Real Estate Taxes and Assessments. Real estate taxes, general and special, assessments and other public charges against the Property for the tax year in which Closing occurs shall be prorated (using a 366-day year) as of the Closing Date based upon the most recently available property assessment. If the actual amount of such taxes or assessments is not known as of such date, either because bills for the period in question have not been issued or because such bills cover real property in addition to the Property, the proration at the Closing will be based on the most current and accurate billing information available. Should such proration not be based on the actual amount of the ad valorem taxes for the period in question and should such proration prove to be inaccurate upon receipt of the actual bills for the Property, then, to the extent such incorrect amount exceeds Five Hundred and No/l00 Dollars ($500.00), either Seller or Purchaser may demand at any time after the Closing Date a payment from the other party correcting such malapportionment. The provisions of this paragraph shall survive the Closing for one year.
Appears in 5 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement, Asset Purchase Agreement
