Cash – Prorations Sample Clauses
The "Cash – Prorations" clause defines how certain financial obligations, such as taxes, utilities, rents, or other recurring expenses, are divided between the buyer and seller in a transaction based on the closing date. Typically, this clause specifies that each party is responsible for their share of these costs up to or from the date of closing, ensuring that neither party pays more or less than their fair portion. Its core practical function is to allocate ongoing financial responsibilities fairly, preventing disputes and ensuring a smooth transfer of ownership.
Cash – Prorations. The amount, if any, required of Seller under Article VII.
Cash – Prorations. Buyer's share, if any, of prorations, fees and costs, as described in Article 8 below.
Cash – Prorations. The following items of income and expense shall be prorated as follows, based on a three hundred sixty-five (365) day year:
5.2.1 Rents (excluding "Additional Rent" as defined in Section 5.2.2 hereof, and "Percentage Rent" described in Section 5.2.3 hereof) relating to the Property and collected by Contributor for the month of Closing shall be deemed earned ratably on a per diem basis and shall be prorated as of midnight on the day immediately preceding the date of Closing ("Proration Date"). Prepaid rents, to the extent attributable to a period after the Proration Date, shall be credited to Partnership at Closing. Unpaid or unbilled rents shall not be adjusted or prorated at Closing but instead shall be handled in accordance with the remaining provisions of this Section 5.
Cash – Prorations. The amount, if any, required of Purchaser under ARTICLE 7.
Cash – Prorations. The amount, if any, required of Seller under Article VI.