Common use of Application of Refunds or Savings Clause in Contracts

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the date of the Closing shall belong to and be the property of Sellers, and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the date of the Closing shall belong to and be the property of Buyer. All attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between Sellers, on the one hand, and Buyer, on the other hand, in proportion to the gross amount of such refunds or savings payable to Sellers and Buyer, respectively (without regard to any amounts reimbursable to tenants); provided, however, that neither Sellers nor Buyer shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the date of the Closing Date shall belong to and be the property of Sellers, Seller and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the date of the Closing Date shall belong to and be the property of BuyerPurchaser. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between SellersSeller, on the one hand, and BuyerPurchaser, on the other hand, in proportion to the gross amount of such refunds or savings payable to Sellers Seller and BuyerPurchaser, respectively (without regard to any amounts reimbursable to tenants)respectively; provided, however, that neither Sellers Seller nor Buyer Purchaser shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.

Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to taxes payable with respect to the period prior to the date of the Closing Date shall belong to and be the property of the Sellers, and any refunds or savings in the payment of taxes applicable to taxes with respect to the period on or after the date of the Closing Date shall belong to and be the property of BuyerPurchaser. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between the applicable Seller or Sellers, on the one hand, and BuyerPurchaser, on the other hand, in proportion to the gross amount of such refunds or savings payable to the applicable Seller or Sellers and BuyerPurchaser, respectively (without regard to any amounts reimbursable to tenants)respectively; provided, however, that neither the Sellers nor Buyer Purchaser shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.