Utilities; Utility Deposits Clause Samples
The 'Utilities; Utility Deposits' clause defines the responsibilities of the parties regarding the payment and management of utility services and any required deposits for those services. Typically, this clause specifies which party—landlord or tenant—is responsible for arranging, paying for, and maintaining utility accounts such as electricity, water, gas, and internet, as well as handling any deposits required by utility providers. For example, it may require the tenant to transfer utility accounts into their name and pay all related charges and deposits directly. The core function of this clause is to clearly allocate financial responsibility for utilities and prevent disputes over payment or service interruptions during the lease term.
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Utilities; Utility Deposits. Buyer shall take all steps necessary to effectuate the transfer of all utilities (other than those paid directly by tenants) to its name as of the Closing Date, and where necessary, post deposits with the utility companies. The Seller shall ensure that all utility meters (other than those paid directly by tenants) are read as of the Closing Date. The Seller shall be entitled to recover any and all deposits held by any utility company as of the Closing Date. Any utility deposits not recovered by the Seller shall be transferred to and assumed by Buyer and the Seller shall receive an equal credit for the same at Closing. To the extent that utility meters cannot be read as of the Closing Date, then a proration estimation shall be made based on the most recently available readings, with adjustments to be made after the Closing in accordance with Section 4.4(d).
Utilities; Utility Deposits. (a) All utility expenses, including water, fuel, gas, electricity, telephone, sewer, trash removal, steam, heat and other services furnished to or provided for the Property shall be prorated between Seller and Purchaser.
(b) Seller agrees to seek to have all meters with respect to any such utilities read as of the Adjustment Date. If a reading or the results thereof cannot be obtained by the Closing, then such charges, if any, shall be apportioned based on extrapolation from the last reading therefor, subject to adjustment if the actual amount becomes known within sixty (60) days after the Closing. Utility deposits owned by Seller, if any, together with any accrued interest thereon, shall be retained by Seller and not transferred to Purchaser at Closing.