Common use of Method of Prorations Clause in Contracts

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. Real estate and personal property taxes and assessments will be prorated between HSRE JV I Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. The estimated tax amount calculated for appraisal purposes, and to be used for proration purposes, is $317,000. Any taxes paid at or prior to the San Marcos Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs or any prior years have not been paid before the San Marcos Closing, Purchaser shall be credited by HSRE JV I Member at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs have been paid before the San Marcos Closing, HSRE JV I Member shall be credited by Purchaser at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. Rents collected after the San Marcos Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos Closing occurred, second to the month in which the San Marcos Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing that, based on the foregoing, should be applied to HSRE JV I Member’s period of ownership of the San Marcos Property, Purchaser shall promptly pay such rent to HSRE JV I Member. Rents collected by HSRE JV I Member after the Closing to which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year of the San Marcos Closing and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. Real estate and personal property taxes and assessments will be prorated between HSRE JV I III Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. The estimated If the current tax amount calculated for appraisal purposesxxxx is not available at the JV III Closing, and to then the proration shall be used for proration purposes, is $317,000made on the basis of 110% of the most recent ascertainable tax xxxx. Any taxes paid at or prior to the San Marcos JV III Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos JV III Closing occurs or any prior years have not been paid before the San Marcos JV III Closing, Purchaser shall be credited by HSRE JV I III Member at the time of the San Marcos JV III Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos JV III Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos JV III Closing occurs have been paid before the San Marcos JV III Closing, HSRE JV I III Member shall be credited by Purchaser at the time of the San Marcos JV III Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos JV III Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. Rents collected after the San Marcos JV III Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos JV III Closing occurred, second to the month in which the San Marcos JV III Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos JV III Closing occurred. If Purchaser collects rent subsequent to the San Marcos JV III Closing that, based on the foregoing, should be applied to HSRE JV I III Member’s period of ownership of the San Marcos JV III Property, Purchaser shall promptly pay such rent to HSRE JV I III Member. Rents collected by HSRE JV I III Member after the JV III Closing to which Purchaser is entitled under this Section 2(f)(ii4(f)(ii) shall be promptly delivered to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1l) year of the San Marcos JV III Closing and both parties agree upon the amount of the post-Closing adjustment; adjustment provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. Real estate and personal property taxes and assessments will be prorated between HSRE JV I XX XX Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. The estimated If the current tax amount calculated for appraisal purposesxxxx is not available at the XX XX Closing, and to then the proration shall be used for proration purposes, is $317,000made on the basis of 110% of the most recent ascertainable tax xxxx. Any taxes paid at or prior to the San Marcos XX XX Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos XX XX Closing occurs or any prior years have not been paid before the San Marcos XX XX Closing, Purchaser shall be credited by HSRE JV I XX XX Member at the time of the San Marcos XX XX Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos XX XX Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos XX XX Closing occurs have been paid before the San Marcos XX XX Closing, HSRE JV I XX XX Member shall be credited by Purchaser at the time of the San Marcos XX XX Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos XX XX Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. Rents collected after the San Marcos XX XX Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos XX XX Closing occurred, second to the month in which the San Marcos XX XX Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos XX XX Closing occurred. If Purchaser collects rent subsequent to the San Marcos XX XX Closing that, based on the foregoing, should be applied to HSRE JV I XX XX Member’s period of ownership of the San Marcos XX XX Property, Purchaser shall promptly pay such rent to HSRE JV I XX XX Member. Rents collected by HSRE JV I XX XX Member after the XX XX Closing to which Purchaser is entitled under this Section 2(f)(ii3(f)(ii) shall be promptly delivered to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year of the San Marcos XX XX Closing and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. 