Common use of PRORATIONS AND ALLOCATIONS Clause in Contracts

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. Seller and Buyer agree to enter into a post closing adjustment agreement relative to all adjustments and uncollected rent. (b) Security deposits held by Seller or paid by any lessees at the Property will be transferred to Buyer in full at Closing, including any interest earned thereon and payable to the Tenant under State law. (c) Real estate taxes will be adjusted on the basis of the fiscal year for school taxes and on the basis of the calendar year for local and county taxes. (d) Seller agrees to allow a repair credit to Buyer for $120,000 at closing in order to allow for deferred maintenance at the property.