Allocation of Property Sale Proceeds. The Parties shall use reasonable efforts to agree, prior to Closing Date, upon an allocation of the Property Sale Proceeds among the Real Property, the Improvements and the Personal Property for federal, state and local tax purposes. If the Parties cannot agree upon such allocation of the Property Sale Proceeds, each Party shall file federal, state and local tax returns based on each Party’s own determination of the proper allocation of the Property Sale Proceeds, each bearing its own consequences with respect to any discrepancies.
Appears in 6 contracts
Samples: Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)
Allocation of Property Sale Proceeds. The Parties shall use reasonable efforts to agree, prior to Closing Date, upon an allocation of the Property Sale Proceeds among the Real Property, the Improvements and the Personal Property for federal, state and local tax purposes. If the Parties cannot agree upon such allocation of the Property Sale Proceeds, each Party shall file federal, state and local tax returns based on each Party’s own determination of the proper 13 allocation of the Property Sale Proceeds, each bearing its own consequences with respect to any discrepancies.
Appears in 1 contract
Samples: Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)
