Common use of Income and Expense Allocations Clause in Contracts

Income and Expense Allocations. All income, except from any Intangible Personal Property, and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with GAAP, shall be allocated between the Contributor and the Acquiror. The Contributor shall be entitled to all income and responsible for all expenses accrued for the period up to but not including the date of Closing, and the Acquiror shall be entitled to all income and responsible for all expenses for the period of time from, after and including the date of Closing. Only adjustments for real estate taxes shall be shown on the settlement statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the settlement statements) and shall increase or decrease (as the case may be) the amount payable by the Acquiror pursuant to Section 2.4. All other such adjustments shall be made by separate agreement between the parties and shall be payable by check or wire directly between the parties. Without limiting the generality of the foregoing, the following items of income and expense shall be so allocated as of Closing:

Income and Expense Allocations. All income, except from any Intangible Personal Property, and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with GAAPsound accounting principles consistently applied, shall be allocated between the Contributor Seller and the AcquirorPurchaser. The Contributor Seller shall be entitled to all income and responsible for all expenses accrued for the period of time up to but not including the date of Closing, and the Acquiror Purchaser shall be entitled to all income and responsible for all expenses for the period of time from, after and including the date of Closing. Only adjustments for real estate taxes shall be shown on the settlement statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the settlement statements) and shall increase or decrease (as the case may be) the amount payable by the Acquiror Purchaser pursuant to Section 2.42.3. All other such adjustments shall be made by separate agreement between the parties and shall be payable by check or wire directly between the parties. Without limiting the generality of the foregoing, the following items of income and expense shall be so allocated as of at Closing: