Common use of Income and Expense Allocations Clause in Contracts

Income and Expense Allocations. (a) At Closing, all income and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with generally accepted accounting principles consistently applied, shall be allocated between the Seller and the Purchaser as of the Closing Date. The Seller shall be entitled to all income, including the Tray Ledger, and responsible for all expenses for the period of time up to but not including the Closing Date, and the Purchaser shall be entitled to all income and responsible for all expenses for the period of time from, after and including the Closing Date. Without limiting the generality of the foregoing, Seller shall pay to Purchaser or Purchaser shall pay to Seller at Closing, or there shall be an appropriate Closing adjustment for, the net cash payable to the Purchaser or Seller, as appropriate, based on the allocation set forth above. All adjustments shall be shown on the settlement statement or may be done outside the settlement statement (with such supporting documentation as the parties may reasonably require being attached as exhibits to the settlement statements or submit to the parties as appropriate) and if on the settlement statement shall increase or decrease (as the case may be) the balance of the Purchase Price payable by the Purchaser at Closing. The Seller shall pay at Closing all special assessments and taxes applicable to the Property and relating to the period prior to Closing.

Income and Expense Allocations. (a) At Closing, all income and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with generally accepted accounting principles consistently applied, shall be allocated between the Seller Sellers and the Purchaser as of the Closing Date. The Seller Sellers shall be entitled to all income, including the Tray Ledger, and responsible for all expenses for the period of time up to but not including the Closing Date, and the Purchaser shall be entitled to all income and responsible for all expenses for the period of time from, after and including the Closing Date. Without limiting the generality of the foregoing, Seller Sellers shall pay to Purchaser or Purchaser shall pay to Seller Sellers at Closing, or there shall be an appropriate Closing adjustment for, the net cash payable to the Purchaser or SellerSellers, as appropriate, based on the allocation set forth above. All adjustments shall be shown on the settlement statement or may be done outside the settlement statement (with such supporting documentation as the parties may reasonably require being attached as exhibits to the settlement statements or submit to the parties as appropriate) and if on the settlement statement shall increase or decrease (as the case may be) the balance of the Purchase Price payable by the Purchaser at Closing. The Seller Sellers shall pay at Closing all special assessments and taxes applicable to the Property and relating to the period prior to Closing.

Income and Expense Allocations. (a) At Closing, all income and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with generally accepted accounting principles consistently applied, shall be allocated between the Seller Contributor and the Purchaser Acquiror as of the Closing Date. The Seller Contributor shall be entitled to all income, including the Tray Ledger, and responsible for all expenses for the period of time up to but not including the Closing Date, and the Purchaser Acquiror shall be entitled to all income and responsible for all expenses for the period of time from, after and including the Closing Date. Without limiting the generality of the foregoing, Seller Contributor shall pay to Purchaser Acquiror or Purchaser Acquiror shall pay to Seller Contributor at Closing, or there shall be an appropriate Closing adjustment for, the net cash payable to the Purchaser Acquiror or SellerContributor, as appropriate, based on the allocation set forth above. All adjustments shall be shown on the settlement statement or may be done outside the settlement statement (with such supporting documentation as the parties may reasonably require being attached as exhibits to the settlement statements or submit to the parties as appropriate) and if on the settlement statement shall increase or decrease (as the case may be) the balance of the Purchase Price payable by the Purchaser Acquiror at Closing. The Seller Contributor shall pay at Closing all special assessments and taxes applicable to the Property and relating to the period prior to Closing.