PRORATIONS AND ALLOCATIONS. (a) Rents, taxes, service con- tracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the tax year in which the transaction is consummated. will be prorated as to the Property to the date of the Closing based on a 365-day year.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, real estate taxes, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the tax year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash for all escrows held by the existing first mortgage holder and transferred to Buyer at closing.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, interest on the first mortgage, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash at closing for all escrows held by the existing first mortgage holder or by an entity acting on behalf of that lender at Closing. With respect to any delinquent or uncollected rents at the time of Closing, either Buyer or Seller may collect or attempt to collect such rents. If collected by Buyer, Buyer shall remit to Seller (net of expenses of collection) Seller's prorated share as if such rents were collected as of Closing. If collected by Seller, Seller shall remit to Buyer (net of expenses of collection) Buyer's prorated share as if such rents were collected as of Closing. Seller shall have no right to collect or attempt to collect such rents after 90 days after Closing.
PRORATIONS AND ALLOCATIONS. Seller and Buyer agree to the following prorations and allocation of costs regarding this Agreement which prorations and allocations shall be based upon the actual number of days of ownership of the Property with Buyer owning the Property as of the date of Closing:
PRORATIONS AND ALLOCATIONS. (a) Collected rents, interest on the first Mortgage being assumed, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the completion of escrow requirements. All utility bills relating to the period prior to the completion of escrow shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the completion of escrow. Buyer shall pay Seller cash for all escrows held by the existing mortgage holder and transferred to Buyer at completion of Escrow.
PRORATIONS AND ALLOCATIONS. The Parties acknowledge that the Parcel is not subject to real estate taxation prior to Closing and that there will be no leases or other occupancies of the Parcel during the term of this Agreement continuing after Closing, such that there are no prorations that will be necessary upon Closing.
PRORATIONS AND ALLOCATIONS. At the Closing, all accrued but unpaid rent due under the Lease shall be prorated so that Seller receives the benefit of all rent accruing under the Lease through the Closing Date. Ad valorem taxes, assessments, utility charges and other operating expenses shall not be prorated because the tenant under the Lease is obligated to pay all such amounts and Buyer shall be responsible for all such amounts. Any errors or omissions in computing the adjustments or apportionments at Closing shall be corrected promptly thereafter.
PRORATIONS AND ALLOCATIONS. (a) Ad valorem taxes, assessments, utility charges and other operating expenses of the Property shall be prorated so that Buyer pays all of such charges during the period from and after the Closing Date and Seller pays all such amounts prior to such period.
PRORATIONS AND ALLOCATIONS. (a) Buyer shall be considered the owner of the Interests, and accordingly, owner of the Property as of 12:01 a.m. (local time at the Property) on the Closing Date for the purpose of the prorations, as if Buyer were vested with title to the Interests the entire Closing Date; provided, however, that if Seller does not receive the proceeds due under this Agreement by 4:00 p.m. (local time at the Property) on the day of Closing, then the prorations shall be recalculated as of 12:01 a.m. on the day following the Closing Date. Seller agrees to submit to Buyer a draft of the closing statement showing the prorations not less than five (5) days prior to Closing and the parties shall thereafter use all reasonable efforts to finalize such prorations as soon as reasonably possible thereafter. The prorations to be made at Closing shall be made on the basis of a written statement or statements and all reasonable supporting documentation, including, without limitation, invoices, delivered to Buyer by Seller. The following items shall be allocated between Seller and Buyer and shall be prorated as of the Closing Date (the “Adjustment Date”) or adjusted as indicated hereinbelow:
