Common use of Real Estate Taxes and Assessments Clause in Contracts

Real Estate Taxes and Assessments. Real estate taxes and assessments for each Property due and payable for the calendar year in which Closing occurs shall be prorated between Respective Seller and Buyer as of the Closing Date, based upon the most recently available real estate tax information, and to the extent applicable in the jurisdiction where a Property is located, on a cash basis. Each Respective Seller hereby reserves the right to contest any assessment of the Respective Seller’s Property or any portion thereof and to attempt to obtain a refund for any taxes previously paid, and Respective Seller shall retain all rights with respect to any refund of taxes applicable to Respective Seller’s Property that is applicable to any period prior to the Closing Date (provided that to the extent such taxes were paid by or reimbursed by Tenants to a Respective Seller, then such Respective Seller shall turn over such refund to the applicable Tenants). Buyer acknowledges that it has no interest in any proceedings or refunds applicable to any tax year prior to the year in which the Closing occurs, subject to Respective Seller’s return of such refunds to Tenants as required above. The provisions of this Paragraph shall survive the Closing.