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.
B. The present insurance coverage and public utility service on the Property shall be terminated as of the Closing Date. Accordingly, there shall be no proration of insurance premiums or public utility bills.
C. All income from, and expenses of, the Property, including but not limited to operating expenses, maintenance charges and service charges, shall be prorated as of 12:01 a.m. (California time) on the Closing Date. The parties hereby agree to fully cooperate with each other for a period of sixty (60) days following the Closing to correctly adjust and prorate all costs and expenses which cannot be accurately adjusted and prorated as of the Closing.
D. Documentary transfer taxes and local transfer or conveyance taxes, if any, shall be paid by Seller.
E. Sales tax, if any, on the Included FF&E shall be paid by Purchaser and Purchaser shall defend and indemnify Seller with respect thereto.
F. Any escrow fee charged by the Escrow Holder shall be paid one-half (1/2) by Seller and one-half (1/2) by Purchaser. Purchaser shall pay the fee for the recording of the Grant Deed. Seller shall...
Prorations and Costs. Seller and Buyer agree to the following prorations and allocation of costs regarding this Agreement:
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. 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. Purchaser 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. Common Area Maintenance charges paid by Seller for the then current year, pursuant to that Declaration of Covenants, Conditions and Restrictions for Turkey Creek shall also be prorated at closing, effective as of the Closing Date. Purchaser shall receive a credit at Closing for the estimated cost of the reasonable repairs to the parking lot surface at the Seller’s restaurant at 000 Xxxx Xxxxx Xxxx, Xxxxxx, Tennessee, the amount of which will be provided to Seller in an itemized writing delivered before Closing.
Prorations and Costs. All property taxes and all other income and expenses with regard to the Premises shall be prorated between Lessor and Lessee through the Title Company Account as of the date of Closing. In the event the transaction contemplated by this Agreement does not close for any reason other than the default of Lessee, Lessor and Lessee shall equally share and pay any and all cancellation fees charged by the Title Company.
Prorations and Costs. All title insurance premiums, transfer taxes and escrow fees shall be paid according to customary practice in Contra Costa County.
Prorations and Costs. 18 8.1 Real Property and Improvements..................... 18 8.2
Prorations and Costs. 14.1 Seller and Purchaser agree that any apportionments or prorations to be made pursuant to the terms hereof shall be made as of midnight of the day preceding the Closing Date, with Purchaser receiving credit and bearing costs for Closing Date and thereafter, and Seller receiving credit and bearing costs for the period prior to the Closing Date. Any errors or omissions in computing apportionments or prorations at Closing shall be promptly corrected. The obligations set forth in this Section 14 shall survive the Closing.
14.2 Inasmuch as the Lease is a triple net lease, there will be no prorations of costs or expenses relating to the Property at Closing, other than, if applicable, prorations of the monthly base rent payable by Tenant under the Lease for the month in which the Closing occurs.
14.3 If, after Closing, it is determined that any item of income or expense was apportioned or prorated at Closing in error or on the basis of an estimate, or if it is determined that the parties failed to apportion or prorate an item at Closing which should have been prorated in accordance with this Agreement, Purchaser and Seller promptly upon discovery of such error, agree to calculate in good faith the proper apportionments or prorations of such item that should have been made, and, if it is determined that either party is required to pay the other a sum based on such post-Closing apportionment or proration, the party owing such sum shall pay the same to the other within fifteen (15) days after such amount has been determined.
Prorations and Costs. None of the transactions comprising the Closing shall be subject to or adjusted by any prorations. For each sold or conveyed interest, the transferee shall be responsible for all title insurance, escrow fees, transfer taxes and similar closing costs together with the cost of preparing and filing any tax returns or any accounting associated with the transferred interests. Each of Wxxxxx and EOP shall be responsible for any and all costs and expenses (including the fees and expenses of its attorneys, advisors and consultants) it may incur in connection with this Agreement. Neither WEO nor any subsidiary thereof shall incur any such costs or expenses.
