Common use of PRORATIONS AND ALLOCATIONS Clause in Contracts

PRORATIONS AND ALLOCATIONS. (a) Collected rents, common area charges, escalations, interest on the first mortgage, 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. (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 and personal property taxes and special assessments shall be prorated based on the custom in Buffalo, New York. Only the current installment of any special assessments shall be prorated.