Common use of Income and Expense Allocations Clause in Contracts

Income and Expense Allocations. The following shall be prorated, on a calendar-month basis, to the 1st day of the month of the closing: rents and other income from the Property; operating expenses (on such service contracts and other obligations as Purchaser may agree to assume); and general and real property taxes and personal and business property taxes for the year of closing (based on the most recent assessment and the most recent levy). If funding by Purchaser does not occur by noon CST on Closing Date, adjustments shall be as of the date of funding prior to noon CST.

Income and Expense Allocations. The following shall be prorated, on a calendar-calendar month basis, to the 1st day of the month of the closing: rents and other income from the Property; operating expenses (on such service contracts and other obligations as Purchaser may agree to assume); and general and real property taxes and personal and business property taxes for the year of closing (based on the most recent assessment and the most recent levy). If funding by Purchaser does not occur by noon CST on Closing Date, adjustments shall be as of the date of funding prior to noon CST.