Common use of Real Estate and Personal Property Taxes Clause in Contracts

Real Estate and Personal Property Taxes. Real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated as of the Closing Date. Prudential shall --------------- pay all Property Taxes and shall be entitled to all tax refunds and credits attributable to the Property through 11:59 p.m. on the day before the Closing Date. REIT OP shall be responsible to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any of the Property Tax rates or assessments have not been set for the fiscal year in which the Closing occurs or are otherwise undeterminable at the Closing, then the proration of such taxes and payments shall be based upon the rate, assessments and facts for the preceding calendar year, and such proration shall be adjusted between Prudential and REIT OP upon presentation of written evidence that the actual taxes paid for the calendar year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section 5.8. Prudential shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date. In the event the Property is assessed for property tax purposes at such rates as would result in reassessment based upon the change in land usage after the Closing Date, REIT OP hereby agrees to pay all such taxes and to indemnify and save Prudential harmless from and against all claims and liability for such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this Section shall survive the Closing and not be merged therein.

Real Estate and Personal Property Taxes. Real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated as on a cash basis for the fiscal year in which the Closing occurs, regardless of the Closing Dateyear for which such taxes are assessed. Prudential shall --------------- pay all Property Taxes and Such proration shall be entitled calculated based upon the actual number of days in such fiscal year, with Contributor being responsible for that portion of such fiscal year occurring prior to all tax refunds and credits attributable midnight of the day prior to the Property through 11:59 p.m. on Closing Date and Beacon being responsible for that portion of such fiscal year occurring after midnight of the day before the Closing Date. REIT OP shall be responsible prior to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any of the Property Tax rates or real estate and/or personal property tax rate and assessments have not been set for the fiscal year in which the Closing occurs or are otherwise undeterminable at the Closingoccurs, then the proration of such taxes and payments shall be based upon the rate, rate and assessments and facts for the preceding calendar fiscal year, and such proration shall be adjusted between Prudential Contributor and REIT OP Beacon upon presentation of written evidence that the actual taxes paid for the calendar fiscal year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section SECTION 5.8. Prudential Contributor shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP Beacon shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date; PROVIDED, HOWEVER, that Contributor shall not be responsible for any installments of special assessments which have not been confirmed or which relate to projects that have not been completed on the date hereof. In the event the Property is has been assessed for property tax purposes at such rates as would result in reassessment (I.E., "escape assessment" or "roll-back taxes") based upon the change in land usage after or ownership of the Closing DateProperty, REIT OP Beacon hereby agrees to pay all such taxes and to indemnify and save Prudential Contributor harmless from and against all claims and liability for such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this Section indemnity shall survive the Closing and not be merged therein.

Real Estate and Personal Property Taxes. Real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated for the calendar year or fiscal year, as the case may be, for which such taxes are assessed. Such proration shall be calculated based upon the actual number of days in such calendar year or fiscal year, as the case may be, with Seller being responsible for that portion of such calendar or fiscal year occurring prior to midnight of the Closing Date. Prudential shall --------------- pay all Property Taxes and shall be entitled to all tax refunds and credits attributable day prior to the Property through 11:59 p.m. Closing Date and Purchaser being responsible for that portion of such calendar or fiscal year occurring on the day before the Closing Date. REIT OP shall be responsible to pay all Property Taxes attributable to the Property as of and after the Closing Date. All prorations shall be based upon the actual tax assessed and any discounts or penalties shall inure to the benefit of, or be borne by, Seller. If any of the Property Tax rates or real estate and/or personal property tax rate and assessments have not been set for the calendar or fiscal year in which the Closing occurs or are otherwise undeterminable at the Closingoccurs, then the proration of such taxes and payments shall be based upon the rate, rate and assessments and facts for the preceding calendar or fiscal year, and such proration shall be adjusted between Prudential Seller and REIT OP Purchaser upon presentation of written evidence that the actual taxes paid for the calendar or fiscal year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section 5.83(g). Prudential Seller shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP Purchaser shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date. In the event the Property is assessed for property tax purposes at such rates as would result in reassessment based upon the change in land usage after the Closing Date; provided, REIT OP hereby agrees to pay all such taxes and to indemnify and save Prudential harmless from and against all claims and liability for such taxes. Such indemnityhowever, and the obligations of the parties to readjust the applicable prorations under this Section that Seller shall survive the Closing and not be merged thereinresponsible for any installments of special assessments which have not been finally assessed (even if Seller shall have received notice that such an assessment is contemplated) or which relate to projects that have not been completed on the date hereof.

