Closing Prorations. 12.1. The items described in this Paragraph shall be prorated between the parties on a per diem basis (on the basis of actual calendar days in the relevant calendar year) so that credits and charges preceding or on 11:59 P.M. on the day preceding the Closing Date shall be allocated to Seller and credits and charges for the period after 11:59 P.M. on the day preceding the Closing Date and all days thereafter shall be allocated to Purchaser. Each payment received shall be attributed to the most recent period for which such a payment is due. As of July 1, 1997, Seller and Purchaser shall jointly prepare a final proration statement in accordance with the provisions of this Paragraph 12 and a final adjusting payment shall then be made, as provided in Paragraph 12.3 hereof.
Closing Prorations. The following adjustments are to be made at the Closing as of 12:00 midnight of the day preceding the Closing Date Two: (i) water charges; (ii) sewer charges; (iii) gas; (iv) electric; (v) fuel; (vi) real estate taxes; (vii) lease income; and (viii) any other items which shall be appropriate for adjustment under local closing standards and practices.
Closing Prorations. Purchaser shall obtain its own insurance coverage for the Property at Closing. Property expenses, including water, sewer and services, collected rents and ad valorem taxes on the Property for the current year shall -7- 8 be prorated at the Closing, effective as of the Closing Date, based on the Property's 1997 assessed value of $3,000,000.00, with the prorations to be adjusted in cash between the parties based on actual taxes at the time actual taxes are determined. Purchaser acknowledges that a result of Seller's assessment appeal as to the Property, the 1997 assessed value has been set at $3,000,000.00, which value is binding upon both parties. Tenant security deposits in the possession of Seller and prepaid rents shall be credited to Purchaser. Purchaser will purchase from Seller, at face value, all account receivables of tenants whose entire account is less than thirty (30) days delinquent. Purchaser shall remit as collected Seller's pro-rata share of any annual tenant reimbursements. Seller agrees to promptly deliver to Purchaser, Purchaser's prorata share of any rents collected by Seller from the Property after Closing. Rents collected after Closing shall be allocated first to rents THEN DUE Purchaser, if any, and then to delinquent rents due Seller. After Closing, Purchaser agrees to use reasonable efforts to collect delinquent rentals due Seller, but Purchaser shall not be required to institute legal action therefor. Any delinquent rents and/or tenant reimbursements which remain the property of Seller and are collected by Purchaser after Closing shall be delivered promptly to Seller by Purchaser. Seller may, upon notice to Purchaser, collect directly any of its account receivables from the Property which remain unpaid sixty (60) days after Closing. Upon request, either party shall give the other an accounting of amounts collected from such Tenants after Closing. Seller shall cause all utility meters to be read on the Closing Date and Purchaser shall be responsible for having utilities connected on such date in its own name. Pursuant to Paragraph 7 (D) above, certain lease related costs and expenses may be reimbursed to Seller at Closing.
Closing Prorations. 110 The following items, if applicable, shall be prorated at closing, based upon date of closing values: real 111 estate taxes, rents, prepaid insurance (if transferred), private and municipal charges, property owners association assessments, fuel, 112 other prepaid amounts for items being transferred to Grantee, and STRIKE AND COMPLETE AS APPLICABLE 113 . 114 CAUTION: Provide basis for utility charges, fuel or other prorations if date of closing value will not be used. 115 Any income, taxes or expenses shall accrue to Grantor, and be prorated at closing, through the day prior to closing. 116 Real estate taxes shall be prorated at closing based on CHECK BOX FOR APPLICABLE PRORATION FORMULA : 117 The net general real estate taxes for the preceding year, or the current year if available (Net general real estate taxes are 118 defined as general property taxes after state tax credits and lottery credits are deducted) (Note: this choice applies if no box is 119 checked) 120 Current assessment times current mill rate (current means as of the date of closing) 121 Fair Market Value price, multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior 122 year, or current year if known, multiplied by current mill rate (current means as of the date of closing) 123 Other: 124 CAUTION: If Property has not been fully assessed for tax purposes (for example, recent land division or completed/pending 125 reassessment) or if proration on the basis of net general real estate taxes is not acceptable (for example, changing mill rate), 126 insert estimated annual tax or other basis for proration. Xxxxxxx is informed that the actual real estate taxes for the year of 127 closing and subsequent years may be substantially different than the amount used for proration especially in transactions 128 involving new construction, extensive rehabilitation, remodeling or area-wide re-assessment. Grantee is encouraged to 129 contact the local assessor regarding possible tax changes. 130 The Parties agree to re-prorate the real estate taxes, through the day prior to closing based upon the taxes on the actual tax 131 bill for the year of closing, with Xxxxxxx and Grantor each owing his or her pro-rata share. Grantee shall, within 5 days of receipt, 132 forward a copy of the bill to the forwarding address Xxxxxxx agrees to provide at closing. The Parties shall re-prorate within 30 days 133 of Xxxxxxx’s receipt of the actual tax bill. Xxxxxxx and Granto...
