Common use of Current Taxes and Assessments Clause in Contracts

Current Taxes and Assessments. Taxes and assessments, HOA fees and assessments and all similar fees, assessments and charges levied against the Lots being purchased for the year of the applicable Closing shall be prorated and apportioned between Seller and Buyer as of 11:59 p.m. (Houston time) on the day before Closing, based upon the most recent assessment and mill levy and such prorations and assessments shall be deemed final, as between Seller and Buyer, as of the applicable Closing.