Closing Costs, Prorations, and Adjustments Sample Clauses

Closing Costs, Prorations, and Adjustments. Costs and payments related to the purchase and sale of the Property shall be paid at Closing as follows: (a) Seller shall satisfy or pay for: i. all mortgage liens, if any, with respect to the Property and all transfer, servicing, or prepayment penalties or fees assessed by the holders of such mortgages; ii. one-half (1/2) of the title insurance premiums due in connection with the issuance of RDC’s owner’s insurance policy in the amount of the Purchase Price; iii. all of Seller’s legal fees; iv. one-half (1/2) of the fees and costs of Closing Agent, v. the pro-rated real estate taxes described in paragraph 6 below. (b) RDC shall pay for: i. one-half (1/2) of the title insurance premiums due in connection with the issuance of RDC’s owner’s insurance policy in the amount of the Purchase Price; ii. all of RDC’s legal fees; iii. the recording cost of the deed conveying title to the Property to RDC; iv. one-half (1/2) of the fees and costs of Closing Agent.
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Closing Costs, Prorations, and Adjustments. (a) Each Seller shall pay the fees of any counsel representing such Seller in connection with this transaction. Each Seller shall also pay the following costs and expenses with respect to the Project owned by such Seller: (i) costs of obtaining and recording any documents required to clear title of any objections that are not Permitted Exceptions, including, without limitation, any Monetary Objections (as hereinafter defined); (ii) the fee for the title examination, Title Commitment and the premiums for the Owner’s title policy to be issued to Purchaser by the Closing Agent at Closing pursuant to the Title Commitment, provided that Purchaser shall be responsible for any premiums or additional costs attributable to endorsements or additional title insurance coverage not specifically included or set forth in the Title Commitment; (iii) the cost of any update to the Survey (as hereinafter defined) that is required by the Closing Agent in order to issue the Owner’s title policy at Closing; (iv) any commission or fees payable to CB Rxxxxxx Xxxxx (“Broker”) pursuant to Section 22 hereof; and (v) any documentary stamp, transfer or other similar taxes due upon the transfer of the Ft. Lauderdale Project, the Minneapolis Project and the Phoenix Project. (b) Purchaser shall pay the fees of any counsel representing Purchaser in connection with this transaction. Purchaser shall also pay the following costs and expenses with respect to each Project: (i) any premiums or additional costs attributable to endorsements or additional title insurance coverage requested by Purchaser and not specifically included or set forth in the Title Commitment; (ii) all costs and taxes relating to the assumption, pay off or defeasance of the Loan affecting the Property (including, without limitation, Lender’s attorneys fees and, if applicable, the one percent (1%) loan assumption fee specified in the Mortgage); (iii) the cost of any update to the Survey (as hereinafter defined) obtained by Purchaser that is not required by the Closing Agent pursuant to Section 8(a)(iii) above; (iv) any documentary stamp, transfer or other similar taxes due upon the transfer of the Markham Project; and (v) all due diligence costs incurred by Purchaser, including, without limitation, costs incurred to obtain any new environmental report and property condition assessment report, and the costs of any consultants, advisors and other agents or independent contractors engaged by Purchaser. (c) All costs and expen...
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Closing Costs, Prorations, and Adjustments. Costs and payments related to the purchase and sale of the Property shall be paid at Closing as follows: (a) Seller shall satisfy or pay for: i. all mortgage liens, if any, with respect to the Property and all transfer, servicing, or prepayment penalties or fees assessed by the holders of such mortgages; ii. all of Seller’s legal fees; iii. the pro-rated real estate taxes described in paragraph 6 below. (b) RDC shall pay for: i. the title insurance premiums due in connection with the issuance of RDC’s owner’s insurance policy in the amount of the Purchase Price; ii. all of RDC’s legal fees; iii. the recording cost of the deed conveying title to the Property to RDC; iv. the fees and costs of Closing Agent.
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Closing Costs, Prorations, and Adjustments. Purchaser shall pay for the title insurance premiums, search fees and related costs in connection with the issuance of Purchaser’s owner’s title insurance policy. Purchaser shall pay for the cost of the Survey. Seller shall pay all documentary stamp costs, deed recording fees and intangible taxes assessed with respect to the deed conveying title to the Property to Purchaser. Purchaser and Seller shall each pay their own legal fees related to the transaction contemplated hereby. All other costs of Closing shall be paid by Seller or Purchaser in accordance with local real estate customs. All real estate taxes for the Property shall be prorated, except that Seller shall pay any and all roll-back taxes applicable to the Property. The adjustments and prorations required under this Agreement shall be computed as of the date of Closing and the cash portion of the purchase price paid to Seller hereunder shall be adjusted to reflect such prorations. In the event accurate prorations or other adjustments cannot be made at Closing because of the lack of necessary information, the parties shall prorate on the best available information, subject to prompt adjustment upon the receipt of the necessary information.
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Closing Costs, Prorations, and Adjustments. The Purchase Price to be paid by Buyer to Seller for the Property pursuant to Section 2, above, shall be adjusted as follows:
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Closing Costs, Prorations, and Adjustments 
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Related to Closing Costs, Prorations, and Adjustments

