Apportionments; LLC Allocations Sample Clauses

Apportionments; LLC Allocations. (a) At the Closing, the following items shall be apportioned as of the Closing Date: (i) Real estate taxes and assessments, if any, for the current calendar year; provided, however, that if the amount of such taxes and assessments for such year is not known at the time of Closing, such apportionment shall be based upon the most current assessment of the Property and the tax rate for the previous calendar year. The current installment of any general or special assessments levied or assessed for work completed prior to the Closing shall be apportioned between Seller and Purchaser as of the Closing Date; provided, however, that any prior installments of any general and special assessments due and payable prior to the Closing Date shall be apportioned to Seller and future installments of any general and special assessments due and payable following the Closing Date shall be apportioned to Purchaser; (ii) Fuel, water, sewer use and other municipal utility charges; (iii) All rents collected from tenants under the Leases for the month in which the Closing occurs and other income shall be prorated as of the Closing Date in accordance with the terms hereof, and Seller shall retain all rights to rents allocable to periods prior to the Closing Date. With respect to such rents for the month in which Closing occurs which are actually collected by the LLC prior to Closing, the LLC shall pay to Purchaser, by deduction of the amount due on Purchaser’s closing statement, the amount of any rents actually collected by the LLC from tenants under the Leases relative to the period from and after the Closing Date. Rents received by the LLC after the Closing Date shall be applied by the LLC first to current rents and/or uncollected rents due for the period after the Closing Date, then to pay reasonable costs of collection incurred by the LLC, then to Seller, to the extent of any uncollected rents for the period prior to the Closing Date (the “Delinquent Rents”), then to Purchaser, for future rents due or to become due under the Leases. The LLC shall use reasonable efforts after Closing to collect such Delinquent Rents, but nothing herein shall obligate or require the LLC to institute a lawsuit, evict any tenant, exercise any lease remedies, or otherwise incur any costs or expenses to recover such amounts; (iv) Purchaser shall receive a credit to the Purchase Price equal to the amount of (A) that portion of any prepaid rents applicable to the time period after the Closing actually...