Common use of Proration of Taxes at Closing Clause in Contracts

Proration of Taxes at Closing. All non-delinquent real estate taxes and special assessments, if any, assessed against the Property shall be prorated between Seller and Purchaser as of the Closing Date in the customary fashion, based upon the actual current tax xxxx. If the most recent tax xxxx received by Seller before the Closing Date is not the actual current tax xxxx, then Seller and Purchaser shall initially prorate the real estate taxes at the Closing by applying the tax rate indicated on the most recent tax xxxx received by Seller to the latest assessed valuation, and shall re-prorate the real estate taxes retroactively at the Final Closing Adjustment. All real estate taxes accruing before the Closing Date shall be the obligation of Seller and all real estate taxes accruing on and after the Closing Date shall be the obligation of Purchaser. Any delinquent real estate taxes assessed against the Property shall be paid (together with any interest and penalties) by Seller at the Closing. Any general or special assessments, if any, assessed against the Property for work which has been completed prior to the Closing shall be paid for in full by Seller at or prior to the Closing; provided, however that if any such assessment is payable in installments, Seller shall pay all of such installments due through the day prior to the Closing, and Purchaser shall be responsible for the balance of such installments. All other assessments shall be paid by Purchaser when due (and if due prior to Closing, shall be paid at or prior to Closing).

Proration of Taxes at Closing. All non-delinquent real estate taxes and special assessments, if any, assessed against the Property shall be prorated between Seller and Purchaser as of the Closing Date in the customary fashionPurchaser, based upon the actual current tax xxxx. If the most recent tax xxxx received by Seller before the Closing Date is not the actual current tax xxxx, then Seller and Purchaser shall initially prorate the real estate taxes at the Closing by applying the most recent tax assessment rate indicated on established by the District of Columbia to the latest assessed valuation established by the District of Columbia for tax purposes (which may be from a notice of assessment or the most recent tax xxxx received by Seller to the latest assessed valuationxxxx), and shall re-prorate reprorate the real estate taxes retroactively at the Final Closing Adjustment. All real estate taxes accruing before the Closing Date (no matter when assessed or levied) shall be the obligation of Seller and all real estate taxes accruing on and after the Closing Date shall be the obligation of Purchaser. Any delinquent real estate taxes assessed against the Property shall be paid (together with any interest and penalties) by Seller at the Closing. Any general The parties acknowledge that there is pending a request for a real estate tax exemption, waiver or special assessmentsabatement on account of CoStar’s occupancy of the Building that may serve to reduce or eliminate real estate taxes for the Building, if any, assessed against the Property for work which has been completed prior pursuant to the “Technology Act” (as defined in the CoStar Lease). Any reduction in real estate taxes pursuant to the immediately preceding sentence which accrues for any period before the Closing Date shall be paid for taken into account in full by Seller at or prior to making the Closing; provided, however that proration under this Section 5.3(a) (if any such assessment is payable in installments, Seller shall pay all the amount of such installments due through the day prior to the Closing, and Purchaser shall be responsible for the balance of such installments. All other assessments shall be paid by Purchaser when due (and if due reduction is ascertained prior to Closing, ) or Section 5.8 (if the amount of such reduction is ascertained after Closing. The applicable provisions of the CoStar Lease shall be paid at or prior control with respect to Closing)CoStar’s entitlement to the benefit of such reduction in real estate taxes.

Proration of Taxes at Closing. All non-delinquent real estate taxes and special assessments, if any, Real Estate Taxes assessed against the Real Property and all non-delinquent personal property taxes assessed against the Personal Property ("PERSONAL PROPERTY TAXES") shall be prorated between the Seller and the Purchaser as of the Closing Date in the customary fashionon an accrual basis, based upon the actual current tax xxxx. If the most recent tax xxxx received by the Seller before the Closing Proration Date is not the actual current tax xxxx, then the Seller and the Purchaser shall initially prorate the real estate taxes Real Estate Taxes at the Closing by applying 100% of the tax rate indicated on for the period covered by the most recent current available tax xxxx received by Seller to the latest assessed valuation, and shall re-prorate reprorate the real estate taxes Real Estate Taxes retroactively at the Final Closing Adjustment49 Adjustment so long as the actual current tax xxxx is then available. All real estate taxes Real Estate Taxes and Personal Property Taxes accruing before the Closing Proration Date shall be the obligation of the Seller. Purchaser is exempt from all Real Estate Taxes and Personal Property Taxes. In no event shall Seller have any obligation for Real Estate Taxes and all real estate taxes Personal Property Taxes accruing on and after the Closing Date shall be the obligation of PurchaserProration Date. Any delinquent real estate taxes Real Estate Taxes assessed against the Real Property shall be paid (together with any interest and penalties) by the Seller at the Closing. Any general or special assessments, if any, assessed against Closing from the Property for work which has been completed prior to the Closing shall be paid for in full by Seller at or prior to the Closing; provided, however that if any such assessment is payable in installments, Seller shall pay all of such installments due through the day prior to the Closing, and Purchaser shall be responsible for the balance of such installments. All other assessments shall be paid by Purchaser when due (and if due prior to Closing, shall be paid at or prior to Closing)Purchase Price.