Closing Prorations. At the Closing, all items of income and expense of the Property shall be prorated as provided in this Paragraph 5.5 on the basis of a 360-day year, actual days elapsed for the month in which the Closing occurs, as of midnight on the day immediately preceding the Closing Date. Except as provided in this Paragraph 5.5, income and expenses attributable to the period prior to the Closing Date shall be for the account of Landlord, and income and expenses attributable to the period on and after the Closing Date shall be for the account of Tenant. Property taxes and assessments shall be prorated through escrow, and all other items of income and expense shall be prorated outside of escrow on the Closing Date by the parties. Without limiting the generality of the foregoing, the following items shall be prorated through escrow as described above:
Closing Prorations. The following items shall be prorated and adjusted between the Seller and the Purchaser as of midnight on the day preceding the Closing Date:
Closing Prorations. At the Closing, all items of income and expense ------------------- of the Property shall be prorated as provided in this Section 11.5 on the basis ------------ of a 360-day year, actual days elapsed for the month in which the Closing occurs, as of midnight on the day immediately preceding the Closing Date. Except as provided in this Section 11.5, income and expenses attributable to the ------------ period prior to the Closing Date shall be for the account of Seller, and income and expenses attributable to the period on and after the Closing Date shall be for the account of Buyer. Property taxes and assessments shall be prorated through escrow, and all other items of income and expense shall be prorated outside of escrow on the Closing Date by the parties. Without limiting the generality of the foregoing, the following items shall be prorated through escrow as described above:
Closing Prorations. The following amounts or items shall be prorated, credited or added to the Purchase Price at Closing, and except to the extent otherwise provided herein, shall adjust the Purchase Price. All prorations shall be made as of midnight of the day prior to Closing such that Purchaser shall receive all income and shall be responsible for all expenses on the Closing Date (hereinafter defined).
Closing Prorations. At the Closing, all items of income and expense of the Property shall be prorated as provided in this Section 11.5 on the basis of the actual days elapsed for the month in which the Closing occurs, as of midnight on the day immediately preceding the Closing Date. Except as provided in this Section 11.5, income and expenses attributable to the period prior to the Closing Date shall be for the account of Seller, and income and expenses attributable to the period on and after the Closing Date shall be for the account of Buyer. Property taxes and assessments shall be prorated through escrow, and all other items of income and expense shall be prorated outside of escrow on the Closing Date by the parties. Percentage rents payable under the Leases with respect to periods on or before the Closing Date shall be paid by Buyer to Seller within three (3) days of receipt. Without limiting the generality of the foregoing, the following items shall be prorated through escrow as described above:
Closing Prorations. 13.1. The items described in this Paragraph shall be prorated between the parties on a per diem basis (on the basis of actual calendar days and a 366-day year) so that credits and charges preceding or on 11:59 P.M. on the Closing Date shall be allocated to Seller and credits and charges for the period after 11:59 P.M. on the Closing Date and all days thereafter shall be allocated to Purchaser. As of May 1, 1997, Seller and Purchaser shall jointly prepare a final proration statement in accordance with the provisions of this Paragraph 13 and a final adjusting payment shall then be made, as provided in Paragraph 13.3 hereof.