4.3.2.1 Real estate and personal property taxes and assessments will be prorated between HSRE JV I Member Extra Space and Purchaser HSRE-ESP for the period for which such taxes are assessed, regardless of when payable. The estimated If the current tax amount calculated for appraisal purposesxxxx is not available at Closing, and to then the proration shall be used for proration purposes, is $317,000made on the basis of 100% of the most recent ascertainable tax xxxx. Any taxes paid at or prior to the San Marcos Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs or any prior years have not been paid before the San Marcos Closing, Purchaser HSRE-ESP shall be credited by HSRE JV I Member Extra Space at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos Closing Proration Date and Purchaser HSRE-ESP shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs have been paid before the San Marcos Closing, HSRE JV I Member Extra Space shall be credited by Purchaser HSRE-ESP at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos Proration Date. For each Facility for which a current tax xxxx for the year in which the Closing occurs is not available at Closing, at such time as the current tax xxxx for the year in which the Closing occurs becomes available, Extra Space and HSRE-ESP shall re-prorate real estate taxes and each agrees to pay to the other such amounts as are determined to be due and owing by such party pursuant to such re-proration within twenty (20) days written notice from the other. 4.3.2.2 “Delinquent Rents” (as defined below) owed by tenants who have no Delinquent Rents which are more than thirty (30) days delinquent as of the Proration Date shall be prorated as of the Proration Date as if fully collected on the Proration Date. Except as provided in the preceding sentence, Delinquent Rents shall not be prorated and all Delinquent Rents shall be the property of HSRE-ESP as of the Closing Date. All prorations for real estate taxes that are based As used herein, “Delinquent Rents” means all rent due and payable as of the Proration Date and applicable, on estimates shall be reprorated when an accrual basis, to any period of time preceding the actual taxes for the applicable period are ascertainable. ii. Rents collected Proration Date, including, but not limited to, checks received after the San Marcos Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos Closing occurredProration Date, second to the month in which the San Marcos Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued but prior to the month in which the San Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing that, based on the foregoing, should be applied to HSRE JV I Member’s period of ownership of the San Marcos Property, Purchaser shall promptly pay such rent to HSRE JV I Member. Rents collected by HSRE JV I Member after the Closing to which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered to PurchaserDate. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year of the San Marcos Closing and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. 6.3.2.1. at Closing, (A) Seller shall credit to the account of Purchaser the amount of all security deposits (together with interest required to be paid thereon) held or required to be held by Seller under the Leases; (B) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Premises which are duly assigned to Purchaser at Closing; and (C) Seller shall credit to Purchaser any and all prepaid Rentals, along with any prepaid monthly rent applicable to the period on or subsequent to the Closing Date (“Prepaid Rentals”); 6.3.2.2. Real estate and personal property ad valorem taxes and assessments will be prorated between HSRE JV I Member and Purchaser applicable to the MOB Property for the period for which such taxes are assessed, regardless of when payable. The estimated tax amount calculated for appraisal purposes, and to be used for proration purposes, is $317,000. Any taxes paid at or prior to the San Marcos Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal calendar year in which the San Marcos Closing occurs shall be prorated as of the Closing Date between Seller and Purchaser, and said proration will be based upon the most recently available tax information and valuation with respect to the MOB Property or any prior years upon the actual tax bills if they have not been paid before the San Marcos prepared and issued. Purchaser and Seller shall make adjustments between themselves post-Closing, Purchaser shall be credited by HSRE JV I Member at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos Closing Date and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs have been paid before the San Marcos Closing, HSRE JV I Member shall be credited by Purchaser at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos Closing Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. Rents collected after the San Marcos Closing shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos Closing occurred, second to the month in which the San Marcos Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing thatif necessary, based on the foregoingactual tax bills for the MOB Property, should be applied to HSRE JV I Member’s period correct the proration of ownership taxes at Closing within thirty (30) days of the San Marcos Propertyissuance of final tax bills. Seller shall be responsible for all charges or assessments incurred against the MOB Property up to and including the Closing Date. 6.3.2.3. Seller shall be responsible for the payment of, or providing Purchaser with a credit against the Purchase Price equal to, all Tenant Inducement Costs and leasing commissions which are set forth in a Lease existing as of the Effective Date, which are not payable prior to the Closing Date. With respect to Tenant Inducement Costs or leasing commissions relating to Leases, or any modification, amendment, restatement or renewal thereto, entered into after the Effective Date with Purchaser’s consent in accordance with Section 4.3 hereof (hereinafter referred to as a “New Lease”), Seller and Purchaser agree that such costs and commissions shall be prorated over the term of any New Lease with Seller being responsible for a portion of such costs and commissions based on the ratio of base rent payments