Real Estate and Personal Property Taxes. Real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated as on an accrual basis. Such proration shall be calculated based upon the actual number of days in such calendar year, with Seller being responsible for that portion of such calendar year occurring prior to midnight of the Closing Date. Prudential shall --------------- pay all Property Taxes and shall be entitled to all tax refunds and credits attributable day prior to the Property through 11:59 p.m. on Closing Date and Buyer being responsible for that portion of such calendar year occurring after midnight of the day before the Closing Date. REIT OP shall be responsible prior to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any of the Property Tax rates or real estate and/or personal property tax rate and assessments have not been set for the fiscal calendar year in which the Closing occurs or are otherwise undeterminable at the Closingoccurs, then the proration of such taxes and payments shall be based upon the rate, rate and assessments and facts for the preceding calendar year, and such proration shall be adjusted between Prudential Seller and REIT OP Buyer upon presentation of written evidence that the actual taxes paid for the calendar year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section 5.85.6. Prudential Seller shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP Buyer shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date; provided, however, that Seller shall not be responsible for any installments of special assessments which have not been confirmed or which relate to projects that have not been completed on the date hereof. In the event the Property is has been assessed for property tax purposes at such rates as would result in reassessment (i.e., "escape assessment" or "roll-back taxes") based upon the change in land usage after or ownership of the Closing DateProperty, REIT OP Buyer hereby agrees to pay all such taxes and to indemnify and save Prudential Seller harmless from and against all claims and liability for such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this Section indemnity shall survive the Closing and not be merged therein.

Real Estate and Personal Property Taxes. Real Buyer assumes and agrees to pay so much of the real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated as of the Closing Date. Prudential shall --------------- pay all Property Taxes and shall be entitled to all tax refunds and credits attributable to the Property through 11:59 p.m. on the day before the Closing Date. REIT OP shall be responsible to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any in respect of the Property Tax rates or assessments have not been set assessed for the fiscal year in which the Closing occurs or are otherwise undeterminable at the Closing, then the proration of such taxes and payments shall be based upon the rate, assessments and facts for the preceding calendar year, and such proration shall be adjusted between Prudential and REIT OP upon presentation of written evidence that the actual taxes paid for first becoming a lien during the calendar year in which the Closing occurs differ from (the amounts used at Closing and in accordance with the provisions of Section 5.8. Prudential shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP “Current Year Taxes”) as shall be responsible allocable to pay all installments Buyer by proration (based upon the number of special assessments due and payable days in such calendar year on and after the Closing Date). In Seller shall pay (i) all delinquent real estate taxes and personal property taxes, (ii) both installments of real estate taxes and personal property taxes payable during the event calendar year in which Closing occurs and (iii) so much of the Property is assessed for property tax purposes at such rates Current Year Taxes as would result in reassessment shall be allocable to Seller by proration (based upon the change number of days in land usage after such calendar year prior to the Closing Date). Any such taxes which are payable in the calendar year in which Closing occurs but are not due and payable at the time of Closing and the portion of the Current Year Taxes not assumed by Buyer hereunder shall be allowed to Buyer as a credit against the Purchase Price at Closing. If the tax rate and/or assessed value for real estate taxes or personal property taxes which are payable in the calendar year in which Closing occurs but are not yet due and payable at the time of Closing and/or the Current Year Taxes have not been set at the Closing Date, REIT OP hereby agrees to pay all such taxes the present tax rate and to indemnify assessed value shall be used for the purposes of making the adjustments at Closing under this paragraph, and save Prudential harmless from and against all claims and liability Seller shall not be further liable for such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this Section shall survive the Closing and not be merged therein.

