Prorations; Adjustments; Closing Costs. The following adjustments and prorations shall be computed as of the Closing Date and the Purchase Price shall be adjusted at Closing to reflect such prorations. All items of revenue, cost and expense of the Property with respect to the period before the Closing Date shall be for the account of Seller. All items of revenue, cost and expense of the Property with respect to the period on and after the Closing Date shall be for the account of Buyer. All prorations shall be based on a 30-day month. Buyer acknowledges that it shall be solely responsible for liabilities expressly assumed by Buyer in this Agreement and any expense related to the Hotel and Leases, and to Contracts, if any, assumed by Buyer with respect to the period on and after the Closing Date (the “Assumed Liabilities”) and shall also be entitled to all revenues with respect to the period on and after the Closing Date specifically excluding revenues related to lodging the night before the Closing Date, which shall be the property of Seller.
Prorations; Adjustments; Closing Costs. The following adjustments and prorations shall be computed as of the Prorations Date and the Purchase Price shall be adjusted to reflect such prorations; provided, however, the figures utilized by Seller for the proration of rents, security deposits and other expenses for the Property may be calculated using information from a date prior to the Prorations Date, but in no event more than four (4) Business Days prior to the Prorations Date. All costs and expenses of the Real Property with respect to the period prior to the Prorations Date shall be charged to Seller. All costs and expenses of the Real Property with respect to the period on and after the Prorations Date shall be charged to Buyer.
