Adjustments on Closing Sample Clauses
Adjustments on Closing. In the event the Municipality requires the installation of air conditioning in the subject Dwelling Unit, the Purchaser covenants and agrees to pay the cost therefore as an adjustment on the Closing Date, unless the provision of such air conditioning is included on a Purchaser’s Extra sheet, such cost to be absolutely determined by Statutory Declaration on the part of the Vendor.
Adjustments on Closing. The Purchase Price shall be adjusted as of the Closing by the following:
Adjustments on Closing. (a) The balance due on the Occupancy Date shall be adjusted on the Occupancy Date (or adjusted on the Unit Transfer Date if so required by the Vendor) as to all prepaid and accrued expenses or charges and as to other items required by the terms of this Agreement which shall include, without limiting the generality of the foregoing, the following:
(i) all deposits paid to the Vendor hereunder, together with interest to be paid/credited to the Purchaser in accordance with the provisions of the Act;
(ii) assessments prepaid or owing for contribution towards the common expenses, and/or reserve fund;
(iii) an amount estimated by the Vendor to be payable by the Purchaser for the Purchaser’s Unit as contribution towards the common expenses and/or reserve fund of the Condominium Corporation, which sum shall be paid directly to the Condominium Corporation on closing and credited by the Condominium Corporation to the Unit. Such sum or part thereof forming part of the reserve fund shall be in addition to any common expenses otherwise payable to the Condominium Corporation. The Purchaser agrees to deliver a series of twelve post-dated cheques in an amount estimated by the Vendor to be payable monthly to the Condominium Corporation on account of common expenses, or a combination of post-dated cheques and the provided Pre-Authorized Debit form;
(iv) the Purchaser’s unit share of any unearned or accrued insurance premiums determined by the Purchaser’s proportionate contribution to the common expenses;
(v) any other prepaid or current expense, such as gas, electricity, fuel, water, etc., which shall be adjusted by attributing to the Purchaser’s unit its share of such expenses, as determined by its proportionate contribution to the common expenses, and any charges paid by the Vendor to a utility which is attributable to the Unit and/or the Condominium, and any charges for the connection or energization of any of water, gas and hydro services to the Unit and/or Condominium and the installations of a meter for same and the cost of such meters shall cumulatively not exceed the sum of One Thousand Eight Hundred Dollars ($1,800.00) plus HST; unless such charges are included in common expenses;
(vi) Any payments, including interest and penalties to the Utility companies paid by the Vendor due to the Purchaser’s failure to arrange the assumption of charges for utilities immediately upon Occupancy;
(vii) realty taxes (including local improvement rates) on the Purchaser’s Unit, and...
Adjustments on Closing