Real Estate and Personal Property Taxes. Real estate taxes, excise --------------------------------------- taxes and personal property taxes attributable to the Property (collectively, "PROPERTY TAXES"), shall be prorated as on a cash basis for the calendar year in which the Closing occurs, regardless of the Closing Dateyear for which such taxes are assessed. Prudential shall --------------- pay all Property Taxes and Such proration shall be entitled calculated based upon the actual number of days in such calendar year, with Seller being responsible for that portion of such calendar year occurring prior to all tax refunds and credits attributable midnight of the day prior to the Property through 11:59 p.m. on Closing Date and Buyer being responsible for that portion of such calendar year occurring after midnight of the day before the Closing Date. REIT OP shall be responsible prior to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any of the Property Tax rates or real estate and/or personal property tax rate and assessments have not been set for the fiscal calendar year in which the Closing occurs or are otherwise undeterminable at the Closingoccurs, then the proration of such taxes and payments shall be based upon the rate, rate and assessments and facts for the preceding calendar year, and such proration shall be adjusted between Prudential Seller and REIT OP Buyer upon presentation of written evidence that the actual taxes paid for the calendar year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section 5.8. Prudential Seller shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date and REIT OP Buyer shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date; provided, however, that Seller shall not be responsible for any installments of special assessments which have not been confirmed or which relate to projects that have not been completed on the date hereof. In the event the Property is has been assessed for property tax purposes at such rates as would result in reassessment (i.e., "escape assessment" or "roll-back taxes") based upon the change in land usage after or ownership of the Closing DateProperty, REIT OP Buyer hereby agrees to pay all such taxes and to indemnify and save Prudential Seller harmless from and against all claims and liability for such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this Section indemnity shall survive the Closing and not be merged therein.

Real Estate and Personal Property Taxes. Real estate taxesestate, excise --------------------------------------- taxes ad valorem and personal property taxes attributable due and payable for the Properties during the tax year applicable to each of the Property Properties (collectively, "PROPERTY TAXES"), each such applicable tax year a “Tax Year”) in which the Closing occurs (regardless of the year for which such taxes are assessed) shall be prorated as on a cash basis. Such proration shall be calculated based upon the actual number of days in such Tax Year for the applicable Property, with Seller being responsible for that portion of such Tax Year occurring prior to 12:01 a.m. on the Closing Date and Buyer being responsible for that portion of such Tax Year occurring after 12:01 a.m. on the Closing Date, in each case for each of the Properties. Prudential shall --------------- pay all Property Taxes If, at the Closing, the real estate and/or personal property tax rate and shall be entitled assessments relating to all tax refunds and credits attributable to the Property through 11:59 p.m. on the day before the Closing Date. REIT OP shall be responsible to pay all Property Taxes attributable to the Property as of and after the Closing Date. If any of the Property Tax rates or assessments Properties have not been set for the fiscal year Tax Year applicable to such Property in which the Closing occurs or are otherwise undeterminable at the Closingoccurs, then the proration of such taxes and payments shall be based upon the rate, rate and assessments and facts for the applicable preceding calendar yearTax Year applicable to such Property, and such proration shall be adjusted between Prudential Seller and REIT OP Buyer after the Closing upon presentation of written evidence that the actual taxes paid for due and payable during the calendar year applicable Tax Year in which the Closing occurs differ from the amounts used at the Closing and in accordance with the provisions of Section 5.87.7 hereof. Prudential Seller shall ----------- be responsible to pay all installments of special assessments due and payable prior to the Closing Date Date, and REIT OP Buyer shall be responsible to pay all installments of special assessments due and payable on and after the Closing Date; provided, however, that Seller shall not be required by the foregoing to pay any installments of special assessments which have not been confirmed or which relate to projects that have not been completed on the date hereof. In the event any of the Property is Properties has been assessed for property tax purposes at such rates as would result in reassessment (i.e., “escape assessment” or “roll-back taxes”) based upon the change in land usage after the Closing Dateor ownership of such Property, REIT OP Buyer hereby agrees to pay all such taxes and to indemnify and save Prudential hold Seller harmless from and against all claims damages, losses, costs, claims, liabilities, expenses, demands and liability for obligations incurred by Seller with respect to such taxes. Such indemnity, and the obligations of the parties to readjust the applicable prorations under this This Section 7.2 shall survive the Closing and not be merged therein.