Common use of ASSESSMENT FOR MUNICIPAL IMPROVEMENTS Clause in Contracts

ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks and sewers) may result in the municipality charging property owners to pay for the improvements. All unpaid charges (assessments) against the property for work completed before the closing will be paid by the Seller at or before the closing. If the improvement is not completed before the closing, then only the Buyer will be responsible. If the improvement is completed, but the amount of the charge (assessment) is not determined, the Seller will pay an estimated amount at the closing. When the amount of the charge is finally determined, the Seller will pay any deficiency to the Buyer (if the estimate proves to have been too low), or the Buyer will return any excess to the Seller (if the estimate proves to have been too high).

ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks and sewers) may result in the municipality charging property owners to pay for the improvements. All unpaid charges (assessments) against the property for work completed before the closing will be paid by the Seller at or before the closing. If the improvement is not completed before the closing, then only the Buyer Purchaser will be responsible. If the improvement is completed, but the amount of the charge (assessment) is not determined, the Seller will pay an estimated amount at the closing. When the amount of the charge is finally determined, the Seller will pay any deficiency to the Buyer Purchaser (if the estimate proves to have been too low), or the Buyer Purchaser will return any excess to the Seller (if the estimate proves to have been too high).

ASSESSMENT FOR MUNICIPAL IMPROVEMENTS. Certain municipal improvements (such as sidewalks side walks and sewers) may result in the municipality charging property owners to pay for the improvements. All unpaid charges (assessments) against the property for work completed before the closing will be paid by the Seller at or before the closing. If the improvement is not completed before the closing, then only the Buyer will be responsible. If the improvement is completed, but the amount of the charge (assessment) is not determined, the Seller will pay an estimated amount at the closing. When the amount of the charge is finally determined, the Seller will pay any deficiency to the Buyer (if the estimate proves to have been too low), or the Buyer will return any excess to the Seller (if the estimate proves to have been too high).