PRORATIONS AND ALLOCATIONS. (a) Collected rents, interest on the first mortgage, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash for all escrows held by the existing first mortgage holder and transferred to Buyer at closing.
Appears in 2 contracts
Samples: Real Estate Purchase Agreement (Realmark Property Investors LTD Partnership V), Real Estate Purchase Agreement (Realmark Property Investors LTD Partnership V)
PRORATIONS AND ALLOCATIONS. (a) Collected rents, common area charges, escalations, interest on the first mortgage, laundry income, service contracts, equipment leases or other personal property financing, utility deposits, insurance and other expenses whether or not a lien, assessed or to be assessed for the year in which the transaction is consummated will be prorated as to the Property as of the date of the Closing. All utility bills relating to the period prior to the Closing Date shall be paid by Seller. Seller shall terminate all utility relationships with respect to the Property as of the Closing Date. Buyer shall pay Seller cash for all escrows held by the existing first mortgage holder and transferred to Buyer at closing.
Appears in 2 contracts
Samples: Real Estate Purchase Agreement (Realmark Property Investors LTD Partnership V), Real Estate Purchase Agreement (Realmark Property Investors LTD Partnership Iii)