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. (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.
Appears in 2 contracts
Sources: Real Estate Purchase Agreement (Realmark Property Investors LTD Partnership Iii), Real Estate Purchase Agreement (Realmark Property Investors Limited Partnership Vi-A)