TAXES, ASSESSMENTS AND PRORATIONS. A. General ad valorem taxes for the current calendar year shall be prorated through the date of closing, if certified. However, if the amount of such taxes has not been fixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at the time of Closing.
TAXES, ASSESSMENTS AND PRORATIONS. Unless otherwise so stated in this Purchase Contract, all real estate taxes and assessments shall be prorated as of deed recordation date on the basis of the latest available certified tax duplicate. Additionally, any tenant rents, condominium fees, homeowners’ association fees, maintenance fees and interest on any mortgage assumed by Purchaser, if any, shall be prorated as of deed recordation date. Any Security Deposits shall be credited to Purchaser. In the event the property shall be deemed subject to any agricultural tax recoupment, the (CAUV) Purchaser 167 Xxxxxx agrees to pay the amount of such recoupment. 168 Purchaser acknowledges that tax and assessment pro-rations at closing are based upon previous year tax valuations. 169 New assessments and tax increases due to recent improvements, recent voted millage, change in valuation, board of 170 revision actions or roll backs, etc. may result in increased tax xxxxxxxx and/or additional tax amounts due. Purchaser 171 acknowledges and agrees that the purchase price reflects the Purchaser’s assumption of such potential increased tax 172 obligations.
TAXES, ASSESSMENTS AND PRORATIONS. The following items shall be made current and prorated as of Closing Date as of ________________________________: real estate taxes, bond and assessment payments assumed by BUYER, interest, rents, association dues, insurance premiums acceptable to BUYER, and _______________________. If the amount of taxes and improvements and assessments for the current year cannot be ascertained, rates for the previous year shall be used with due allowance being made for improvements and exemptions. SELLER is aware of the following assessments affecting or potentially affecting the Property: __________________________________________. BUYER shall be responsible for all assessments of any kind which become due and owing on or after Effective Date, unless the improvement is substantially completed as of Closing Date, in which case SELLER shall be obligated to pay the entire assessment. (d) FIRPTA Tax Withholding: The Foreign Investment in Real Property Act ("FIRPTA") requires BUYER to withhold at closing a portion of the purchase proceeds for remission to the Internal Revenue Service ("I.R.S.") if SELLER is a "foreign person" as defined by the Internal Revenue Code. The parties agree to comply with the Provisions of FIRPTA and to provide, at or prior to closing, appropriate documentation to establish any applicable exemption from the withholding requirement. If withholding is required and BUYER does not have cash sufficient at closing to meet the withholding requirement, SELLER shall provide the necessary funds and BUYER shall provide proof to SELLER that such funds were properly remitted to the I.R.S.
TAXES, ASSESSMENTS AND PRORATIONS. The following items shall be made current and prorated as of the Closing Date: real estate taxes, bond and assessment payments assumed by Buyer. If the amount of taxes and assessments for the current year cannot be ascertained, rates for the previous year shall be used with due allowance being made for improvements and exemptions. Seller is not aware of any assessments affecting or potentially affecting the Property. Buyer shall be responsible for all assessments of any kind which become due and owing on of after Effective Date, unless the improvement is substantially completed as of the Closing Date, in which case Seller shall be obligated to pay the entire assessment.
TAXES, ASSESSMENTS AND PRORATIONS. A. The following item shall be prorated to include the date of Closing: (i) General ad valorem taxes for the current calendar year, if certiied. However, if the amount of such taxes has not been ixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at the time of Closing.
TAXES, ASSESSMENTS AND PRORATIONS. SELLER shall pay ad valorem taxes for the calendar year, prorated to the day of Closing with the day of Closing charged to BUYER, unless otherwise specified in Supplemental Financing Agreement. If the amount of such takes has not been established, the proration shall be based upon an estimate of the current years ad valorem taxes. When such taxes are established by the County Assessor, the proration shall be adjusted accordingly if the estimate was not within 10% of the actual taxes due. SELLER shall pay all unmatured special assessment liens, if any, at Closing. Homeowner’s association dues, if any, shall be prorated to the date of Closing with day of Closing charged to BUYER. Rents, if any, shall be prorated to the date of Closing and the day of Closing shall be paid to BUYER. SELLER shall transfer security deposits, if any, to BUYER at time of Closing.
TAXES, ASSESSMENTS AND PRORATIONS. Except as otherwise provided in this section, the parties shall prorate taxes and assessments on the Real Property for the current tax year between one another as of the Closing Date. Notwithstanding the forgoing: (1) Seller shall retain and the parties will not prorate the rent payable under the Lease Documents; and (2) the parties shall equally share the cost of any special improvement district assessment assessed to improve/pave Xxxxxx Road, which is the gravel road located immediately north of the Real Property (such assessment, the “Xxxxxx Road Assessment”). Subject to Closing, each party is responsible for its share of the Xxxxxx Road Assessment regardless of whether the assessment occurs before or after the Closing Date except that: (1) if the Xxxxxx Road Assessment does not occur within one year of the Closing Date, Seller’s obligation to contribute to any portion thereof expires; and (2) Seller’s obligation for its share of the Xxxxxx Road Assessment shall not exceed $100,000.00. If the Xxxxxx Road Assessment occurs within one year of the Closing Date, Buyer shall provide Seller with written notice and Seller shall then pay its share of the Xxxxxx Road Assessment to Buyer up to the $100,000.00 cap within 30 days of Seller’s receipt of that notice. The provisions in this section pertaining to the Xxxxxx Road Assessment will survive Closing.
TAXES, ASSESSMENTS AND PRORATIONS. The following items will be made current and prorated |X| as of Closing Date |_| as of ___________________: real estate taxes, bond and assessment payments assumed by Buyer, interest, rents, association dues, insurance premiums acceptable to Buyer, operational expenses and _____________. If the amount of taxes and assessments for the current year cannot be ascertained, rates for the previous year will be used with due allowance being made for improvements and exemptions. Seller is aware of the following assessments affecting or potentially affecting the Property:______________________. Buyer will be responsible for all assessments of any kind which become due and owing on or after Effective Date, unless the improvement is substantially completed as of Closing Date, in which case Seller will be obligated to pay the entire assessment.
TAXES, ASSESSMENTS AND PRORATIONS. (a) Seller shall pay all expenses owing to the day of Closing. including, but not limited to, real estate ad valorem taxes, personal property taxes, matured or unmatured special assessments, interest on any indebtedness assumed hereunder, insurance, all utility bills, salaries and any other expenses related to the operation of the Property, if the amount of taxes cannot be ascertained, such proration shall be on the basis of the taxes paid for the preceding year. All other expenses shall be prorated on the basis of thirty days to the month on the basis of such expense paid for the previous month. (b) Rents shall be prorated on the basis of thirty days to the month. Rents delinquent more than thirty days shall be collected by the Seller and shall not be adjusted. (c) Buyer shall receive all income and shall pay all expenses for the day of Closing. Buyer's Initials ______________________ Seller's Initials ________________ COMMERCIAL/INDUSTRIAL REAL ESTATE PURCHASE CONTRACT This is a legally binding contract; if not understood seek legal advice.
TAXES, ASSESSMENTS AND PRORATIONS. (a) Seller shall pay all expenses owing to the day of Closing, including, but not limited to, real estate ad valorem taxes, personal property ad valorem taxes on the personal property which remains with the Property, matured or unmatured special assessments, interest on any indebtedness assumed hereunder, insurance, all utility bills, salaries and any other expenses related to the operation of the Property. If the amount of taxes cannot be ascertained, such proration shall be on the basis of the taxes paid for the preceding year.
