Common use of Proration of Other Income and Expenses Clause in Contracts

Proration of Other Income and Expenses. The following items shall be apportioned at Closing and as of 12:01 a.m. the date of Closing: (i) any applicable tangible personal property taxes assessed against the Property, and (ii) fees for transferable licenses and permits, if any. All utilities shall be transferred from Seller to Buyer as of the date of Closing. Seller shall be entitled to receive all income in respect of the Property and shall be obligated to pay all expenses in respect of the Property for all time periods prior to the date of Closing, and Buyer shall be entitled to receive all such income and shall be obligated to pay all such expenses from and after the date of Closing. If on the date of Closing the tangible personal property tax bxxx is not available for then current year, the taxes shall be apportioned based upon the tax bxxx for the next preceding year, but such taxes shall be readjusted as soon as the tax bxxx for the current year is available.

Proration of Other Income and Expenses. The following items shall be apportioned at Closing and as of 12:01 a.m. the date of Closing: (i) any applicable tangible personal property taxes assessed against the Property, and (ii) fees for transferable licenses and permits, if any. All utilities shall be transferred from Seller to Buyer as of the date of Closing. Seller shall be entitled to receive all income in respect of the Property and shall be obligated to pay all expenses in respect of the Property for all time periods prior to the date of Closing, and Buyer shall be entitled to receive all such income and shall be obligated to pay all such expenses from and after the date of Closing. If on the date of Closing the tangible personal property tax bxxx is not available for the then current year, the taxes shall be apportioned based upon the tax bxxx for the next preceding year, but such taxes shall be readjusted as soon as the tax bxxx for the current year is available.