Common use of Taxes and Prorations Clause in Contracts

Taxes and Prorations. Real estate taxes, personal property taxes on any tangible personal property, bond 181 payments assumed by Buyer, interest, rents (based on actual collected rents), association dues, insurance 182 premiums acceptable to Buyer, and operating expenses will be prorated through the day before closing. If the 183 amount of taxes for the current year cannot be ascertained, rates for the previous year will be used with due 184 allowance being made for improvements and exemptions. Any tax proration based on an estimate will, at request 185 of either party, be readjusted upon receipt of current year's tax xxxx; this provision will survive closing. 186 (e) Special Assessment Liens: Certified, confirmed, and ratified special assessment liens as of the Closing Date 187 will be paid by Seller. If a certified, confirmed, and ratified special assessment is payable in installments, Seller will 188 pay all installments due and payable on or before the Closing Date, with any installment for any period extending 189 beyond the Closing Date prorated, and Buyer will assume all installments that become due and payable after the 190 Closing Date. Buyer will be responsible for all assessments of any kind which become due and owing after Closing 191 Date, unless an improvement is substantially completed as of Closing Date. If an improvement is substantially 192 completed as of the Closing Date but has not resulted in a lien before closing, Seller will pay the amount of the last 193 estimate of the assessment. This subsection applies to special assessment liens imposed by a public body and 194 does not apply to condominium association special assessments. 195 (f) Foreign Investment in Real Property Tax Act (FIRPTA): If Seller is a "foreign person" as defined by FIRPTA, 196 Seller and Buyer agree to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will 197 complete, execute, and deliver as directed any instrument, affidavit, or statement reasonably necessary to comply 198 with the FIRPTA requirements, including delivery of their respective federal taxpayer identification numbers or 199 Social Security Numbers to the closing agent. If Buyer does not pay sufficient cash at closing to meet the 200 withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the 201 requirement.

Taxes and Prorations. Real estate taxes, personal property taxes on any tangible personal property, bond 181 payments assumed by Buyer, interest, rents (based on actual collected rents), association dues, insurance 182 premiums acceptable to Buyer, and operating expenses will be prorated through the day before closing. If the 183 amount of taxes for the current year cannot be ascertained, rates for the previous year will be used with due 184 allowance being made for improvements and exemptions. Any tax proration based on an estimate will, at request 185 of either party, be readjusted upon receipt of current year's ’s tax xxxxbill; this provision will survive closing. 186 (e) Special Assessment Liens: Certified, confirmed, and ratified special assessment liens as of the Closing Date 187 will be paid by SellerXxxxxx. If a certified, confirmed, and ratified special assessment is payable in installments, Seller will 188 pay all installments due and payable on or before the Closing Date, with any installment for any period extending 189 beyond the Closing Date prorated, and Buyer Xxxxx will assume all installments that become due and payable after the 190 Closing Date. Buyer Xxxxx will be responsible for all assessments of any kind which become due and owing after Closing 191 Date, unless an improvement is substantially completed as of Closing Date. If an improvement is substantially 192 completed as of the Closing Date but has not resulted in a lien before closing, Seller will pay the amount of the last 193 estimate of the assessment. This subsection applies to special assessment liens imposed by a public body and 194 does not apply to condominium association special assessments. 195 (f) Foreign Investment in Real Property Tax Act (FIRPTA): If Seller is a "“foreign person" ” as defined by FIRPTA, 196 Seller and Buyer Xxxxx agree to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will 197 complete, execute, and deliver as directed any instrument, affidavit, or statement reasonably necessary to comply 198 with the FIRPTA requirements, including delivery of their respective federal taxpayer identification numbers or 199 Social Security Numbers to the closing agent. If Buyer Xxxxx does not pay sufficient cash at closing to meet the 200 withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the 201 requirement.