Description of Items to be Adjusted Sample Clauses

Description of Items to be Adjusted. The following apportionments and adjustments shall be made: (a) real estate taxes assessed against the Lands and Improvements based upon the calendar year assessed; (b) the amount of the real estate transfer taxes payable in connection with the conveyance of each of the Properties shall be deducted from the Allocable Purchase Price and shall be paid by Purchaser directly to the taxing authority; (c) if there are any confirmed or unconfirmed special assessments against the Lands or the Improvements, the Seller owning such Property shall pay same if the work giving rise to the assessment was completed prior to the date of this Agreement, but if the work giving rise to the assessment was not completed prior to the date of this Agreement, same shall be paid or assumed by Purchaser; (d) rents and all other charges (including cost reimbursement payments) actually paid under the Leases, provided, however, that, if any rents shall be accrued and unpaid at the Closing Date, the rents collected by Purchaser on or after the Closing Date shall first be applied to all rents due at the time of such collection on or after the Closing Date with the balance payable to the applicable Seller to the extent of rents delinquent as of the Closing Date; provided, further, that Purchaser shall not be required to institute any proceeding to collect any rents accrued and unpaid on the Closing Date. Any rent or additional rent paid to any Seller after the Closing Date shall promptly be remitted to Purchaser. If a Seller shall not have received all accrued and unpaid rents due it as of the Closing Date within one hundred twenty (120) days thereafter, such Seller, at its sole cost and expense, shall be entitled to bring such actions or proceedings not affecting possession, the validity of the related Lease or any security held by Purchaser thereunder as it shall desire to collect any such accrued and unpaid rents, and Purchaser shall, at no cost to Purchaser, cooperate with such Seller in any such action; (e) payments under any Reciprocal Easement Agreement; (f) all other income and expense from the Properties of every type and nature. If any of the foregoing cannot be apportioned at the Closing Date because of the unavailability of the amounts which are to be apportioned, such items shall be apportioned as soon as practicable after the Closing Date; and (g) sewer, water, gas, electric, telephone and other utility charges shall not be apportioned but shall be paid by Sellers based upon...
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Description of Items to be Adjusted. The following apportionments and adjustments shall be made: (a) The amount of the real estate transfer tax payable in connection with the conveyance of the Property shall be deducted from the Price and shall be paid by Seller directly to the taxing authority upon recording of the deed. (b) Real estate taxes, septic and sewer charges based on the calendar year assessed. (c) Charges for electric, natural gas and water shall not be adjusted. Seller shall cause the meters for such utilities to be read within two (2) days prior to the closing and shall pay for such utilities based upon such readings. (d) If there are any assessments against the Property on Closing Date, Seller shall pay same if the work giving rise to the assessment was completed prior to the date of this Agreement, but if the work giving rise to the assessment was or is to be completed subsequent to the date of this Agreement, such assessment shall be paid by Purchaser. (e) Rents and additional rents under the Leases to the extent same have been collected. Seller shall be entitled to all such rents and other income allocable to the period prior to the closing, and Purchaser shall be entitled to all such rents and other income allocable to the period from and after the closing. Rents and other income collected subsequent to the closing shall first be applied to current rents, and then to past rents. Purchaser shall remit to Seller promptly any rents or other income allocable to any period prior to the closing. (f) All security deposits held by Seller shall be transferred to Purchaser.
Sample 1
Description of Items to be Adjusted. The following apportionments and adjustments shall be made: (a) real estate taxes assessed against the Lands and Improvements based upon the calendar year assessed shall be prorated; (b) water and sewer charges, if any, relating to the Property shall be prorated; (c) other income and expense from the Property of every type and nature shall be prorated. If any of the foregoing cannot be apportioned at the Closing Date because of the unavailability of the amounts which are to be apportioned, such items shall be apportioned as soon as practicable after the Closing Date. Seller shall obtain final meter readings for any utilities as of the Closing Date and Seller shall be responsible for same; (d) Seller shall pay any special assessments assessed against the Lands and Improvements that are due and payable prior to the Closing Date. All other special assessments shall be paid or assumed by Purchaser; (e) Seller shall pay the real estate transfer tax. Any mansion tax (the 1% surcharge payable by upon the purchase of property for $1,000,000 or more) shall be paid by Purchaser, if applicable; (f) any fees for recording the deed and any title charges shall be paid by Purchaser; (g) any fees for the recording any discharges or cancellations of any liens or encumbrances which Seller is obligated to remove on the Closing Date shall be deducted from the Purchase Price and paid by Purchaser upon the recordation of such instrument; (h) Purchaser shall pay any title insurance charges, including search and premium fees; (i) any escrow fees shall be paid by Purchaser.
Sample 1
Description of Items to be Adjusted. The following apportionments and adjustments shall be made: (a) The amount of the realty transfer fee payable in connection with the conveyance of the Property shall be paid by Seller as follows: Escrow Agent shall pay the full realty transfer fee directly to the taxing authority upon recording of the deed out of Seller’s sale proceeds. Purchaser shall be solely responsible for the payment of the “mansion tax” pursuant to N.J.S.A. 46:15-7.2, if applicable. (b) Real estate taxes are payable by Tenant under the Lease, and as such, no apportionment of the real estate taxes are required to be made at Closing. (c) If there are any confirmed or unconfirmed special assessments against the Property, Seller shall pay same if the work giving rise to the assessment was completed prior to the date of this Agreement, but if the work giving rise to the assessment was not completed prior to the date of this Agreement, same shall be paid or assumed by Purchaser. (d) Water, sewer and other utility charges are payable by Tenant under the Lease, and as such, not apportionment of the charges therefor are required to be made at Closing. (e) Purchaser shall pay for its title report, survey, recording fees customary for a purchaser, the title policy when issued, its own legal costs and fees and charges of the Title Insurer customary for a purchaser. Seller shall pay its own legal costs, and recording fees customary for a seller.
Sample 1
Description of Items to be Adjusted. The following apportionments and adjustments shall be made: (a) Real estate taxes payable in connection with the Property based upon the calendar year. Real estate taxes shall be prorated on the basis of the fiscal year for which the Property has last been assessed. If the Closing Date shall occur before the tax rate is fixed, the apportionment of taxes shall be upon the basis of the tax rate for the next preceding year applied to the latest assessed evaluation. The parties agree that upon receipt of the actual tax xxxx, real property taxes shall be reprorated and readjusted within ten (10) business days after a written request from the party seeking readjustment; and (b) Certified, confirmed and ratified special assessment liens as of the date of Closing shall be paid by Seller. Pending liens as of the date of Closing shall be assumed by Buyer; provided, however, that where the improvements have been substantially completed as of the date of Closing, such pending liens shall be deemed certified, confirmed and ratified and Seller, at Closing, shall be charged an amount equal to the amount of such assessment.
Sample 1

Related to Description of Items to be Adjusted

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