Common use of Escalation Payments Clause in Contracts

Escalation Payments. The rental adjustments for increases in the operating expenses (including real estate taxes) of the Property or other operating charges which are payable by Tenants pursuant to the terms of their Leases (herein called “Escalation Payments”) shall be prorated effective as of Closing to the extent they have been received by Seller and adjusted in the same manner as rent to the extent not received. Any reconciliation of Escalation Payments made by tenant on an estimated basis shall be made directly between Buyer and such tenant, and Seller and Buyer shall work cooperatively to allocate any such reconciliation between their respective periods of ownership. If it is known at Closing that Seller has collected amounts greater than those Home Depot will owe for taxes, operating expense or other pass-through amounts, the excess collected shall be credited to Buyer at Closing. This provision shall survive delivery of the Deed.

Escalation Payments. The rental adjustments for increases in the operating expenses (including real estate taxes) of the Property or other operating charges which are payable by Tenants pursuant to the terms of their Leases (herein called “Escalation Payments”) shall be prorated effective as of Closing to the extent they have been received by Seller and adjusted in the same manner as rent to the extent not received. Any reconciliation of Escalation Payments made by tenant on an estimated basis shall be made directly between Buyer and such tenant, and Seller and Buyer shall work cooperatively to allocate any such reconciliation between their respective periods of ownership. If it is known If, as of the Closing, Seller has received additional Escalation Payments in excess of the amount that tenants will be required to pay, based on the actual operating expenses or other operating charges as of the Closing Buyer shall receive a credit at Closing that Seller has collected amounts greater than those Home Depot will owe for taxes, operating expense or other pass-through amounts, in the excess collected shall be credited to Buyer at Closingamount of such excess. This provision shall survive delivery of the Deed.