Adjustments at Closing. With respect to the Property, the following shall be adjusted and pro-rated between Home Properties and the Partnership as of the Closing Date as if Home Properties became the owner of the Property as of midnight of the night preceding the Closing Date and as if the Partnership was the owner of the Property prior thereto:
(a) real estate and personal property taxes on the usual and customary "due date" basis;
(b) water and sewer rents and charges;
(c) fuel, electricity and other utilities;
(d) charges under the service contracts;
(e) laundry income;
(f) interest, reserves and escrows with respect to the Existing Loan; and
(g) rents.
(i) All rent payments and other amounts (hereinafter collectively referred to in this SECTION 2.6 as "RENT") collected on or before the Closing Date for the month in which the Closing Date occurs shall be prorated as between the parties as of the Closing Date.
(ii) All rent collected after the Closing Date shall be applied first to the rent due for the month in which such rent was collected and shall then be applied to the next most recent delinquent rent, including any rent which was not collected for any period prior to the Closing Date. Delinquent rent amounts collected with respect to any period prior to the Closing Date shall belong to the Partnership as the former member of the Company and, if paid to Home Properties, Home Properties shall promptly send such rent to the Partnership for distribution to the former partners of the Partnership pursuant to the agreement described in PARAGRAPH (e) of SECTION 7.1.
(iii) All rent collected by the Company or the Partnership, prior to the Closing Date, for months subsequent to Closing Date shall be paid to Home Properties on the Closing Date.
(iv) All rent collected for rental periods on or after the Closing Date shall belong to Home Properties and, if paid to the Company or the Partnership shall be promptly sent to Home Properties. Any error in the calculation of adjustments shall be corrected and any post-closing receipts or expenditures related to the period prior to Closing shall be prorated subsequent to the Closing Date with appropriate credits to be given based upon corrected adjustments, provided, however, that the adjustments (except if errors are caused by misrepresentations) shall be final upon expiration of the 90th day after the Closing Date. Amounts to be paid as an adjustment in favor of the Company or the Partnership shall be paid by Home Properties in cash at Closi...
Adjustments at Closing. The Buyer and Seller agree to adjust the following expenses as of the closing date: rents, municipal water charges, sewer charges, taxes, interest on any mortgage to be assumed and insurance premiums. If the property is heated by fuel oil, the Buyer will buy the fuel oil in the tank at the closing date. The price will be the current price at that time as calculated by the supplier. The Buyer or the Seller may require that any person with a claim or right affecting the property be paid off from the proceeds of this sale.
Adjustments at Closing. Taxes, Rents and any other municipal liens are to be apportioned as of the Closing Date.
Adjustments at Closing. With respect to the Property, the following shall be adjusted and pro-rated between the Surviving Partnership and the Merged Partnership on the Effective Date as if the Surviving Partnership was the owner of the Property as of midnight of the night preceding the Effective Date and shall be paid in cash at Closing:
A. current fiscal year real estate taxes;
B. water and sewer rents and charges;
Adjustments at Closing. On the Closing Date, Buyer and Seller shall apportion, adjust, prorate and pay the following items in the manner hereinafter set forth:
Adjustments at Closing. Adjustments shall be made at the time of closing for all operating expenses including, but not limited to, rent and rent deposits, prepaid interest, insurance premiums, utility charges and deposits, maintenance charges and taxes, payroll, and payroll taxes.
Adjustments at Closing. Taxes, rents and any other municipal liens are to be apportioned as of the Closing Date. The collected rents, if any, security deposits, if any, water, sewer, taxes, fuel, and all other items normally adjusted shall be apportioned and allowed as of midnight of the day immediately prior to the Closing Date. The parties shall split evenly any real estate transfer tax associated with this transaction. The Purchaser shall be responsible for obtaining any municipal certificates required in connection with this purchase and sale.
Adjustments at Closing. At the time of closing and delivery of deed, taxes, water and sewer charges, if applicable, shall be adjusted between Seller and Purchaser as of the closing date with charges for the day of closing attributable to the Seller. Seller shall bear the expense of payment of the realty transfer fee. Real estate taxes shall be apportioned on the basis of the calendar year for which assessed, except that if the closing date shall occur before the final tax rate is fixed, the apportionment of taxes shall be tentative, based upon the parties' best knowledge of the current year's assessments. At such time as the full year's taxes are known, the parties shall thereafter adjust as of the date of closing based upon the full year's taxes. Seller shall pay all roll-back taxes relating to farmland assessment whenever such assessment may be imposed by the taxing authority. The obligations of this paragraph with regard to any adjustments or payments subsequent to closing for real property taxes shall survive closing.
Adjustments at Closing. The following shall be adjusted and prorated between Home Properties and the Partnership at Closing as if Home Properties was the owner of the Property as of the Closing Date (the Closing Date being a day of income and expense to Home Properties). All such adjustments and prorations between Home Properties and the Partnership shall be settled in cash and shall not increase or decrease the Consideration, as the case may be.
A. All ad valorem real estate and personal property taxes with respect to the Property for the calendar year or other applicable tax period in which the Closing is consummated. If the amount of such taxes is not known at Closing, proration of such taxes will be made upon the basis of the most recently ascertainable taxes. In such event, Home Properties and the General Partner on behalf of the former partners of the Partnership agree to re-prorate/adjust the taxes between themselves after the Closing, based upon the full amount of the actual taxes for the Property when the actual amount of such taxes is known.
B. Water charges.
C. Sewer charges.
Adjustments at Closing. The Buyer and Seller agree to adjust the following expenses as of the date of Closing: municipal water and sewer charges, and real estate taxes, yet excluding any delinquent rents, which shall be considered additional Assets purchased by Buyer as provided for herein. The Buyer and Seller may require that any person with a claim or right affecting the property be paid off prior to Closing.
