Common use of Hotel Taxes Clause in Contracts

Hotel Taxes. Real estate taxes, personal property or use taxes, ----------- assessments, and sewer rents, if any, for the tax period in which the Closing occurs shall be apportioned between Seller and Purchaser on a per diem basis through and including 11:59 P.M. of the day preceding the Closing Date. If the rate or amount of such taxes and sewer rents, if any, shall not be fixed prior to the Closing Date, the adjustment thereof on the Closing Date shall be on the basis of the best available estimates for such taxes, assessments and rents that will be due and payable on the Hotel for the tax period in which the Closing occurs. As soon as the exact amount of such taxes, assessments and rents for such period is ascertained, Seller and Purchaser shall readjust the amounts thereof to be paid by each party to the end that Seller shall pay for such taxes, assessments and rents attributable to the period of time prior to the Closing Date and Purchaser shall pay for the period from and after the Closing Date. Special assessments of any public or taxing authority assessed upon and constituting liens or encumbrances on the Hotel, whether or not the assessment therefor has been levied or a lien has been imposed upon the Hotel, shall be paid by and discharged of record by Seller on or before the Closing Date to the extent due and payable on or prior to the Closing Date. If any such special assessments may be paid in installments and Seller has elected the installment method of payment, all installments shall be deemed payable as of the day prior to the Closing Date and shall be discharged of record by Seller on or before the Closing Date; and Purchaser shall be responsible for special assessments levied or assessed after the Closing Date and any other such special assessment levied or assessed thereafter. With respect to any tax appeals which relate to the period prior to the Closing Date, Purchaser covenants to pay to Seller upon receipt thereof Seller's prorata share of any tax rebate, refund or adjustment. Purchaser shall cooperate with Seller with respect to Seller's reasonable inquiries relative thereto.

Hotel Taxes. Real estate taxes, personal property or use taxes, ----------- assessments, and sewer rents, if any, for the tax period in which the Closing occurs shall be apportioned between Seller Sellers and Purchaser on a per diem basis through and including 11:59 P.M. of the day preceding the Closing Date. If the rate or amount of such taxes and sewer rents, if any, shall not be fixed prior to the Closing Date, the adjustment thereof on the Closing Date shall be on the basis of the best available estimates for such taxes, assessments and rents that will be due and payable on the Hotel for the tax period in which the Closing occurs. As soon as the exact amount of such taxes, assessments and rents for such period is ascertained, Seller Sellers and Purchaser shall readjust the amounts thereof to be paid by each party to the end that Seller Sellers shall pay for such taxes, assessments and rents attributable to the period of time prior to the Closing Date and Purchaser shall pay for the period from and after the Closing Date. Special assessments of any public or taxing authority assessed upon and constituting liens or encumbrances on the Hotel, Hotel or attributable to improvements benefiting the Hotel or property in the vicinity of the Hotel for the period in which the Closing occurs whether or not the assessment therefor has been levied or a lien has been imposed upon the Hotel, shall be paid by apportioned between Sellers and discharged Purchaser as provided in the first two sentences of record by Seller on or before the Closing Date to the extent due and payable on or prior to the Closing Datethis Subsection (a). If any such special assessments for improvements benefiting the Hotel or property in the vicinity of the Hotel may be paid in installments and Seller has Sellers have elected the installment method of payment, all installments shall be deemed payable as of the day prior to the Closing Date and shall be discharged of record by Seller on or before the Closing Date; and Purchaser shall be responsible for special assessments levied or assessed the payment of all installments for any period accruing from and after the Closing Date and any other such special assessment levied or assessed thereafter. With respect to any tax appeals which relate to the period prior to the Closing Date, Purchaser covenants to pay to Seller upon receipt thereof Seller's prorata share of any tax rebate, refund or adjustment. Purchaser shall cooperate with Seller with respect to Seller's reasonable inquiries relative thereto.;

Hotel Taxes. Real estate taxes, personal property or use taxes, ----------- assessments, and sewer rents, if any, for the tax period in which the Closing occurs shall be apportioned between Seller and Purchaser on a per diem basis through and including 11:59 P.M. of the day preceding the Closing Date. If the rate or amount of such taxes and sewer rents, if any, shall not be fixed prior to the Closing Date, the adjustment thereof on the Closing Date shall be on the basis of the best available estimates for such taxes, assessments and rents that will be due and payable on the Hotel for the tax period in which the Closing occurs. As soon as the exact amount of such taxes, assessments and rents for such period is ascertained, Seller and Purchaser shall readjust the amounts thereof to be paid by each party to the end that Seller shall pay for such taxes, assessments and rents attributable to the period of time prior to the Closing Date and Purchaser shall pay for the period from and after the Closing Date. Special assessments of any public or taxing authority assessed upon and constituting liens or encumbrances on the HotelHotel or attributable to improvements benefiting the Hotel or property in the vicinity of the Hotel which have been commenced prior to the Closing Date, whether or not the assessment therefor has been levied or a lien has been imposed upon the Hotel, shall be paid by and discharged of record by Seller on or before the Closing Date to the extent due and payable on or prior to the Closing Date. If any such special assessments for improvements benefiting the Hotel or property in the vicinity of the Hotel may be paid in installments and Seller has elected the installment method of payment, all installments shall be deemed payable as of the day prior to the Closing Date and shall be discharged of record by Seller on or before the Closing Date; and Purchaser shall be responsible for special assessments levied or assessed after the Closing Date and any other such special assessment levied or assessed thereafter. With respect to any tax appeals which relate to the period prior to the Closing Date, Purchaser covenants to pay to Seller upon receipt thereof Seller's prorata share of any tax rebate, refund or adjustment. Purchaser shall cooperate with Seller with respect to Seller's reasonable inquiries relative thereto.