Property Tax Prorations Sample Clauses

Property Tax Prorations. All prorations or adjustments to be made herein shall be made as of the Close Date on the basis of a thirty (30) day calendar month. Escrow Holder shall prorate property taxes on the best figures available from the Los Angeles County Tax Collector. The parties acknowledge that the entire Property may not be separately assessed from other lot/units within the Project and, in such event, tax figures shall be computed on the proportionate basis each lot/unit bears to the total Project. The parties further acknowledge that during the period of July 1st until the annual tax bills are issued, taxes may be estimated by Seller in accordance with the most recently ascertainable tax xxxx or assessment and Escrow Holder is authorized to use the figures so provided by Seller without further approval and prorate accordingly, including credit to Seller if prepaid. The Property will be subject to reassessment following the Close Date by the Los Angeles County Tax Assessor and such reassessments occurring subsequent to the Close Date will result in a supplemental tax xxxx and Buyer is solely responsible for the payment of such supplemental tax xxxx if such property taxes are allocable to a time period that follows the Close Date. Neither Seller nor Escrow Holder has any obligation for the payment of such supplemental tax xxxx.
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Property Tax Prorations. Real and personal property taxes for the Properties for the year in which Closing occurs shall be prorated between Flextrend and the Company as of January 1, 1998. If the actual taxes are not known as of the Closing Date, the Company's share of such taxes shall be determined by using (i) the rates and mileages for the year prior to the year in which the Closing occurs, with appropriate adjustments for any known and verifiable changes thereto, and (ii) the assessed values for the year in which Closing occurs.
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Property Tax Prorations. All real, personal and intangible property taxes ("PROPERTY TAXES") assessed against the DTI Assets shall be prorated as of the Closing Date in the manner set forth in this Section 6.2(c). Sellers' pro-rata portion of Property Taxes shall be equal to the sum of Property Taxes (calculated as set forth below) for (i) all Assessment Periods ending on or before the Closing Date and (ii) the entire applicable Straddle Assessment Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Assessment Period that are in the Pre-Closing Assessment Period and the denominator of which is the total number of days in the Straddle Assessment Period. All calculations of Property Taxes shall be based on current-year taxes, if known on the Closing Date, or the immediate prior year's taxes if current-year taxes are unascertainable (the "CLOSING DATE PRORATION"). Buyer shall receive a credit on the Closing Date against the applicable purchase price for Property Taxes attributable to Pre-Closing Assessment Periods that are due and payable after the Closing Date. Conversely, the applicable purchase price shall be increased on the Closing Date for Buyers' pro-rata portion of Property Taxes for Post-Closing Assessment Periods that were paid on or prior to the Closing Date. At least five (5) Business Days prior to the Closing Date, Sellers shall prepare and deliver to Buyer a statement indicating the amount of the Closing Date Proration to be reflected as adjustments to the applicable purchase prices. To the extent the Closing Date Proration is not based upon current-year taxes, Sellers and Buyer agree to adjust the Closing Date Proration after all current tax statements have been received and to make payments to the appropriate parties as adjustments to the applicable purchase price.
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Property Tax Prorations. City, state and county ad valorem taxes and assessments for the calendar year of the Closing shall be prorated between Seller and Buyer as of midnight of the day immediately preceding the Closing Date based upon the ad valorem tax xxxx for the Property for such year. Any prorations favoring Buyer shall reduce the cash payable by Buyer at the Closing, and such prorations favoring Seller shall increase the cash payable by Buyer at the Closing.
Sample 1
Property Tax Prorations. Real and personal property taxes for the Properties for the year in which Closing occurs shall be prorated between SN and Altpoint’s immediate predecessor under the Redemption Agreement as of the Effective Date. If the actual taxes are not known as of the Closing Date, Altpoint’s immediate predecessor’s share of such taxes shall be determined by using (i) the rates for the year prior to the year in which the Closing occurs, with appropriate adjustments for any known and verifiable changes thereto, and (ii) the assessed values for the year in which Closing occurs.
Sample 1
Property Tax Prorations. As applicable, all real estate taxes, ad valorem personal property and inventory taxes, fire district taxes, and other such charges constituting a lien or encumbrance on any of the Purchased Assets (collectively “Property Taxes”), shall be prorated on the basis of the fiscal year (regardless of the date of assessment) of the state, county, city or town or school, fire or other special district in which any respective Purchased Assets are situated (the “Fiscal Year”). All unpaid Property Taxes that relate to Fiscal Years ending on or before the Closing Date shall be the responsibility of Seller or Property Sellers. Property Taxes that relate to the Fiscal Year in which the Closing occurs shall be prorated between Seller or the respective Property Seller and Purchaser, with Seller or the respective Property Seller being responsible for the portion of such Fiscal Year up to and including the Closing Date and Purchaser being responsible for the portion of such Fiscal Year after the Closing Date. Property Taxes that relate to a Fiscal Year commencing after the Closing Date shall be the responsibility of Purchaser. All installments of Property Taxes having a due date on or before the Closing Date shall be paid by Seller or the respective Property Seller on or before the Closing Date, and Purchaser shall pay all installments of Property Taxes having a due date after the Closing Date.
Sample 1

