Adjustments at Closing Clause Samples
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Adjustments at Closing. With respect to the Property, the following shall be adjusted and pro-rated between Home Properties and the Partnership as of the Closing Date as if Home Properties became the owner of the Property as of midnight of the night preceding the Closing Date and as if the Partnership was the owner of the Property prior thereto:
(a) real estate and personal property taxes on the usual and customary "due date" basis;
(b) water and sewer rents and charges;
(c) fuel, electricity and other utilities;
(d) charges under the service contracts;
(e) laundry income;
(f) interest, reserves and escrows with respect to the Existing Loan; and
(g) rents.
(i) All rent payments and other amounts (hereinafter collectively referred to in this SECTION 2.6 as "RENT") collected on or before the Closing Date for the month in which the Closing Date occurs shall be prorated as between the parties as of the Closing Date.
(ii) All rent collected after the Closing Date shall be applied first to the rent due for the month in which such rent was collected and shall then be applied to the next most recent delinquent rent, including any rent which was not collected for any period prior to the Closing Date. Delinquent rent amounts collected with respect to any period prior to the Closing Date shall belong to the Partnership as the former member of the Company and, if paid to Home Properties, Home Properties shall promptly send such rent to the Partnership for distribution to the former partners of the Partnership pursuant to the agreement described in PARAGRAPH (e) of SECTION 7.1.
(iii) All rent collected by the Company or the Partnership, prior to the Closing Date, for months subsequent to Closing Date shall be paid to Home Properties on the Closing Date.
(iv) All rent collected for rental periods on or after the Closing Date shall belong to Home Properties and, if paid to the Company or the Partnership shall be promptly sent to Home Properties. Any error in the calculation of adjustments shall be corrected and any post-closing receipts or expenditures related to the period prior to Closing shall be prorated subsequent to the Closing Date with appropriate credits to be given based upon corrected adjustments, provided, however, that the adjustments (except if errors are caused by misrepresentations) shall be final upon expiration of the 90th day after the Closing Date. Amounts to be paid as an adjustment in favor of the Company or the Partnership shall be paid by Home Properties in cash at Closi...
Adjustments at Closing. On the Closing Date, Buyer and Seller shall apportion, adjust, prorate and pay the following items in the manner hereinafter set forth:
Adjustments at Closing. Adjustments shall be made at the time of closing for all operating expenses including, but not limited to, rent and rent deposits, prepaid interest, insurance premiums, utility charges and deposits, maintenance charges and taxes, payroll, and payroll taxes.
Adjustments at Closing. Taxes, Rents and any other municipal liens are to be apportioned as of the Closing Date.
Adjustments at Closing. The Buyer and Seller agree to adjust the following expenses as of the closing date: rents, municipal water charges, sewer charges, taxes, interest on any mortgage to be assumed and insurance premiums. If the property is heated by fuel oil, the Buyer will buy the fuel oil in the tank at the closing date. The price will be the current price at that time as calculated by the supplier. The Buyer or the Seller may require that any person with a claim or right affecting the property be paid off from the proceeds of this sale.
Adjustments at Closing. With respect to the Property, the following shall be adjusted and pro-rated between the Surviving Partnership and the Merged Partnership on the Effective Date as if the Surviving Partnership was the owner of the Property as of midnight of the night preceding the Effective Date and shall be paid in cash at Closing:
A. current fiscal year real estate taxes;
B. water and sewer rents and charges;
Adjustments at Closing. The Buyer and Seller agree to adjust the following expenses as of the closing date: rents, municipal water charges, sewer charges, and taxes. The Buyer or the Seller may require that any person with a claim or right affecting the property be paid off from the proceeds of this sale.
Adjustments at Closing. Taxes, rents and any other municipal liens are to be apportioned as of the Closing Date. The collected rents, if any, security deposits, if any, water, sewer, taxes, fuel, and all other items normally adjusted shall be apportioned and allowed as of midnight of the day immediately prior to the Closing Date. The parties shall split evenly any real estate transfer tax associated with this transaction. The Purchaser shall be responsible for obtaining any municipal certificates required in connection with this purchase and sale.
Adjustments at Closing. The following are to be apportioned pro-rata to the Closing Date for and based on each party’s respective Property: All utilities, security deposits, rental payments, electric, taxes, and assessments (real property and personal property), and water and sewer charges. Real estate and personal property taxes and special assessments assessed against the Property, if any, whether payable in installments or not, including without limitation all supplemental taxes attributable to the tax period before the Closing Date for the calendar year in which the Closing Date occurs shall be prorated on a per diem basis as of the date preceding the Closing Date, based on the latest available tax rate and assessed valuation. If the Closing occurs before the bill for taxes for the calendar year in which the Closing Date occurs is available, then the parties shall apportion said taxes based on the gross amount of taxes assessed for the immediately preceding year. Subsequent to the Closing Date, and when the bill for taxes is available for the calendar year in which the Closing Date occurs, the parties shall adjust the proration of taxes and, if necessary, refund or pay the other party such sums as shall be necessary to effect such adjustment. If on the Closing Date the Property or any part thereof shall have been affected by or shall be subject to any special tax, impact fee or assessment, then whether or not any such tax, impact fee or assessment is then a lien on the Property or any portion thereof or is payable to or on the Closing Date, all unpaid installments of any such tax, impact fee or assessment (including those which are to become due and payable after the Closing) shall be deemed to be due and payable prior to Closing and shall be apportioned between CITY and ▇▇▇▇▇. In the event the Property is classified as tax exempt at Closing, then in that event DIXIE and CITY shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector’s Office. In the event that, following the Closing, the actual amount of assessed real property tax on the Property for the current year is higher or lower than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. This provision shall survive the Closing.
Adjustments at Closing. No adjustments for ad valorem taxes and assessments relating to the Property for the current calendar year shall be made between Seller and Purchaser as of the Closing Date. Purchaser shall be solely responsible for all ad valorem taxes and assessments attributable to the Property for the period of time following Closing, or subsequent assessments for periods preceding Closing, due to change in land usage or ownership.