Final Prorations Sample Clauses
The Final Prorations clause establishes how certain costs or expenses, such as property taxes, utilities, or rent, are divided between the parties at the closing of a transaction. It typically specifies that these amounts will be calculated based on the actual closing date, ensuring each party pays their fair share for the period they own or occupy the property. This clause ensures a fair and accurate allocation of ongoing expenses, preventing disputes over who is responsible for payments that span the transfer of ownership.
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Final Prorations. For any Closing prorations made with respect to estimates for utilities under Section 17(a)(3) and Assumed Service Contracts under Section 17(a)(8), such prorations shall be readjusted based upon the actual bills received after the Closing and before the expiration of the Limitation Period. There shall be no readjustment of any Closing prorations at any time after the Limitation Period expires. There shall be no readjustment of the ad valorem property tax Closing proration made under Section 17(a)(1) at any time. This Section 17(b) shall survive Closing.
Final Prorations. Any errors in the apportionments pursuant to this Section 4 shall be corrected by appropriate re-adjustment between Seller and Buyer post-closing, provided that notice of any such error, with supporting calculations, shall be given by Buyer to Seller or by Seller to Buyer, as the case may be, no later than (90) ninety days after the Closing, if ascertainable within such period, it being understood and agreed that if any such items or errors are not ascertainable at the Closing or within (90) ninety days thereafter, the apportionment shall be made subsequent to the Closing when the charge or error is determined Payments in connection with the final adjustment shall be due within 30 days of written notice, but, in all events (other than the re-proration of Taxes, if applicable), on or before one hundred twenty (120) days after the Closing. Seller shall have reasonable access to, and the right to, inspect and audit Buyer's books to confirm the final prorations. This Section shall survive the Closing for one hundred twenty (120) days.
Final Prorations. Except as set forth in subparagraph 18(a) and 18(b) above, all prorations provided for in this Paragraph shall be final and not subject to redetermination and correction.
Final Prorations. With regards to any prorations set forth in this Section 17 that are based upon estimates, such prorations shall be readjusted based upon the actual bills after the Closing and before the expiration of the Limitation Period. The provisions of this Section 17(c) shall survive Closing.
Final Prorations. If final prorations cannot be made at the Closing for any item subject to proration under this Section 34, then, Purchaser and Seller agree to allocate such items on a fair and equitable basis as soon as invoices or bills are available and applicable reconciliation with tenants have been completed, with final adjustment to be made as soon as reasonably possible after the Closing, and in any event not later than the date that is one hundred eighty (180) days after Closing (or 365 days after Closing solely with respect to real property taxes and assessments). If either party receives any funds which belong to the other party under this Section 34, such receiving party shall pay over and/or deliver such funds to the other party (without interest thereon) within fifteen (15) Business Days after receipt.
Final Prorations. In the event that final calculations cannot be made for any expense item, including taxes, and any income item prior to Closing, Purchaser and Seller shall estimate the proration at Closing and shall reprorate such items as soon as adequate information is available. Payments in connection with the final adjustments shall be made by Seller or Purchaser, as the case may be, within ten (10) days after notice. This Section 17 shall survive Closing for a period of ninety (90) days after Closing, except with respect to the reproration of taxes, which shall survive until thirty (30) days after receipt of a final tax ▇▇▇▇ for the Property for the tax period in which Closing occurs.
Final Prorations. Except as set forth in Sections 7(a), 7(b) and 7(c)(iii) above, all of the prorations under this Agreement shall be final as of the Closing Date, with absolutely no adjustment after Closing. This Section shall survive the Closing. With respect to Sections 7(a), 7(b) and 7(c)(iii) above, if final prorations cannot be made at Closing, then Buyer and Seller agree to allocate such items on a fair and equitable basis as soon as invoices or bills are available, with final adjustment to be made as soon as reasonably possible after the Closing, but no later than 90 days after the Closing, to the effect that income and expenses are received and paid by the parties on an accrual basis with respect to their period of ownership. Payments in connection with the final adjustment shall be due within 30 days of written notice. Seller shall have reasonable access to, and the right to, inspect and audit Buyer's books to confirm the final prorations.