Adjustment for Prorations and Closing Costs. On the Closing Date, Transferee shall receive as a credit against the Contribution Value, or Transferor shall receive an amount in addition to the Contribution Value, as applicable, the amounts necessary to effectuate the proration adjustments contemplated by Section 7.5.1 hereof and the Closing Cost allocations contemplated by Section 7.6 hereof.
Adjustment for Prorations and Closing Costs. On the Closing Date, Transferee shall receive as a credit against the Contribution Value an amount (the “Credit Amount”) equal to the sum of: (a) all unapplied cash security deposits which were paid by the Tenants under the Leases to or for the account of the Partnership and that are refundable to such Tenants, plus accrued interest, if and to the extent required to be paid to such Tenants on such unapplied cash security deposits, unless the Continuing Entity retains cash following the Closing equal to all such unapplied security deposits, plus any accrued interest thereon, if applicable; (b) expenses and other sums owed by or required to be funded by the Partnership to any Tenant for any tenant improvement work related to the Property which occurred and/or were due and payable prior to the date the applicable Closing Notice is delivered; (c) rentals already received for the Property by the Partnership attributable to the period from and after the Closing Date to the extent funds on account thereof are not retained by the Continuing Entity at the Closing; (d) any rent concessions which accrue to any Tenants of the Property after the Closing Date; and (e) the amount, if any, by which prorated amounts allocated to the Partnership pursuant to Section 1.11 hereof exceed prorated amounts allocated to the Continuing Entity pursuant to Section 1.11 hereof. In addition, notwithstanding anything to the contrary contained herein, on the Closing Date, Transferee shall be obligated to reimburse the Partnership (as a credit towards the Contribution Value) at Closing for any expenses or other sums (other than any legal fees or attorneys’ costs) actually funded or incurred following the date that the applicable Closing Notice is delivered for any tenant improvement work or leasing costs related to the Property to the extent such amounts were actually paid by the Partnership and not taken into account in calculating the agreed upon Net Operating Income for the Property; provided, however, that if such amounts are not yet due and payable as of the Closing Date, then upon such Closing Date, the Continuing Entity shall remain responsible for all obligations therefor and shall pay all such amounts when due.
Adjustment for Prorations and Closing Costs. On the "Closing Date" (as hereinafter defined), Buyer shall receive as a credit against the Purchase Price (the "Credit Amount") an amount equal to the sum of: (a) security deposits which were paid by "Tenants" (as hereinafter defined) to or for the account of any Seller, plus accrued interest, if and to the extent required to be paid to such Tenants on such security deposits; (b) expenses and other sums owed by any Seller to any Tenant for any work or as a result of any dispute (as acknowledged in any written agreement or correspondence executed by any Seller or any Seller's agent); (c) rentals already received by any Seller attributable to the period from and after the Closing Date; (d) any rent concessions which accrue to any Tenant after the Closing Date (as evidenced by a written agreement or correspondence executed by any Seller or any Seller's agent); and (e) the amount, if any, by which other prorated amounts are allocated to Buyer pursuant to Section 7.5.1 hereof.
Adjustment for Prorations and Closing Costs. On the Closing Date, Transferee shall receive as a credit against the Contribution Value an amount equal to the sum of: (i) all security deposits which were paid by tenants ("TENANTS") under the "Leases" (as hereinafter defined) to or for the account of Transferor plus accrued interest, if and to the extent required to be paid to such Tenants on such security deposits; (ii) expenses and other sums owed by Transferor to Tenants for work or disputes which occurred prior to the Closing Date; and (iii) the amount, if any, by which prorated amounts allocated to Transferor pursuant to Section 5.5 below exceed prorated amounts allocated to Transferee pursuant to Section 5.5 below.
Adjustment for Prorations and Closing Costs
