Common use of Items to be Prorated Clause in Contracts

Items to be Prorated. Subject to the immediately following paragraph, the items set forth in this Section 6.8.1 shall be prorated between Seller and Buyer as of 11:59:59 pm on the day prior to the Closing Date with (i) Buyer being deemed the owner of the Property as of the Closing Date and with Buyer receiving credit for or charged with the entire day of the Closing and (ii) Seller being deemed the owner of the Property on the entire day prior to the Closing Date and with the applicable Seller receiving credit for or charged with the entire day prior to the Closing. Except as hereinafter expressly provided, all prorations shall be done on the basis of the actual number of days in the year in which Closing occurs for the actual number of days elapsed to the Closing Date or the actual number of days in the month in which the Closing occurs and the actual number of days elapsed in such month to the Closing Date, as applicable.