Apportionments; In General. Subject to the remaining provisions of this Section 11, the following shall be apportioned between Seller and Purchaser as of 11:59 p.m. on the day preceding the Closing Date, with Purchaser being deemed the owner of the Property on the Closing Date, and thereafter shall be paid or received, as the case may be, by Purchaser: (i) rents (“Rents”), reimbursement of real estate taxes and operating expenses, other tenant charges under Leases, and rent abatements and concessions under Leases (collectively, “CAM”), to the extent accrued and paid as of the Closing Date; (ii) real property taxes, including any special assessments and business improvement or special taxing area assessment, if any (collectively, “Taxes”), on the basis of the tax year in which Closing occurs; (iii) water charges and sewer rents and charges and other utility charges (collectively, “Utilities”) for the month or period in which Closing occurs; (iv) payments for the month in which Closing occurs under Service Contracts assigned to Purchaser; and (v) all other items of expense and income in connection with the operation of the Property.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Preferred Apartment Communities Inc), Purchase and Sale Agreement (Preferred Apartment Communities Inc)
Apportionments; In General. Subject to the remaining provisions of this Section 117, the following shall be apportioned between Seller and Purchaser as of 11:59 p.m. on the day preceding the Closing Date, with Purchaser being deemed the owner of the Property on the Closing Date, and thereafter shall be paid or received, as the case may be, by Purchaser: (i) rents (“Rents”), reimbursement of real estate taxes and operating expenses, other tenant charges under Leases, and rent abatements and concessions under Leases (collectively, “CAM”), to the extent accrued and paid as of the Closing Date; (ii) real property taxes, including any special assessments and business improvement or special taxing area assessment, if any (collectively, “Taxes”), on the basis of the tax year in which Closing occurs; (iii) water charges and sewer rents and charges and other utility charges (collectively, “Utilities”) for the month or period in which Closing occurs; (iv) payments for the month in which Closing occurs under Service Contracts assigned to Purchaser; and (v) all other items of expense and income in connection with the operation of the Property.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (St Joe Co)