received by Seller through the Closing Date to the total base rent payable over the term of the particular New Lease. If, as of the Closing Date, Seller shall have paid any Tenant Inducement Costs or leasing commissions for which Purchaser is responsible pursuant to the forgoing provisions, Purchaser shall promptly pay such rent to HSRE JV I Memberreimburse Seller therefor at Closing. Rents collected by HSRE JV I Member after If, as of the Closing Date, Seller shall not have paid any Tenant Inducement Costs or leasing commissions for which Seller is responsible, Purchaser shall receive a credit at Closing in such amounts. For purposes hereof, the term “Tenant Inducement Costs” shall mean any payments required under a Lease to which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered paid by the landlord thereunder to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment or for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year benefit of the San Marcos Closing and both parties agree upon tenant thereunder which is in the amount nature of the post-Closing adjustment; provideda tenant inducement, howeverincluding specifically, that the one (1) year limitation shall not apply with respect to real estate taxes.without limitation,

Method of Prorations. Notwithstanding anything contained in -------------------- the foregoing provisions: i. Real (a) At Closing, (1) Seller shall credit to the account of Purchaser the amount of all unapplied cash Security Deposits (together with any interest required to be paid thereon under the Leases) held by Seller under Leases, (2) Seller shall credit to the account of Purchaser the amount of any Rents that Seller has received as of Closing and that are attributable to the month(s) subsequent to the month in which the Closing occurs, and (3) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Property which the utility companies permit to be assigned and which are assigned to Purchaser at Closing pursuant to the Service Contract Assignment. (b) Purchaser and Seller agree to prorate real estate and personal property taxes and assessments will be prorated between HSRE JV I Member and Purchaser for the period for which such taxes are assessed, regardless of when payable. The estimated tax amount calculated , it being acknowledged that the real estate taxes for appraisal purposesthe Property, which are due and payable during the fourth quarter of each year, are comprised of several components payable to be used for proration purposes, is $317,000several different taxing bodies and which are attributable to different fiscal periods. Any taxes paid at or prior to the San Marcos Closing shall be prorated as aforesaid based upon the amounts actually paid, with Purchaser being charged and Seller being credited at Closing with that portion of such taxes and assessments which relates to the period on or after the Closing Date. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs or any prior years have been determined but have not been paid before the San Marcos Closing, Purchaser Seller shall be charged and Purchaser credited by HSRE JV I Member at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable relates to the period before the San Marcos Closing Date and Purchaser shall pay the such taxes and assessments after Closing prior to their becoming delinquent. If the actual taxes and assessments are not known at Closing, the proration shall be based upon the most recent assessed values and tax rates. To the extent that the actual taxes and assessments paid differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between themselves within 30 days of the issuance of final tax bills. (c) Purchaser shall be responsible for the fiscal year payment of (1) all Tenant Inducement Costs (as hereinafter defined) and leasing commissions which are set forth on EXHIBIT S attached hereto, (2) all --------- Tenant Inducement Costs and leasing commissions which are set forth in a Lease existing as of the date hereof and pursuant to the applicable Lease are not due and payable prior to the Closing Date and are not payable in connection with the existing (or any prior) term or tenancy of the applicable premises covered by such Lease (it being understood that the amounts for which the San Marcos Closing occurs have been paid before the San Marcos Closing, HSRE JV I Member Purchaser shall be credited by Purchaser liable pursuant to this sub-clause (2) include any amounts payable at the time of a tenant's exercise of any rights after Closing which occurs during the San Marcos existing term or any future term of the Lease, including an election to expand into additional space not occupied as of Closing with an amount equal to that portion for the remainder of the existing term of such taxes tenant's Lease), and assessments which are ratably attributable to the period from and after the San Marcos Closing Date(3) all New Lease Costs (as defined in Section 11.L. below). All prorations for real estate taxes that are based on estimates Seller shall be reprorated when the actual taxes responsible for the applicable period are ascertainable. ii. Rents collected after the San Marcos Closing shall be deemed to apply first to current rents payment of all Tenant Inducement Costs and rents accrued subsequent to the month in which the San Marcos Closing occurred, second to the month in which the San Marcos Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued leasing commissions payable prior to the month Closing Date which are not described in which the San Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing thatclause (1), based on the foregoing, should be applied to HSRE JV I Member’s period of ownership (2) or (3) of the San Marcos Propertypreceding sentence and, in the event that any such amounts are payable after Closing, then Seller shall be charged and Purchaser shall promptly pay be credited at Closing with such rent to HSRE JV I Member. Rents collected by HSRE JV I Member after amounts and Purchaser shall thereafter be responsible for the Closing to which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year payment of the San Marcos Closing and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.such