  • Prorations and Adjustments (a) Seller and Purchaser agree to prorate and/or adjust, as of 11:59 p.m. on the day preceding the Closing Date (the “Proration Time”), the following (collectively, the “Proration Items”): (i) Rents, in accordance with Section 10.4(c) below. (ii) Cash Security Deposits and any prepaid rents, together with any interest required to be paid thereon. (iii) Utility charges payable by Seller, including, without limitation, electricity, water charges and sewer charges. If there are meters on the Real Property, final readings and final xxxxxxxx for utilities will be made if possible on the day before the Closing Date, in which event no proration will be made at the Closing with respect to utility bills. If meter readings on the day before the Closing Date are not possible, then Seller will cause readings of all said meters to be performed not more than five (5) days prior to the Closing Date, and a per diem adjustment shall be made for the days between the meter reading date and the Closing Date based on the most recent meter reading. Seller will be entitled to all deposits presently in effect with the utility providers, and Purchaser will be obligated to make its own arrangements for any deposits with the utility providers. (iv) Amounts payable under the Service Contracts other than those Service Contracts which Purchaser has elected not to assume by written notice to Seller prior to the expiration of the Evaluation Period. (v) Real estate taxes due and payable for the calendar year. If the Closing Date shall occur before the tax rate is fixed, the apportionment of real estate taxes shall be upon the basis of the tax rate for the preceding year applied to the latest assessed valuation. If, subsequent to the Closing Date, real estate taxes (by reason of change in either assessment or rate or for any other reason other than as a result of the final determination or settlement of any tax appeal) for the Real Property should be determined to be higher or lower than those that are apportioned, a new computation shall be made, and Seller agrees to pay Purchaser any increase shown by such recomputation and vice versa; provided, however, that if any increase in the assessed value of the Property results from improvements made to the Property by Purchaser, then Purchaser shall be solely responsible for any increase in taxes attributable thereto. With respect to tax appeals, any tax refunds or credits attributable to tax years prior to the tax year in which the Closing occurs shall belong solely to Seller, regardless of whether such refunds are paid or credits are given before or after Closing. Any tax refunds or credits attributable to the tax year in which the Closing occurs shall be apportioned between Seller and Purchaser based on their respective periods of ownership in such tax year. The expenses of any tax appeals shall be apportioned between the parties in the same manner as the refunds and/or credits. The provisions of this Section 10.4(a)(v) shall survive the Closing. (vi) The value of fuel stored at the Real Property, at Seller’s most recent cost, including taxes, on the basis of a reading made within ten (10) days prior to the Closing by Seller’s supplier. (b) Seller will be charged and credited for the amounts of all of the Proration Items relating to the period up to and including the Proration Time, and Purchaser will be charged and credited for all of the Proration Items relating to the period after the Proration Time. The estimated Closing prorations shall be set forth on a preliminary closing statement to be prepared by Seller and submitted to Purchaser prior to the Closing Date (the “Closing Statement”). The Closing Statement, once agreed upon, shall be signed by Purchaser and Seller. The proration shall be paid at Closing by Purchaser to Seller (if the prorations result in a net credit to Seller) or by Seller to Purchaser (if the prorations result in a net credit to Purchaser) by increasing or reducing the cash to be delivered by Purchaser in payment of the Purchase Price at the Closing. If the actual amounts of the Proration Items are not known as of the Closing Date, the prorations will be made at Closing on the basis of the best evidence then available; thereafter, when actual figures are received, re-prorations will be made on the basis of the actual figures, and a final cash settlement will be made between Seller and Purchaser. No prorations will be made in relation to insurance premiums, and Seller’s insurance policies will not be assigned to Purchaser. The provisions of this Section 10.4(b) will survive the Closing for twelve (12) months. (c) Purchaser will receive a credit on the Closing Statement for the prorated amount (as of the Proration Time) of all Rental previously paid to or collected by Seller and attributable to any period following the Proration Time. After the Closing, Seller will cause to be paid or turned over to Purchaser all Rental, if any, received by Seller after Closing and attributable to any period following the Proration Time. “Rental” as used herein includes fixed monthly rentals, additional rentals, percentage rentals, escalation rentals (which include each Tenant’s proration share of building operation and maintenance costs and expenses as provided for under the Lease, to the extent the same exceeds any expense stop specified in such Lease), retroactive rentals, all administrative charges, utility charges, tenant or real property association dues, storage rentals, special event proceeds, temporary rents, telephone receipts, locker rentals, vending machine receipts and other sums and charges payable by Tenants under the Leases or from other occupants or users of the Property. Rental is “Delinquent” when it was due prior to the Closing Date, and payment thereof has not been made on or before the Proration Time. Delinquent Rental will not be prorated. Purchaser agrees to use good faith collection procedures with respect to the collection of any Delinquent Rental. All sums collected by Purchaser in the month of Closing shall be applied to the month of Closing. All sums collected by Purchaser thereafter from each Tenant (excluding tenant specific xxxxxxxx for tenant work orders and other specific services as described in and governed by Section 10.4(e) below) will be applied first to current amounts owed by such Tenant to Purchaser, and then delinquencies owed by such Tenant to Seller. Any sums due Seller will be promptly remitted to Seller. Purchaser shall not modify, amend or terminate any existing agreements with Tenants relating to past rent due.

