Common use of Pro-Rated Clause in Contracts

Pro-Rated. If the Fixed Assessment Period terminates on a date other than the first day of a Tax Year with respect to any particular building or improvement, (i) Developer’s tax liability for the period from the effective termination date through the end of the Tax Year with respect to such building or improvement shall be the supplemental taxes due for such Tax Year as contemplated by section 2.3 hereof multiplied by the number of days from the day after the termination date through the end of the Tax Year, divided by three-hundred and sixty-five; and (ii) after the termination date, Developer shall begin making installment payments of property taxes at such times as required by applicable law.

Pro-Rated. If the Fixed Assessment Period terminates on a date other than the first day of a Tax Year with respect to any particular building or improvement, (i) Developer’s tax liability for the period from the effective termination date through the end of the Tax Year with respect to such building or improvement shall be the supplemental taxes due for such Tax Year as contemplated by section Section 2.3 hereof multiplied by the number of days from the day after the termination date through the end of the Tax Year, divided by three-hundred and sixty-five; and (ii) after the termination date, Developer shall begin making installment payments of property taxes at such times as required by applicable law.