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. (a) Real estate and personal property taxes and assessments will be prorated between HSRE JV I Member and Purchaser Campus Crest for the period for which such taxes are assessed, regardless of when payable. The estimated tax amount calculated for appraisal purposes, and to be used for proration purposes, is $317,000496,787.33. Any taxes paid at or prior to the San Marcos Closing Effective Date shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos Closing Effective Date occurs or any prior years have not been paid before the San Marcos ClosingEffective Date, Purchaser Campus Crest shall be credited by HSRE JV I Member at the time of the San Marcos Closing Effective Date with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos Closing Effective Date and Purchaser Campus Crest shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos Closing Effective Date occurs have been paid before the San Marcos ClosingEffective Date, HSRE JV I Member shall be credited by Purchaser Campus Crest at the time of the San Marcos Closing Effective Date with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos Closing Effective Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. (b) Rents collected after the San Marcos Closing Effective Date shall be deemed to apply first to current rents and rents accrued subsequent to the month in which the San Marcos Closing Effective Date occurred, second to the month in which the San Marcos Closing Effective Date occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos Closing Effective Date occurred. If Purchaser Campus Crest collects rent subsequent to the San Marcos Closing Effective Date that, based on the foregoing, should be applied to HSRE JV I Memberthe Joint Venture’s period of ownership of the San Marcos PropertyProperties, Purchaser Campus Crest shall promptly pay 50.1% of such rent to HSRE JV I MemberHSRE. Rents collected by the Joint Venture or HSRE JV I Member after the Closing to which Purchaser Campus Crest is entitled under this Section 2(f)(iiParagraph 8(b) shall be promptly delivered to PurchaserCampus Crest. iii. (c) Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one (1) year of the San Marcos Closing Effective Date and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to real estate taxes.

Method of Prorations. Notwithstanding anything contained in the foregoing provisions: i. 4.3.2.1 Real estate and personal property taxes and assessments will be prorated between HSRE JV I Member Extra Space and Purchaser HSRE-ESP for the period for which such taxes are assessed, regardless of when payable. The estimated If the current tax amount calculated for appraisal purposesxxxx is not available at Closing, and to then the proration shall be used for proration purposes, is $317,000made on the basis of 100% of the most recent ascertainable tax xxxx. Any taxes paid at or prior to the San Marcos Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs or any prior years have not been paid before the San Marcos Closing, Purchaser HSRE-ESP shall be credited by HSRE JV I Member Extra Space at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the San Marcos Closing Proration Date and Purchaser HSRE-ESP shall pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for the fiscal year in which the San Marcos Closing occurs have been paid before the San Marcos Closing, HSRE JV I Member Extra Space shall be credited by Purchaser HSRE-ESP at the time of the San Marcos Closing with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period from and after the San Marcos Closing Proration Date. All prorations For each Facility for which a current tax xxxx for the year in which the Closing occurs is not available at Closing, at such time as the current tax xxxx for the year in which the Closing occurs becomes available, Extra Space and HSRE-ESP shall re-prorate real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are ascertainable. ii. Rents collected after the San Marcos Closing shall be deemed and each agrees to apply first to current rents and rents accrued subsequent to the month in which the San Marcos Closing occurred, second to the month in which the San Marcos Closing occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the San Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing that, based on the foregoing, should be applied to HSRE JV I Member’s period of ownership of the San Marcos Property, Purchaser shall promptly pay such rent to HSRE JV I Member. Rents collected by HSRE JV I Member after the Closing to which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered to Purchaser. iii. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other such amounts as are determined to be due and owing by such party pursuant to such re-proration within one twenty (120) year days written notice from the other. 4.3.2.2 “Delinquent Rents” (as defined below) owed by tenants who have no Delinquent Rents which are more than thirty (30) days delinquent as of the San Marcos Closing and both parties agree upon the amount Proration Date shall be prorated as of the post-Closing adjustment; providedProration Date as if fully collected on the Proration Date. Except as provided in the preceding sentence, however, that the one (1) year limitation Delinquent Rents shall not apply with respect to real estate taxes.be prorated