determination”), (2) Closing Date Cash (the “Preliminary Cash Determination”), (3) Closing Date Debt (the “Preliminary Debt Determination”) and (4) Closing Date Transaction Expenses (the “Preliminary Transaction Expenses Determination”), and (B) based on such calculations, a calculation of the Purchase Price (the “Preliminary Purchase Price Determination” and, together with the Preliminary Working Capital Determination, the Preliminary Cash Determination, the Preliminary Debt Determination and the Preliminary Transaction Expenses Determination, the “Preliminary Closing Statement”), all in accordance with the Accounting Principles; provided, however, that until such time as the calculation of the amounts shown on the Closing Date Working Capital, Closing Date Cash, Closing Date Debt, Closing Date Transaction Expenses and Purchase Price determinations are final and binding on the parties pursuant to this Section 2.5, Buyer and its accountants shall, upon Parent’s reasonable request, make themselves available to discuss with Parent and its accountants during normal business hours at a mutually agreeable time the Preliminary Closing Statement and Parent and its accountants shall be provided copies of, and have access upon reasonable notice at all reasonable times during normal business hours to, subject to Parent’s entrance into a customary confidentiality agreement with Buyer’s accountants (if required thereby), the work papers and supporting records of Buyer and its accountants used in connection with the preparation of the Preliminary Closing Statement.

  • Seller’s Closing Costs Seller shall pay the following costs in connection with the consummation of the Closing: (i) all of the charges and transfer taxes for recording the deeds; (ii) all commissions owed to any broker in accordance with the terms of a separate agreement between Seller and such broker; and (iii) all other charges incurred by the Seller in connection with this Agreement (including, without limitation, the fees and expenses for the Seller’s attorneys and other consultants).

  • Price Adjustments 17.1 Prices for Goods/Services supplied in terms of this Agreement shall be subject to review as indicated in the Schedule of Requirements/Works Order annexed hereto.

  • Price Schedule, Payment Terms and Billing, and Price Adjustments (a) Price Schedule: Price Schedule under this Contract is set forth in Exhibit B.

  • Prorations The following shall be prorated between Buyer and Seller as of 11:59 p.m. local time of the day immediately preceding the Closing Date, on the basis of the actual number of days elapsed during the month in which the Closing occurs: general and special county and city real property taxes and special assessments (collectively, "Taxes") for the tax period then in effect and insurance premiums (but only if Buyer is assuming Seller's insurance policy or policies). Proration of Taxes shall be based on the most recent official tax bills or notice of valuation available for the fiscal year in which the Closing occurs, with due allowance to be made for the maximum available discount or other exemptions to the extent permissible for said year, and to the extent the tax bills do not accurately reflect the actual Taxes assessed against the Property (or any portion of the Property) and allocable either to the period before the Closing or to the period after the Closing, then Buyer and Seller shall adjust the actual Taxes between Buyer and Seller, outside of Escrow, as soon as reasonably possible following the Closing. In addition to the foregoing apportionments, Seller shall receive all rents and other income accrued, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property before the Closing Date, and Buyer shall receive all rents and other income accruing, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property on or after the Closing Date, all of which rents, other income and expenses shall be prorated as of the Closing. Rents and other income, if any, collected by Buyer after the Closing shall be applied first to any amounts due to Buyer and then, to the extent such rents or other income relate to the period ending on or before the Closing, such rents or other income shall be paid to Seller within ten (10) days after end of the month in which such amounts were collected. Buyer shall incur no obligation to Seller for Buyer's failure to collect such rentals or other income. All security and any other refundable deposits paid by tenants to Seller pursuant to tenant leases shall be delivered by certified funds to Buyer at the Closing or, at Seller's option, credited to Buyer against the cash portion of the Purchase Price at the Closing. Escrow Holder shall not be concerned with any prorations that are to be made after the Closing pursuant to this Agreement.

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