Common use of Prior Year's Reconciliation Clause in Contracts

Prior Year's Reconciliation. If the Closing occurs before Seller has performed the annual reconciliation of Additional Rent for the calendar year immediately preceding the calendar year in which the Closing occurs, then Seller shall, as soon as practicable after Closing, perform such reconciliation at its sole cost and expense. Upon completion of such annual reconciliation, Seller shall immediately deliver to Buyer a detailed description of any Additional Rent which are payable by or reimbursable to any present tenant (the "Prior Year Reconciliation"). The Prior Year Reconciliation shall be accompanied by all applicable back-up documentation, together with Seller's check for such Additional Rent which is reimbursable to a tenant. Based upon Seller's calculations, Buyer shall send customary statements for reimbursement of Additional Rent to tenants under the Leases based on the Prior Year Reconciliation, and shall remit to Seller within thirty (30) days of receipt, all sums so collected. If Seller's calculations show that Additional Rent has been overpaid by any present tenant and Seller has submitted its check to Buyer for such amounts, Buyer shall refund such Additional Rent to such tenant.

Prior Year's Reconciliation. If the Closing occurs before Seller has performed the annual reconciliation of Additional Rent Rents for the calendar year immediately preceding the calendar year in which the Closing occurs, then Seller shall, as soon as practicable after Closing, perform such reconciliation at its sole cost and expense. Upon completion of such annual reconciliation, Seller shall immediately deliver to Buyer Purchaser a detailed description of any Additional Rent Rents which are payable by or reimbursable to any present tenant (the "Prior Year ReconciliationPRIOR YEAR RECONCILIATION"). The Prior Year Reconciliation shall be accompanied by all applicable back-up documentation, together with Seller's check for such Additional Rent Rents which is are reimbursable to a tenant. Based upon Seller's calculations, Buyer Purchaser shall send customary statements for reimbursement of Additional Rent Rents to tenants under the Leases based on the Prior Year Reconciliation, and shall remit to Seller within thirty (30) days of receipt, all sums so collected. If Seller's calculations show that Additional Rent has Rents have been overpaid by any present tenant and Seller has submitted its check to Buyer Purchaser for such amounts, Buyer Purchaser shall refund such Additional Rent Rents to such tenant.