Items Not Prorated. Seller and Buyer agree that (a) on the Closing Date, the Property will not be subject to any financing arranged by either Seller; (b) none of the insurance policies relating to the Property will be assigned to Buyer and Buyer shall be responsible for arranging for its own insurance as of the Closing Date; and (c) utilities, including telephone, electricity, water and gas, shall be read on the Closing Date and Buyer shall be responsible for all the necessary actions needed to arrange for utilities to be transferred to the name of Buyer on the Closing Date, including the posting of any required deposits and the applicable Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the period prior to the Closing Date, and any utility deposits which it or its predecessors may have posted. Accordingly, there will be no prorations for debt service, insurance or utilities. In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6.8.2 above.
Items Not Prorated. Seller and Buyer agree that (a) on the Close of Escrow, the Property will not be subject to any financing arranged by Seller; (b) none of the insurance policies relating to the Property will be assigned to Buyer, and Buyer shall responsible for arranging for its own insurance as of the Close of Escrow; and (c) utilities, including telephone, electricity, water and gas, shall be read on the Close of Escrow, and Buyer shall be responsible for all the necessary actions needed to arrange for utilities to be transferred to the name of Buyer on the Close of Escrow, including the posting of any required deposits, and Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the period prior to the Close of Escrow, and any utility deposits which it or its predecessors may have posted. Accordingly, there will be no prorations for debt service, insurance or utilities. In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6.7.1(e) above.
Items Not Prorated. Seller and Buyer agree that (i) on the Closing, the Property will not be subject to any financing arranged by Seller other than the Loan; (ii) none of the insurance policies relating to the Property will be assigned to Buyer, and Buyer shall responsible for arranging for its own insurance effective immediately after the Closing Date; and (iii) utilities, including telephone, electricity, water and gas, shall be read on the Closing Date, and Buyer shall be responsible for all the necessary actions needed to arrange for utilities to be transferred to the name of Buyer immediately after the Closing Date, including the posting of any required deposits, and Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the period prior to the Closing, and any utility deposits which it or its predecessors may have posted. Accordingly, there will be no prorations for debt service, insurance or utilities. In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 7.9.3 above.
Items Not Prorated. Seller and Buyer agree that (a) none of the insurance policies relating to the Property will be assigned to Buyer and Buyer shall be responsible for arranging for its own insurance as of the Closing Date; and (b) utilities, including telephone, electricity, water and gas, shall be read on the Closing Date and Buyer shall be responsible for all the necessary actions needed to arrange for utilities to be transferred to the name of Buyer on the Closing Date, including the posting of any required deposits (it being understood, however, that Seller shall be entitled to a credit at the Closing any utility deposits which it or its predecessors have made prior to the Closing Date, to the extent the same are transferred to Buyer, and Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the period prior to and including the Closing Date, and any utility deposits for which it does not receive a credit hereunder). Accordingly, there will be no prorations for insurance, utilities (except to the extent provided above for utility deposits), or payroll. In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in subparagraph (1)(d) above.
Items Not Prorated. Seller and Buyer agree that, in addition to those items specified elsewhere in this Section 3.4 as not being prorated at Closing, none of the insurance policies relating to the Project will be assigned to Buyer and Buyer shall be responsible for arranging for its own insurance as of the Closing. Accordingly, there will be no prorations for insurance. The agreements in this Section 3.4 shall survive Closing. Final settlement of all prorated items shall occur on or before sixty (60) days after the Closing Date, or on the next business day if the sixtieth (60th) day is not a business day, except for delinquent rentals, pass- through Additional Rents and property taxes, if final determination thereof is not possible with said sixty (60) day period, in such case each shall be determined upon collection or the date upon which any such amounts shall become ascertainable, but in no event later than March 31, 2012. Buyer and Seller shall cooperate and take all appropriate action to properly reconcile delinquent rentals and tenant Additional Rents with each other and with the tenants in a timely manner.
Items Not Prorated. Seller and Purchaser agree that: (a) none of the insurance policies relating to the Property will be assigned to Purchaser and Purchaser shall be responsible for arranging for its own insurance as of the Closing Date; and (b) utilities, including telephone, electricity, water and gas, shall be read on the Closing Date and Seller shall be responsible for all the necessary actions needed to arrange for meters to be read, and Purchaser shall be responsible for utilities to be changed to the name of Purchaser on the Closing Date, including the posting of any required deposits; provided, however, that Seller shall be entitled to a credit at the Closing for any utility deposits which it or its predecessors have made prior to the Closing Date, to the extent the same are transferred to Purchaser at Closing. Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the period prior to the Closing Date, and any utility deposits for which it does not receive a credit hereunder. If accounts are not set up in Purchaser’s name on the Closing Date, all charges for such utilities shall be prorated outside of escrow within 60 days after the Closing Date.
Items Not Prorated. The following items will not be apportioned between the Borrower and the Lender:
Items Not Prorated. Seller and Buyer agree that (a) none of the insurance policies relating to the Property will be assigned to Buyer and Buyer shall be responsible for arranging for its own insurance as of the Close of Escrow; (b) utilities, including telephone, electricity, water and gas are paid directly by Tenant to the applicable utility provider; and (c) Taxes are payable by Tenant on an annual basis when due. Accordingly, there will be no prorations for insurance, utilities or Taxes.
Items Not Prorated. Seller and Buyer agree that, if possible, in lieu of prorating utility charges, utilities shall be read on the Closing Date and appropriate measures taken to transfer such utilities to the name of Buyer on the Closing Date (it being understood that Seller shall be entitled to retain any utility deposits which it has made prior to the Closing Date and Buyer shall not be entitled to any credit therefor), provided, however, (x) Seller shall pay all utility and related costs, fees and expenses that relate to the period prior to the Closing Date, which obligation of Seller shall survive the Closing, and (y) Buyer shall pay all utility and related costs, fees and expenses that relate to any period on or after the Closing, which obligation of Buyer shall survive the Closing. Seller and Buyer further agree that none of Seller’s insurance policies relating to the Property will be assigned to Buyer, and therefore no prorations will be made for insurance.
Items Not Prorated. Buyer and Seller agree that: (1) the items set forth on Exhibit R-1 shall not be prorated at Closing between Seller and Buyer, and (2) Seller shall receive a credit at Closing in the amount of $646,617.90. In addition thereto, Seller and Buyer agree that Seller shall receive a credit at Closing of a sum equal to the amount of all rent delinquencies between the date of the execution of this Agreement and the day preceding the Closing Date. From and after the Closing Date, Buyer shall be entitled to all payments received from any tenant for such rent delinquencies. From and after the Closing Date, Buyer shall be entitled to all rights, benefits and income associated with the items set forth in Exhibit R-1 and shall also be responsible for and assume all obligations, burdens and expenses associated with such items. From and after the Closing Date, Buyer shall indemnify, defend with counsel reasonably acceptable to Seller, and hold Seller, its beneficiaries, successors and assigns, free and harmless from and against any and all liabilities, damages, losses, claims, penalties, fines, settlements, causes of action, costs or expenses including, without limitation, reasonable attorneys’ fees, directly or indirectly, arising from or attributable to, all of the matters set forth in Exhibit R-1.
