Common use of Items Not Prorated Clause in Contracts

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) to the extent the same are in the name of Seller, 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 in the name of Seller 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 in the amount of 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 the Closing Date, and any utility deposits for which it does not receive a credit hereunder). Accordingly, there will be no prorations for insurance or utilities (except to the extent provided herein for utility deposits). Notwithstanding the foregoing, in the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(e) above.

Items Not Prorated. Seller and Buyer agree that (a) on the Closing Date, the Title Company shall have received, or shall have made satisfactory arrangements to receive post-funding, a duly executed release of lien to be recorded in the real property of the parish where the Property is located, with respect to each mortgage or deed of trust encumbering the Property; (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 (bc) to the extent the same are in the name of Seller, utilities, including telephone, electricity, water and gas, shall be read on not more than fifteen (15) days prior to the Closing Date and Buyer shall be responsible for all the necessary actions needed to arrange for utilities in the name of Seller 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 in the amount of 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 the Closing Date, and any utility deposits for which it does not receive a credit hereunder)or its predecessors may have posted. Accordingly, there will be no prorations for debt service, insurance or utilities (except to the extent provided herein for utility deposits)utilities. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(e6.3(b) above.

Items Not Prorated. Seller and Buyer agree that (a) on the Close of Escrow, other than the Loan, 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 be responsible for arranging for its own insurance as of the Closing DateClose of Escrow; and (bc) to the extent the same are in the name of Seller, utilities, including telephone, electricity, water and gas, shall be read on the Closing Date Close of Escrow and Buyer shall be responsible for all the necessary actions needed to arrange for utilities in the name of Seller to be transferred to the name of Buyer on the Closing DateClose of Escrow, including the posting of any required deposits (it being understood, however, that Seller shall be entitled to a credit at the Closing in the amount of 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 the Closing DateClose of Escrow, and any utility deposits for which it does not receive a credit hereunder)or its predecessors may have posted. Accordingly, there will be no prorations for insurance or utilities (except to the extent provided herein for utility deposits)utilities. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(esubparagraph (1)(e) above. Interest and any required principal payments due in the month of Closing on the Loan shall be ratably prorated. Seller shall receive a credit in the amount of any impounds or deposits with Lender if the same are assigned to Buyer at Closing.

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; provided, however, that Seller may use proceeds from the sale to payoff any financing through Escrow concurrently with the Close of Escrow; (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 DateClose of Escrow; and (bc) to the extent the same are in the name final reading of Seller, all meters for all public utilities, including telephone, electricity, sewer, water and gas, shall be ordered read by Seller on the Closing Date Close of Escrow and all charges to said date shall be paid by Seller and Buyer shall be responsible for all the necessary actions needed to arrange for utilities in the name of Seller to be transferred to the name of Buyer on the Closing DateClose of Escrow, including the posting of any required deposits (it being understood, however, that Seller shall be entitled to a credit at the Closing in the amount of 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 the Closing DateClose of Escrow, and any utility deposits for which it does not receive a credit hereunder)or its predecessors may have posted. Accordingly, there will be no prorations for debt service, insurance or utilities (except to the extent provided herein for utility deposits)utilities. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(e) 6.7.2 above. Seller shall obtain any statements required by any governmental authority respecting the status of the account for any such utilities.

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) to the extent the same are in the name of Seller, 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 in the name of Seller 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 in the amount of 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 the Closing Date, and any utility deposits for which it does not receive a credit hereunder). Accordingly, there will be no prorations for insurance or utilities (except to the extent provided herein above for utility deposits). Notwithstanding the foregoing, in the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(e6D(1)(d) 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) to the extent the same are in the name of Seller, 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 in the name of Seller 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 in the amount of 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 or insurance, utilities (except to the extent provided herein above for utility deposits), or payroll. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(esubparagraph (1)(d) 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 will be responsible for arranging for its own insurance as of the Closing Date; and (b) to the extent the same are in the name of Seller, utilities, including telephone, electricity, water and gas, shall will be read on the Closing Date and Buyer shall will be responsible for all the necessary actions needed to arrange for utilities in the name of Seller 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 will be entitled to a credit at the Closing in the amount of for any utility deposits which it or its predecessors have made prior to the Closing Date, to the extent the same are transferred credited to BuyerBuyer at Closing, and Seller shall will 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); and (c) on the Closing Date, the Property will not be subject to any financing obtained by Seller or its predecessors. Accordingly, there will be no prorations for insurance or insurance, utilities (except to the extent provided herein above for utility deposits), payroll or debt service. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall will be prorated in the manner provided in Section 6D(1)(esubparagraph (1)(d) 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) to the extent the same are in the name of Seller, 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 in the name of Seller to be transferred to the name of Buyer on the Closing Date, including the posting of any required deposits (it being understood, however, understood that Seller shall be entitled to a credit at recover and retain from the Closing in the amount providers of such utilities (i) 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 (ii) any refunds or overpayments to the extent applicable to the period prior to the Closing Date); (c) no employee of Seller performing services at or related to the Property shall become the employee of Buyer; and (d) on the Closing Date, and it is contemplated that the Property will not be subject to any utility deposits for which it does not receive a credit hereunder)financing obtained by Seller or its predecessors. Accordingly, there will be no prorations for insurance insurance, utilities, payroll or utilities (except to the extent provided herein for utility deposits)debt service. Notwithstanding the foregoing, in In the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(esubparagraph 5D(1)(c) above.

Items Not Prorated. Seller and Buyer Purchaser agree that that: (a) none of the insurance policies relating to the Property will be assigned to Buyer Purchaser and Buyer Purchaser shall be responsible for arranging for its own insurance as of the Closing Date; and (b) to the extent the same are in the name of Seller, utilities, including telephone, electricity, water and gas, shall be read on the Closing Date and Buyer Seller shall be responsible for all the necessary actions needed to arrange for utilities in the name of Seller meters to be transferred read, and Purchaser shall be responsible for utilities to be changed to the name of Buyer Purchaser on the Closing Date, including the posting of any required deposits (it being understooddeposits; provided, however, that Seller shall be entitled to a credit at the Closing in the amount of for 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 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). AccordinglyIf accounts are not set up in Purchaser’s name on the Closing Date, there will be no prorations all charges for insurance or such utilities (except to the extent provided herein for utility deposits). Notwithstanding the foregoing, in the event a meter reading is unavailable for any particular utility, such utility shall be prorated in outside of escrow within 60 days after the manner provided in Section 6D(1)(e) aboveClosing Date.