Prorations and Costs. A. General real estate taxes for the then current year relating to the Property shall be prorated as of the Closing Date. If Closing shall occur before the actual taxes for the then current year are known, the apportionment of taxes shall be upon the basis of taxes for the Properties for the immediately preceding year, provided that, if the taxes for the current year are thereafter determined to be more or less than the taxes for the preceding year (after any appeal of the assessed valuation thereof is concluded), Seller and Purchaser promptly shall adjust the proration of such taxes and Seller or Purchaser, as the case may be, shall pay to the other any amount required as a result of such adjustment. All special taxes or assessments (including any escaped assessments) which are attributable for the period prior to the Closing Date shall be paid by Seller and those due and payable for the period on or after the Closing Date shall be paid by Purchaser. All tax liability imposed by a Proposition 13 reassessment as a result of the Closing and solely relating to the transactions contemplated by this Agreement shall be borne by Purchaser. Without limiting the generality of the tax prorations set forth above in this Section 13.A, hereof, Seller shall be solely responsible for all taxes, documentary transfer taxes and escaped assessments relating to Mission City Corporate Center and Wateridge Plaza which accrued from the date CalPERS acquired such properties until the Opening of Escrow or as a result of any transaction or event relating to Mission City Corporate Center and Wateridge Plaza which occurred from the date CalPERS acquired such properties until the Opening of Escrow and Seller shall indemnify and hold Purchaser harmless from any claims for such taxes and assessments, which indemnity shall survive the Closing.
Prorations and Costs. 22 F. Landlord's Closing Documents..................................................................23 G. Tenant's Closing Documents....................................................................23 LEASE ----- THIS LEASE is made as of the ___ day of December, 2003, by and between Bradco Supply CoRPORATION, a New Jersey corporation ("Landlord"), and WICKES INC., a Delaware corporation ("Tenant").
Prorations and Costs. Rent shall be prorated on a statement ("Closing -------------------- Statement") as of the Closing Date on amortized basis. There shall be no proration of the real estate taxes. Landlord shall pay for the Commitment and Title Policy to be issued by the Title Company, the cost of recording documents to clear Landlord's title and all recording costs other than those to be paid by Tenant, the local real estate conveyance taxes with respect to the Deed, the cost of the Survey and one-half of the cost of the Escrow. Tenant shall pay for the cost of recording the Deed and one-half of the cost of the Escrow.
Prorations and Costs. A. All real estate taxes relating to the Property shall be prorated as of 12:01 am (California time) on the Closing Date (such that all taxes, costs and expenses accruing on the Closing Date shall be charged to Purchaser and all income and revenue from the Property (if any) on the Closing Date shall be for the account of Purchaser). If Closing shall occur before the actual taxes for the then current year are known, the apportionment of taxes shall be upon the basis of taxes for the Property for the immediately preceding year, provided that, if the taxes for the current year are thereafter determined to be more or less than the taxes for the preceding year (after any appeal of the assessed valuation thereof is concluded), Seller and Purchaser promptly shall adjust the proration of such taxes and Seller or Purchaser, as the case may be, shall pay to the other any amount required as a result of such adjustment. All special taxes or assessments due and payable prior to the Closing Date shall be prorated as of 12:01 am on the Closing Date, and those due and payable after the Closing Date shall be paid by Purchaser. All taxes, whether retroactive or not, imposed as a result of this transaction (but not the transaction pursuant to which Seller acquired the Property) or due to a change in the use of the Property after Closing, from the use prior to Closing, shall be paid by Purchaser.
Prorations and Costs. Seller and Buyer agree to the following prorations and allocation of costs regarding this Agreement:
Prorations and Costs. All receipts and disbursements relating to the Tracts will be prorated at the Closing as of the Closing Date, and the parties will pay such amounts as provided in the Closing Statement for each of their respective Tracts.
Prorations and Costs. The amount, if any, required of Buyer under Sections 7.5 through Section 7.8 below, delivered at least one (1) business day prior to the Closing Date;
Prorations and Costs. Ad valorem taxes for the then current year shall be prorated at the Closing effective as of the Closing Date. If the Closing shall occur before the tax rate is fixed for the then current year, the proration of taxes shall be based upon taxes for the prior year and adjusted for the year of closing when they become finally determined with such settlement to be made within ten (10) days after the date taxes are finally determined. Seller shall be responsible for any and all taxes related to the Real Estate for years prior to Closing due to a change in land usage or ownership. Seller shall also be responsible for any and all transfer taxes and documentary stamps and/or recording fees payable on account of transfer of title to the Real Estate to Purchaser. Charges made by the Title company for its services shall be divided equally between. the parties.
Prorations and Costs. Seller shall pay (a) the premiums for the standard title insurance policies (Buyer shall pay the premiums for the extended coverage); (b) all transfer and sales taxes; and (c) one-half ( 1/2) of the Escrow fees. All other costs and expenses will be allocated between Buyer and Seller in the customary manner. Prorations (including, without limitation operating expenses and taxes) will be prorated through Escrow in accordance with custom. VIII ESCROW PERIOD Escrow shall be opened as mutually agreed upon promptly following the execution of the Purchase Agreement. Escrow shall close not later than 30 days from the end of the Due Diligence period, or upon approval of the loan assumptions, where applicable, whichever is later.
Prorations and Costs. (a) Because, under the Lease, all expenses relating to the Property shall be paid by Salex as Tenant, there shall be no prorations of any expenses under the Lease, including real estate taxes and assessments.
