Proration of Utilities. Utilities and other customarily prorated expenses, including but not limited to water, sewer, gas, electricity, trash removal and fire protection service, and any Service Contracts (other than management or leasing contracts (subject to the obligation of Purchaser to pay finder's fees and commissions as expressly provided in Section 5(g)), to the extent paid for by Seller or required to be paid for by Seller for a period after Closing, will be prorated as of the Closing Date. Other expenses relating to the Property up to the Closing Date and all periods prior thereto, including without limitation, all operating expenses, costs under Service Contracts, costs incurred or ordered by Seller or Seller's agents that are not to be transferred, and insurance and administrative expenses, will be paid for by Seller; it being understood and agreed that Purchaser shall not be liable therefor. Seller will not assign to Purchaser, and Purchaser will not be entitled to, any deposits held by any utility company or other company servicing the Property; but rather such deposits will be returned to Seller and Purchaser will arrange and bear all responsibility to arrange with all utility companies to have accounts styled in Purchaser's name beginning on the Closing Date. The provisions of this Section 5(h) shall survive the Closing.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.), Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.), Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.)
