Common use of Owners’ Association Assessments Clause in Contracts

Owners’ Association Assessments. If the Property is located in a business park which is governed by an Owners’ Association, reciprocal easement agreement, covenants, conditions and restrictions or similar property-related agreement, and the association or other applicable Person charges assessments with respect to the Property, then at the Closing (a) if such charges are payable after the Closing Date for a period before the Closing Date, the Sellers shall pay to the Buyer on the Closing Date an amount equal to the amount of such charges allocated to the period before the Closing Date, prorated on a per diem basis, and (b) if such charges were paid before the Closing Date for a period from and after the Closing Date, the Buyer shall pay to the Sellers an amount equal to the amount of such charges reasonably allocated to the period from, including and after the Closing Date, prorated on a per diem basis.

Owners’ Association Assessments. If the Property is located in a business park which is governed by an Owners’ Association, reciprocal easement agreement, covenants, conditions and restrictions or similar property-related agreement, and the association or other applicable Person charges assessments with respect to the Property, then at the applicable Closing (a) if such charges are payable after the applicable Closing Date for a period before the applicable Closing Date, the Sellers shall pay to the Buyer on the applicable Closing Date an amount equal to the amount of such charges allocated to the period before the applicable Closing Date, prorated on a per diem basis, and (b) if such charges were paid before the applicable Closing Date for a period from and after the applicable Closing Date, the Buyer shall pay to the Sellers an amount equal to the amount of such charges reasonably allocated to the period from, including and after the applicable Closing Date, prorated on a per diem basis.