Common use of Delayed Adjustments Clause in Contracts

Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty (180) days after the Close of Escrow. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.12. After the Close of Escrow, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5.

Appears in 2 contracts

Samples: Purchase and Sale Agreement and Escrow Instructions (Chesapeake Lodging Trust), Purchase and Sale Agreement and Escrow Instructions (Chesapeake Lodging Trust)

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Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty (180) days after the Close of Escrow. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.125.5.3. After the Close of Escrow, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (Chesapeake Lodging Trust)

Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 4 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty (180) days after the Close of EscrowClosing. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.124.1. After the Close of EscrowClosing, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 4.1 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.54.1. Purchaser and Seller shall reasonably cooperate with each other in connection with the prorated items in this Section 4.

Appears in 1 contract

Samples: Asset Purchase Agreement (Lodging Fund REIT III, Inc.)

Delayed Adjustments. If, If at any time following the Closing Date, Date the amount of an item listed in this Section 5.5 7.02 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty sixty (18060) days after the Close of EscrowClosing Date. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.12Section. After the Close of EscrowClosing Date, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 7.02 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5Section.

Appears in 1 contract

Samples: Agreement of Sale and Purchase (Interstate Hotels & Resorts Inc)

Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty fifty (180150) days after the Close of Escrow. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.125.5.13. After the Close of Escrow, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (Innkeepers Usa Trust/Fl)

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Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty fifty (180150) days after the Close of Escrow. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.12. After the Close of Escrow, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (Chatham Lodging Trust)

Delayed Adjustments. If, If at any time following the Closing Date, Date the amount of an item listed in this Section 5.5 6.02 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty ninety (18090) days after the Close of EscrowClosing Date. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.12Section. After the Close of EscrowClosing Date, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 6.02 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5Section.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Interstate Hotels & Resorts Inc)

Delayed Adjustments. If, at any time following the Closing Date, the amount of an item listed in this Section 5.5 shall prove to be incorrect, the party in whose favor the error was made shall pay to the other party within fifteen (15) days after request the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is delivered to the party from whom payment is requested on or before one hundred eighty (180) days after the Close of Escrow. The acceptance of the closing statement by either party shall not prevent later readjustment pursuant to this Section 5.5.125.5.11. After the Close of Escrow, each party shall have reasonable access to the books and records of the other party with respect to all matters set forth in this Section 5.5 for the purposes of determining the accuracy of all adjustments and the performance of the obligations of the parties under this Section 5.5.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (Ashford Hospitality Trust Inc)

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