Adjustments to Prorations. Subject to Section 6.3(a) and 6.3(c)(iv) above, after the Closing, the parties shall from time to time, as soon as is practicable after accurate information becomes available and in any event within one (1) year following the Closing Date, recalculate and reapportion any of the items subject to proration or apportionment (i) which were not prorated and apportioned at the Closing because of the unavailability of the information necessary to compute such proration, or (ii) which were prorated or apportioned at the Closing based upon estimated or incomplete information, or (iii) for which any errors or omissions in computing prorations at the Closing are discovered subsequent thereto, and thereafter the proper party shall be reimbursed based on the results of such recalculation and reapportionment. Unless otherwise specified herein, all such reimbursements shall be made on or before thirty (30) days after receipt of notice of the amount due. Any such reimbursements not timely paid shall bear interest at a per annum rate equal to ten percent (10%) from the due date until all such unpaid sums together with all interest accrued thereon are paid if payment is not made within ten (10) days after receipt of a xxxx therefor.
Adjustments to Prorations. After the Closing, the parties shall from time to time, as soon as is practicable after accurate information becomes available, recalculate and reapportion any of the items subject to proration or apportionment under this Paragraph 10: (i) which were not prorated and apportioned at the Closing because of the unavailability of the information necessary to compute such proration, or (ii) which were prorated or apportioned at the Closing based upon estimated or incomplete information, or (iii) for which any errors or omissions in computing prorations at the Closing are discovered subsequent thereto, and thereafter the proper party shall be reimbursed based on the results of such recalculation and reapportionment. Unless otherwise specified herein, all such reimbursements shall be made on or before thirty (30) days after receipt of notice of the amount due. Any such reimbursements not timely paid shall bear interest at a per annum rate equal to ten percent (10%) from the due date until all such unpaid sums together with all interest accrued thereon is paid if payment is not made within ten (10) days after receipt of a xxxx therefor.
Adjustments to Prorations. After the Closing, the parties shall from time to time, as soon as practicable after accurate information becomes available, and in any event within three hundred sixty-five (365) days following the Closing Date, recalculate and reapportion any of the items subject to proration or apportionment (i) which were not prorated and apportioned at the Closing because of the unavailability of the information necessary to compute such proration, or (ii) which were prorated or apportioned at the Closing based upon estimated or incomplete information or (iii) for which any errors or omissions in computing prorations at the Closing are discovered subsequent thereto, and thereafter the proper party shall be reimbursed based on the results of such recalculation and reapportionment. Unless otherwise specified herein, all such reimbursements shall be made on or before thirty (30) days after receipt of notice of the amount due. Any such reimbursements not timely paid shall bear interest at the rate often percent (10%) per annum from the due date until all such unpaid sums together with all interest accrued thereon is paid.
Adjustments to Prorations. After the Closing, the parties shall from time to time, as soon as is practicable after accurate information becomes available and in any event within one (1) year following the Closing, recalculate and reapportion any of the items subject to proration or apportionment (i) which were not prorated and apportioned at the Closing because of the unavailability of the information necessary to compute such proration, or (ii) which were prorated or apportioned at the Closing based upon estimated or incomplete information, or (iii) for which any errors or omissions in computing prorations at the Closing are discovered subsequent thereto, and thereafter the proper party shall be reimbursed based on the results of such recalculation and reapportionment. Unless otherwise specified herein, all such reimbursements shall be made on or before thirty (30) days after receipt of notice of the amount due.
Adjustments to Prorations. In addition to the other provisions of this Article 11, the following shall apply: Real Estate Taxes and personal property taxes, if any, shall be pro rated on the basis of the tax year in which the Closing occurs. If the Closing shall occur before the Real Estate Tax rate for the apportionment period is fixed or known, the apportionment of Real Estate Taxes shall be on the basis of the real estate tax rate for the next preceding period applied to the latest assessed valuation and shall be adjusted when the final tax xxxx is available. Water and sewer charges, as well as electricity, gas and steam charges, shall be pro rated on the basis of the most recent bills available, but if there are water, electric or gas meters on the Property, Seller, to the extent the same is obtainable, shall furnish a reading effective as of the date prior to the Closing Date, or if not so obtainable, to a date not more than thirty (30) days prior to the date prior to the Closing Date, and the unfixed meter charges based thereon for the intervening period shall be apportioned on the basis of such last reading. Upon the taking of a subsequent actual reading, such apportionment shall be readjusted and Seller or Buyer, as the case may be, will promptly deliver to the other the amount determined to be so due upon such readjustment. If Seller is unable to furnish such prior reading, any reading subsequent to the Closing will be apportioned on a per diem basis from the date of such reading immediately prior thereto and Seller shall pay the proportionate charges due up to the date of Closing. The provisions and obligations of the parties pursuant to this subparagraph (b) shall survive the Closing. Any other funds that will inure to the benefit of or be refunded to MBCR after the Closing Date (e.g., utility deposits) shall be adjusted or prorated. Any up-front “bonus” payments made in consideration of entering into any Contract shall be and remain the property of Seller. Except as set forth in this Agreement, the customs of the county in which the Property is located shall govern prorations. If such prorations result in a payment due Buyer, then the portion of the Purchase Price payable at Closing shall be reduced by such sum. If such prorations result in a payment due Seller, then the same shall be paid to Seller at Closing in addition to the Purchase Price. The parties hereto shall endeavor to prepare a schedule of prorations no less than five (5) days prior to Closing.
