Common use of Income and Expense Allocations Clause in Contracts

Income and Expense Allocations. 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 Transferor and Transferee (or, at Transferee's election, between Transferor and the lessee under the Golf Course Lease to the extent such income or expenses will be payable by or attributable to such lessee). Transferor shall be entitled to all income and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Transferee shall be entitled to all income and shall be responsible for all expenses for the period of time from, after and including the Closing Date. Such adjustments shall be shown on the Closing Statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the Closing Statements) and shall increase or decrease (as the case may be) the Purchase Price payable by Transferee. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closing:

Income and Expense Allocations. 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 Transferor and Transferee (or, at Transferee's election, between Transferor and the lessee under the Golf Course Lease to the extent such income or expenses will be payable by or attributable to such lessee). Transferor shall be entitled to all income and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Transferee shall be entitled to all income and shall be responsible for all expenses for the period of time from, after and including the Closing Date. Such adjustments shall be shown on the Closing Statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the Closing Statements) and shall increase or decrease (as the case may be) the Base Purchase Price payable by Transferee. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closing:

Income and Expense Allocations. 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 Transferor Seller and Transferee Buyer (or, at TransfereeBuyer's election, between Transferor Seller and the lessee under the Golf Course Lease to the extent such income or expenses will be payable by or attributable to such lessee). Transferor Seller shall be entitled to all income and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Transferee Buyer shall be entitled to all income and shall be responsible for all expenses for the period of time from, after and including the Closing Date. Such adjustments shall be shown on the Closing Statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the Closing Statements) and shall increase or decrease (as the case may be) the Purchase Price payable by TransfereeBuyer. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closingas of the Closing Date:

Income and Expense Allocations. 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 Transferor Seller and Transferee Buyer (or, at TransfereeBuyer's election, between Transferor Seller and the lessee under the Golf Course Lease to the extent such income or expenses will be payable by or attributable to such lessee). Transferor Seller shall be entitled to all income and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Transferee Buyer shall be entitled to all income and shall be responsible for all expenses for the period of time from, after and including the Closing Date. Such adjustments shall be shown on the Closing Statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the Closing Statements) and shall increase or decrease (as the case may be) the Purchase Price payable by TransfereeBuyer. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closing:

Income and Expense Allocations. 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 Transferor and Transferee (or, at Transferee's election, between Transferor and the lessee under the Golf Course Lease to the extent such income or expenses will be payable by or attributable to such lessee). Transferor shall be entitled to all income and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Transferee shall be entitled to all income and shall be responsible for all expenses for the period of time from, after and including the Closing Date. Such adjustments shall be shown on the Closing Statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the Closing Statements) and shall increase or decrease (as the case may be) the Base Purchase Price payable by Transferee. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closingas of the Closing Date: