PRORATIONS AND ALLOCATIONS. (a) Rents, taxes, service con- tracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the tax year in which the transaction is consummated. will be prorated as to the Property to the date of the Closing based on a 365-day year.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, real estate taxes, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the tax year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, interest on the first mortgage, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash for all escrows held by the existing first mortgage holder and transferred to Buyer at closing.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash for all escrows held by the existing first mortgage holder and transferred to Buyer at closing.
PRORATIONS AND ALLOCATIONS. (a) Collected rents, interest on the first mortgage, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash at closing for all escrows held by the existing first mortgage holder or by an entity acting on behalf of that lender at Closing. With respect to any delinquent or uncollected rents at the time of Closing, either Buyer or Seller may collect or attempt to collect such rents. If collected by Buyer, Buyer shall remit to Seller (net of expenses of collection) Seller's prorated share as if such rents were collected as of Closing. If collected by Seller, Seller shall remit to Buyer (net of expenses of collection) Buyer's prorated share as if such rents were collected as of Closing. Seller shall have no right to collect or attempt to collect such rents after 90 days after Closing.
PRORATIONS AND ALLOCATIONS. (a) Ad valorem taxes, assessments, utility charges and other operating expenses of the Property shall be prorated so that Buyer pays all of such charges during the period from and after the Closing Date and Seller pays all such amounts prior to such period.
PRORATIONS AND ALLOCATIONS. (A) The adjustments referred to in this Section 12(A) shall reflect, in accordance with generally accepted accounting principles, the principle that all expenses (other than those expenses which are a part of the liabilities to be assumed or retained by Seller in accordance with this Agreement) and income arising out of the Assets or the Acquired Business which are attributable to the period after August 31, 2000 (the "Cut-Off Date") are for the account of Buyer, and all expenses and income arising out of the Assets or the Acquired Business which are attributable to the period on or before the Cut-Off Date are for the account of Seller. To the extent possible at Closing, Seller shall pay to Buyer or Buyer to Seller, as the case may be, the amount calculated as being due to one party by the other after netting all of the adjustments necessary to reflect the foregoing principle.
PRORATIONS AND ALLOCATIONS. (a) Rents, taxes, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the tax year in which the transaction is consummated. will be prorated as to the Property to the date of the Closing based on a 365-day year. Real estate tax adjustments, however, will be based upon dates taxes are payable and adjusted as if they are assessed for the calendar year of closing.
PRORATIONS AND ALLOCATIONS. (a) Buyer shall be considered the owner of the Interests, and accordingly, owner of the Property as of 12:01 a.m. (local time at the Property) on the Closing Date for the purpose of the prorations, as if Buyer were vested with title to the Interests the entire Closing Date; provided, however, that if Seller does not receive the proceeds due under this Agreement by 4:00 p.m. (local time at the Property) on the day of Closing, then the prorations shall be recalculated as of 12:01 a.m. on the day following the Closing Date. Seller agrees to submit to Buyer a draft of the closing statement showing the prorations not less than five (5) days prior to Closing and the parties shall thereafter use all reasonable efforts to finalize such prorations as soon as reasonably possible thereafter. The prorations to be made at Closing shall be made on the basis of a written statement or statements and all reasonable supporting documentation, including, without limitation, invoices, delivered to Buyer by Seller. The following items shall be allocated between Seller and Buyer and shall be prorated as of the Closing Date (the “Adjustment Date”) or adjusted as indicated hereinbelow:
PRORATIONS AND ALLOCATIONS. (a) Collected rents, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate al utility relationships with respect to the Property as of the Closing Date.