  • Closing Costs The costs attributed to the Closing of the Property shall be the responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the Closing shall include but not be limited to a title search (including the abstract and any owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other costs by the title company that is in standard procedure with conducting the sale of a property.

  • Prorations The following shall be prorated between Buyer and Seller as of 11:59 p.m. local time of the day immediately preceding the Closing Date, on the basis of the actual number of days elapsed during the month in which the Closing occurs: general and special county and city real property taxes and special assessments (collectively, "Taxes") for the tax period then in effect and insurance premiums (but only if Buyer is assuming Seller's insurance policy or policies). Proration of Taxes shall be based on the most recent official tax bills or notice of valuation available for the fiscal year in which the Closing occurs, with due allowance to be made for the maximum available discount or other exemptions to the extent permissible for said year, and to the extent the tax bills do not accurately reflect the actual Taxes assessed against the Property (or any portion of the Property) and allocable either to the period before the Closing or to the period after the Closing, then Buyer and Seller shall adjust the actual Taxes between Buyer and Seller, outside of Escrow, as soon as reasonably possible following the Closing. In addition to the foregoing apportionments, Seller shall receive all rents and other income accrued, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property before the Closing Date, and Buyer shall receive all rents and other income accruing, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property on or after the Closing Date, all of which rents, other income and expenses shall be prorated as of the Closing. Rents and other income, if any, collected by Buyer after the Closing shall be applied first to any amounts due to Buyer and then, to the extent such rents or other income relate to the period ending on or before the Closing, such rents or other income shall be paid to Seller within ten (10) days after end of the month in which such amounts were collected. Buyer shall incur no obligation to Seller for Buyer's failure to collect such rentals or other income. All security and any other refundable deposits paid by tenants to Seller pursuant to tenant leases shall be delivered by certified funds to Buyer at the Closing or, at Seller's option, credited to Buyer against the cash portion of the Purchase Price at the Closing. Escrow Holder shall not be concerned with any prorations that are to be made after the Closing pursuant to this Agreement.

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