Common use of Application of Refunds or Savings Clause in Contracts

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the Closing Date shall belong to and be the property of Seller and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the Closing Date shall belong to and be the property of Purchaser. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between Seller, on the one hand, and Purchaser, on the other hand, in proportion to the gross amount of such refunds or savings payable to Seller and Purchaser, respectively; provided, however, that neither Seller nor Purchaser shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the date of the Closing Date shall belong to and be the property of Seller Sellers, and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the date of the Closing Date shall belong to and be the property of PurchaserBuyer. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between SellerSellers, on the one hand, and PurchaserBuyer, on the other hand, in proportion to the gross amount of such refunds or savings payable to Seller Sellers and PurchaserBuyer, respectivelyrespectively (without regard to any amounts reimbursable to tenants); provided, however, that neither Seller Sellers nor Purchaser Buyer shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the Closing Date shall belong to and be the property of Seller the Sellers, and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the Closing Date shall belong to and be the property of Purchaser. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between Sellerthe applicable Seller or Sellers, on the one hand, and Purchaser, on the other hand, in proportion to the gross amount of such refunds or savings payable to the applicable Seller or Sellers and Purchaser, respectively; provided, however, that neither Seller the Sellers nor Purchaser shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.