Common use of Certain Items Prorated Clause in Contracts

Certain Items Prorated. In accordance with the notifications, Escrow Agent shall prorate between the parties (and the parties shall deposit funds therefor with Escrow Agent or shall instruct Escrow Agent to debit against sums held by Escrow Agent owing to such party), as of 11:59 p.m. the day prior to the Closing, all income and expenses with respect to the Property and payable to or by the owner of the Property, including, without limitation: (i) all real property taxes on the basis of the fiscal period for which assessed (if the Closing shall occur before the tax rate is fixed, the apportionment of taxes shall be based on the tax rate for the preceding period applied to the latest assessed valuation); (ii) rents, other tenant payments and tenant reimbursements (collectively, “Tenant Payments”) if any, received under the Leases; (iii) rents and other payments payable under the Ground Lease and the Development Agreement; (iv) charges for water, sewer, electricity, gas, fuel and other utility charges, all of which shall be read promptly before Closing; (v) the cost, based on the invoices of Seller’s suppliers, of all building supplies (but not building materials) all in unopened containers, in accordance with an inventory to be made by Seller as of a date not more than ten days preceding the Closing; (vi) amounts prepaid and amounts accrued but unpaid on service contracts and management contracts which are to be assumed by Buyer; and (vii) periodic fees for licenses, permits or other authorizations with respect to the Property.

Certain Items Prorated. In accordance with the notifications, Escrow Agent shall prorate between the parties (and the parties shall deposit funds therefor with Escrow Agent or shall instruct Escrow Agent to debit against sums held by Escrow Agent owing to such party), as of 11:59 p.m. on the day prior to the of Closing, all income and expenses with respect to the Property and payable to or by the owner of the PropertyProperty (based upon the period to which they relate and are applicable and regardless when payable), including, without limitation: (i) all real property taxes on the basis of the fiscal period for which assessed (if the Closing shall occur before the tax rate is fixed, the apportionment of taxes shall be based on the tax rate for the preceding period applied to the latest assessed valuation)and assessments in accordance with Section 7.1.3 below; (ii) rents, rents and other tenant payments payments, and tenant reimbursements (collectively, “Tenant Payments”) ), if any, received under the Leases,; (iii) rents Tenant Payments, whether collected or not, for any tenant which is not more than ten (10) days delinquent on all Tenant Payments and other payments payable under has not otherwise been delinquent in the Ground Lease and twelve (12) months prior to the Development AgreementClosing; (iv) charges for water, sewer, electricity, gas, fuel and other utility charges, all of which shall be read promptly before Closing, unless Seller elects to close its own applicable account, in which event Purchaser shall open its own account and the respective charges shall not be prorated; (v) the cost, based on the invoices of Seller’s suppliers, of all building supplies (but not building materials) all in unopened containers, in accordance with an inventory to be made by Seller as of a date not more than ten days preceding the Closing; (vi) amounts prepaid and amounts accrued but unpaid on service contracts and management contracts which are to be assumed by Buyerthe Contracts; and (viivi) periodic fees for licenses, permits or other authorizations with respect to the Property. The adjustment obligation in item (i) above shall survive the Closing.