Method of Prorations Sample Clauses
The Method of Prorations clause defines how certain costs, expenses, or revenues are divided between parties based on the proportion of time or usage relevant to each party. Typically, this clause applies to items such as property taxes, utilities, rent, or maintenance fees, ensuring that each party pays only for their share during their period of ownership or responsibility. By establishing a clear method for calculating these prorated amounts, the clause helps prevent disputes and ensures a fair allocation of financial obligations at the time of a transaction or transfer.
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:
i. Real estate and personal property taxes and assessments will be prorated between HSRE JV III Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. If the current tax ▇▇▇▇ is not available at the JV III Closing, then the proration shall be made on the basis of 110% of the most recent ascertainable tax ▇▇▇▇. Any taxes paid at or prior to the JV III Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the JV III Closing occurs or any prior years have not been paid before the JV III Closing, Purchaser shall be credited by HSRE JV III Member at the time of JV III Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the JV III Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the JV III Closing occurs have been paid before the JV III Closing, HSRE JV III Member shall be credited by Purchaser at the time of the JV III Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the JV III Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable.
ii. Rents collected after the JV III Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the JV III Closing occurred, second to the month in which the JV III Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the JV III Closing occurred. If Purchaser collects rent subsequent to the JV III Closing that, based on the foregoing, should be applied to HSRE JV III Member’s period of ownership of the JV III Property, Purchaser shall promptly pay such rent to HSRE JV III Member. Rents collected by HSRE JV III Member after the JV III Closing to which Purchaser is entitled under this Section 4(f)(ii) shall be promptly delivered to Purchaser.
iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (l) year of the JV III Closing and both parties agree upon the amoun...
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:
i. Real estate and personal property taxes and assessments will be prorated between HSRE ▇▇ ▇▇ Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. If the current tax ▇▇▇▇ is not available at the ▇▇ ▇▇ Closing, then the proration shall be made on the basis of 110% of the most recent ascertainable tax ▇▇▇▇. Any taxes paid at or prior to the ▇▇ ▇▇ Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the ▇▇ ▇▇ Closing occurs or any prior years have not been paid before the ▇▇ ▇▇ Closing, Purchaser shall be credited by HSRE ▇▇ ▇▇ Member at the time of the ▇▇ ▇▇ Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the ▇▇ ▇▇ Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the ▇▇ ▇▇ Closing occurs have been paid before the ▇▇ ▇▇ Closing, HSRE ▇▇ ▇▇ Member shall be credited by Purchaser at the time of the ▇▇ ▇▇ Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the ▇▇ ▇▇ Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable.
ii. Rents collected after the ▇▇ ▇▇ Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the ▇▇ ▇▇ Closing occurred, second to the month in which the ▇▇ ▇▇ Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the ▇▇ ▇▇ Closing occurred. If Purchaser collects rent subsequent to the ▇▇ ▇▇ Closing that, based on the foregoing, should be applied to HSRE ▇▇ ▇▇ Member’s period of ownership of the ▇▇ ▇▇ Property, Purchaser shall promptly pay such rent to HSRE ▇▇ ▇▇ Member. Rents collected by HSRE ▇▇ ▇▇ Member after the ▇▇ ▇▇ Closing to which Purchaser is entitled under this Section 3(f)(ii) shall be promptly delivered to Purchaser.
iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year of the ▇▇ ▇▇ Closing and both parties agree upon the amount of the post-Closin...
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:
6.3.2.1. At Closing, (A) Seller shall credit to the account of Purchaser the amount of all cash security deposits (together with interest required to be paid thereon) held by Seller under Leases and not previously applied in accordance with the terms of the Leases; and (B) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Property which are duly assigned to Purchaser at Closing and Seller shall be entitled to recover from the utility companies any such deposits that are not so credited.
6.3.2.2. Purchaser and Seller agree to prorate real estate taxes and assessments for the period for which such taxes are assessed, regardless of when payable. Any taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which Closing occurs have been determined but have not been paid before Closing, Purchaser shall be credited at Closing with an amount equal to that portion of such taxes and assessments which relates to the period before the Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If the actual taxes and assessments are not known at Closing, the proration shall be based upon the most recent assessed values and tax rates. To the extent that the actual taxes and assessments paid differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between themselves within 30 days of the issuance of final tax bills.
6.3.2.3. With respect to Tenant Inducement Costs and leasing commissions relating to Leases, or any modification, amendment, restatement or renewal thereto, entered into after the Contract Date in accordance with Section 3.3 or 3.5 (referred to as a “New Lease”), Seller and Purchaser agree that such costs and commissions shall be prorated over the term of any New Lease with Seller being responsible for a portion of such costs and commissions
Method of Prorations. All prorations shall be made in accordance with --------------------- customary practice in Canyon County, Idaho, except as expressly provided herein. The Buyer and the Seller agree to cause their accountants to prepare a schedule of tentative prorations before the Closing Date. Such prorations, if and to the extent known and agreed on as of the Closing Date, shall be paid by the Buyer to the Seller (if the prorations result in a net credit to the Seller) or by the Seller to the Buyer (if the prorations result in a net credit to the Buyer) by increasing or reducing the cash to be paid by the Buyer at Closing. Any such prorations not determined or not agreed on as of the Closing Date shall be paid by the Buyer to the Seller, or by the Seller to the Buyer, as the case may be, in cash as soon as practicable following the Closing Date. A copy of the schedule of prorations as agreed upon by the Buyer and the Seller shall be exchanged at least three business days before the Closing Date.
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:
Method of Prorations. All prorations shall be made in accordance with customary practice in the County in which the Property is situated, except as expressly provided herein. ▇▇▇▇▇ and Seller agree to cause their accountants or other representatives to prepare a schedule of tentative prorations prior to the Closing Date. Such prorations, if and to the extent known and agreed upon as of the Close of Escrow, shall be paid by Buyer to Seller (if the prorations result in a net credit to the Seller) or by Seller to Buyer (if the prorations result in a net credit to the buyer) by increasing or reducing the cash to be paid by Buyer at the Close of Escrow. A copy of the schedule of prorations as agreed upon by the Buyer and Seller shall be delivered to the Escrow Holder at least three (3) business days before the Closing Date. Any such prorations to be determined or not agreed upon as of the Close of Escrow shall be paid by Buyer to Seller, or by Seller to Buyer, as the case may be, in cash as soon as practicable following the Close of Escrow.
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:
6.3.2.1 at Closing, (A) Seller shall credit to the account of Purchaser the amount of all security deposits (together with interest required to be paid thereon) held or required to be held by Seller under the Leases; (B) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Premises which are duly assigned to Purchaser at Closing; and (C) Seller shall credit to Purchaser any and all prepaid Rentals, along with any prepaid monthly rent applicable to the period on or subsequent to the Closing Date (“Prepaid Rentals”);
6.3.2.2 Real property ad valorem taxes applicable to the MOB Property for the calendar year in which the Closing occurs shall be prorated as of the Closing Date between Seller and Purchaser, and said proration will be based upon the most recently available tax information and valuation with respect to the MOB Property or upon the actual tax bills if they have been prepared and issued. Purchaser and Seller shall make adjustments between themselves post-Closing, if necessary, based on the actual tax bills for the MOB Property, to correct the proration of taxes at Closing within thirty (30) days of the issuance of final tax bills. Seller shall be responsible for all charges or assessments incurred against the MOB Property up to and including the Closing Date.
6.3.2.3 Seller shall be responsible for the payment of, or providing Purchaser with a credit against the Purchase Price equal to, all Tenant Inducement Costs (as hereinafter defined) and leasing commissions which are set forth in a Lease existing as of the date