Common use of Realty Taxes Clause in Contracts

Realty Taxes. All real estate taxes in respect to any calendar year prior to the year in which the Closing Date occurs, including penalties, interest and deferred payments, shall be paid by Vendor on or before the Closing Date. Purchaser shall have the same obligation for the period of time subsequent to the calendar year in which the Closing Date occurs. All real estate taxes attributable to the Property due and payable in the calendar year in which the Closing Date occurs shall be prorated as of the Closing Date (the day itself to be apportioned to the Purchaser). If the Closing Date shall occur before the actual real estate taxes for the year of the Closing Date (i.e., taxes due and payable in 2003) are known, the apportionment of real estate taxes shall be upon the basis of the real estate taxes for the immediately preceding year, provided that if the taxes for the current year are thereafter determined to be more or less than the real estate taxes for the preceding year (after any appeal in assessed valuation thereof is concluded) Vendor and Purchaser promptly shall adjust the proration of such real estate taxes and Vendor or Purchaser, as the case may be, shall pay to the other any amount required as a result of such an adjustment. If there is any refund, this shall be prorated between Vendor and Purchaser based on the Closing Date. For purposes of calculating prorations, all prorations shall be made on the basis of the actual number of days of the year and month which have elapsed as of the Closing Date.

Realty Taxes. All real estate taxes in respect to any calendar year prior to the year in which the Closing Date occurs, including penalties, interest and deferred payments, shall be paid by Vendor on or before the Closing Date. Purchaser shall have the same obligation for the period of time subsequent to the calendar year in which the Closing Date occurs. All real estate taxes attributable to the Property due and payable in the calendar year in which the Closing Date occurs shall be prorated as of the Closing Date (the day itself to be apportioned to the Purchaser). If the Closing Date shall occur before the actual real estate taxes for the year of the Closing Date (i.e., i.e. taxes due and payable in 20032005) are known, the apportionment of real estate taxes shall be upon the basis of the real estate taxes for the immediately preceding year, provided that if the taxes for the current year are thereafter determined to be more or less than the real estate taxes for the preceding year (after any appeal in assessed valuation thereof is concluded) Vendor and Purchaser promptly shall adjust the proration of such real estate taxes and Vendor or Purchaser, as the case may be, shall pay to the other any amount required as a result of such an adjustment. ; If there is any refund, this shall be prorated between Vendor and Purchaser based on the Closing Date. For purposes of calculating prorations, all prorations shall be made on the basis of the actual number of days of the year and month monthly which have elapsed as of the Closing Date.