Related to Property Tax Prorations

  • Property Taxes Landlord shall pay, prior to delinquency, all general real estate taxes and installments of special assessments coming due during the Lease term on the Leased Premises, and all personal property taxes with respect to Landlord's personal property, if any, on the Leased Premises. Tenant shall be responsible for paying all personal property taxes with respect to Tenant's personal property at the Leased Premises.

  • Real Property Taxes Taxes, assessments and charges now or hereafter levied or assessed upon, or with respect to, the Project, or any personal property of Landlord used in the operation thereof or located therein, or Landlord's interest in the Project or such personal property, by any federal, state or local entity, including: (i) all real property taxes and general and special assessments; (ii) charges, fees or assessments for transit, housing, day care, open space, art, police, fire or other governmental services or benefits to the Project, including assessments, taxes, fees, levies and charges imposed by governmental agencies for such purposes as street, sidewalk, road, utility construction and maintenance, refuse removal and for other governmental services; (iii) service payments in lieu of taxes; (iv) any tax, fee or excise on the use or occupancy of any part of the Project, or on rent for space in the Project; (v) any other tax, fee or excise, however described, that may be levied or assessed as a substitute for, or as an addition to, in whole or in part, any other Real Property Taxes; and (vi) reasonable consultants' and attorneys' fees and expenses incurred in connection with proceedings to contest, determine or reduce Real Property Taxes. Real Property Taxes do not include: (A) franchise, transfer, inheritance or capital stock taxes, or income taxes measured by the net income of Landlord from all sources, unless any such taxes are levied or assessed against Landlord as a substitute for, in whole or in part, any Real Property Tax; (B) Impositions and all similar amounts payable by tenants of the Project under their leases; and (C) penalties, fines, interest or charges due for late payment of Real Property Taxes by Landlord. If any Real Property Taxes are payable, or may at the option of the taxpayer be paid, in installments, such Real Property Taxes shall, together with any interest that would otherwise be payable with such installment, be deemed to have been paid in installments, amortized over the maximum time period allowed by applicable law. If the tax statement from a taxing authority does not allocate Real Property Taxes to the Building, Landlord shall make the determination of the proper allocation of such Real Property Taxes based, to the extent possible, upon records of the taxing authority and, if not so available, then on an equitable basis. Real Property Taxes also do not include any increases in the taxes, assessments, charges, excises and levies assessed against the Project due solely to the construction or installation of tenant improvements or other alterations by tenants of the Project other than Tenant and any other tenants or occupants of the Building; provided, however, that if any Real Property Taxes are imposed or increased due to the construction or installation of tenant improvements or other alterations in the Building, such Real Property Taxes shall be equitably prorated in Landlord's reasonable judgment between Tenant and any other tenants of the Building.

  • Personal Property Taxes (a) Lessee shall pay prior to delinquency all taxes assessed against and levied upon trade fixtures, furnishings, equipment and all other personal property of Lessee contained in the Premises or elsewhere. When possible, Lessee shall cause said trade fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Lessor.

  • Proration For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration of the Adviser's fee on the basis of the number of days that the Agreement is in effect during such month and year, respectively.

  • LESSEE'S PROPERTY TAXES Lessee shall pay prior to delinquency all taxes assessed against and levied upon Lessee-Owned Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all personal property of Lessee contained in the Premises or stored within the Industrial Center. When possible, Lessee shall cause its Lessee-Owned Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Lessor. If any of Lessee's said property shall be assessed with Lessor's real property, Lessee shall pay Lessor the taxes attributable to Lessee's property within ten (10) days after receipt of a written statement setting forth the taxes applicable to Lessee's property.

  • Tax Expenses Tenant shall pay to Landlord Tenant’s Share of all Tax Expenses applicable to the Project. Prior to delinquency, Tenant shall pay any and all taxes and assessments levied upon Tenant’s Property (defined below in Section 10) located or installed in or about the Premises by, or on behalf of Tenant. To the extent any such taxes or assessments are not separately assessed or billed to Tenant, then Tenant shall pay the amount thereof as invoiced by Landlord. Tenant shall also reimburse and pay Landlord, as Additional Rent, within ten (10) days after demand therefor, one hundred percent (100%) of (i) any increase in real property taxes attributable to any and all Alterations (defined below in Section 10), Tenant Improvements, fixtures, equipment or other improvements of any kind whatsoever placed in, on or about the Premises for the benefit of, at the request of, or by Tenant, and (ii) taxes and assessments levied or assessed upon or with respect to the possession, operation, use or occupancy by Tenant of the Premises or any other portion of the Project. “Tax Expenses” means, without limitation, any form of tax and assessment (general, special, supplemental, ordinary or extraordinary), commercial rental tax, payments under any improvement bond or bonds, license fees, license tax, business license fee, rental tax, transaction tax or levy imposed by any authority having the direct or indirect power of tax (including any governmental, school, agricultural, lighting or other improvement district) as against any legal or equitable interest of Landlord in the Premises, Project or Park or any other tax, fee, or excise, however described, including, but not limited to, any tax resulting from the recordation of any parcel or subdivision map with respect to the Park and/or any tax imposed in substitution (partially or totally) of any tax previously included within the definition of Tax Expenses. “Tax Expenses” shall not include (a) any franchise, estate, inheritance, net income, or excess profits tax imposed upon Landlord, (b) any penalty or fee imposed solely as a result of Landlord’s failure to pay Tax Expenses when due, and (c) any items included as Operating Expenses. In the event that a parcel or subdivision map with respect to the Park or a portion of the Park is recorded by Landlord, Tenant’s Share of Tax Expenses shall be commensurately revised to reflect any increases or decreases that may result from the impact of such parcel or subdivision map.

  • Personal Property Tax All personal property taxes will be paid by the Contractor.

  • Ad Valorem Taxes Prior to delinquency, Tenant shall pay all taxes and assessments levied upon trade fixtures, alterations, additions, improvements, inventories and personal property located and/or installed on or in the Premises by, or on behalf of, Tenant; and if requested by Landlord, Tenant shall promptly deliver to Landlord copies of receipts for payment of all such taxes and assessments. To the extent any such taxes are not separately assessed or billed to Tenant, Tenant shall pay the amount thereof as invoiced by Landlord.

  • Real Estate Taxes and Assessments Xxxxx is aware that all property is subject to the possibility of reassessment which may result in increased real estate taxes.

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