Prorations and Credits. The following items in this Section 5.4 shall be adjusted and prorated between Seller and Purchaser as of 11:59 P.M. on the day preceding the Closing, based upon the actual number of days in the applicable month or year:
Prorations and Credits. (a) The following items shall be prorated as of 11:59 p.m. of the day immediately preceding the Closing Date. To the extent that the amounts of the items to be prorated are ascertainable as of the Closing Date, they shall be prorated at the Closing. To the extent that the amounts of the items to be prorated are not reasonably ascertainable as of the Closing Date, they shall be adjusted as promptly after the Closing as the amounts thereof are ascertained. Any errors or omissions in computing the prorations at the Closing shall be promptly corrected and this obligation shall survive the Closing hereunder for a period of twelve (12) months from the Closing Date.
i) Water, sewer, fire protection, inspection services, electric, telephone and all other utility charges.
ii) Prepaid rents (including tax and similar participations), utility deposits, and income from cable television and telephone providers, vending machines and other sources.
iii) Prepaid service, maintenance and other similar items with respect to the Service Contracts.
iv) Such other items of income and expenses as are customarily prorated in real estate transactions.
v) Rents (including furniture, carport, garage and all other rental amounts payable by tenants of the Property) for the month of Closing shall be prorated. Unpaid rents from tenants shall not be prorated at the Closing. In the event that on the Closing Date any tenant is in arrears in the payment of rent for the month of the Closing and/or any months prior thereto, Buyer shall hold any rents (net of the reasonable costs of collection) collected after the Closing Date from such tenant in trust for the benefit of Seller, and shall promptly remit such rents (net of reasonable costs of collection) to Seller for application in reduction of such arrearage; provided, however, that no sums received by Buyer shall be so held or paid to Seller for application to rents in arrears unless and until such rent and other charges due for the periods subsequent to the Closing shall have been received and retained by Buyer. Buyer agrees to use reasonable efforts to collect rent arrearages due Seller from tenants, provided that Buyer shall not be obligated to commence any litigation against such tenants, incur any expense in collecting such arrearages (other than the expense of routine billing) or terminate a Tenant Lease.
vi) Real estate taxes, special assessments and assessments under the Declaration. Notwithstanding anything to the contrary containe...
Prorations and Credits. The items in this Section 5.4 shall be prorated between Seller and Purchaser or credited, as specified:
Prorations and Credits. Buyer and Seller agree that Buyer shall pay all closing costs and all real property taxes, assessments and other similar matters pertaining to the Subject Property, including those due on November 30, 2018, and that no prorations or credits are to be made or due.
Prorations and Credits. The items in this Section 5.4 shall be prorated between Contributor and GIPLP or credited, as specified:
Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 dues, and other similar items shall be prorated and credited along with security deposits and 123 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 special service area taxes, or fees or other similar items charged against the premises 125 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 private association or a Court. 127 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 assessment and exemption information published on the county assessor’s website within 7 130 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 final acceptance evidence of changes in the assessment and exemption information. Seller 132 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 exemptions.
Prorations and Credits. (a) The following items shall be prorated and apportioned as of the Closing Date: net general real estate taxes, utility charges, current and prepaid rent, and any amounts payable under the Contracts. For the purposes of prorating real estate and personal property taxes on the Closing Date, the taxes for the year of closing shall be prorated based upon the prior year's net tax amounts. Municipal parking fees shall be reflected, if necessary, to avoid Buyer incurring any liability for parking fees collected or assessed prior to the Closing Date. Special assessments, if any, for work on site actually commenced, announced, or levied before the Closing Date, and all charges, tap fees, paybacks, and other obligations for improvements affecting the Property and imposed prior to the Closing Date, and the costs of restoring the Property as nearly as possible to the condition that existed before such work or improvements, shall be paid by Seller; provided, however, that the restoration costs, if any, shall be included in the costs of remedying Defects under Section 4(c) and accordingly shall be subject to the limitations on Seller's liability in Section 4(c). Income and expenses attributable to the Closing Date shall accrue to Seller.
(b) Buyer shall receive credit for free rent and other rent concessions made or granted by Seller with respect to any portion of the Property. On the Closing Date, Seller shall pay to Buyer the amount of any rent security deposits then held by Seller together with accrued interest, if any.
Prorations and Credits. The items in this Section 5.4 shall be prorated between Seller and Purchaser or credited, as specified herein. All matters involving prorations or adjustment to be made in connection with the Closing and not specifically provided for in some other provision of this Agreement shall be prorated as of midnight of the day immediately preceding the Closing Date.
Prorations and Credits. The Purchase Price shall be further adjusted by the net amount of prorations and credits under Section 5.5.
Prorations and Credits. (a) All rentals (including all CAM, tax, insurance and trash charges, but excluding all marketing and promotional charges and all percentage rentals) and all other income related to the Property shall be prorated between Seller and Buyer effective as of 12:00 midnight on the day prior to the Closing Date (the "Proration Time") based in the case of December rentals only, on rentals invoiced without regard to amounts actually collected. All rentals received by Seller prior to the Closing Date for months after the Closing Date shall be credited to Buyer at Closing.
(b) Percentage rentals under each Tenant Lease shall be adjusted between Seller and Buyer based on the lease year or other applicable annual period used to compute percentage rent under the Tenant Lease (the "Lease Year") with Seller being entitled to a fraction of the total percentage rent paid by the Tenant for the Lease Year determined by dividing the number of days in such Lease Year through the Proration Time by the total number of days in the Lease Year, with Buyer being entitled to the balance. For instance, if the Proration Time is midnight on December 21, 2000, the Lease Year for a particular tenant expires on January 31, 2001, and the total percentage rent paid by the Tenant is $10,000, Seller would be entitled to $8876.71 (314/365 x $10,000). The adjustment for percentage rentals shall not occur on the Closing Date, but shall occur on a Tenant Lease by Tenant Lease basis promptly after the percentage rent is paid as set forth in the post closing procedure attached as Exhibit U.
(c) Promotional and marketing payments by Tenants, and promotional and marketing expenses for calendar year 2000 shall not be adjusted at Closing. Seller shall be solely entitled to all such payments and solely responsible for all such expenses. Instead, on a Property by Property basis, Seller shall credit Buyer at Closing with an amount equal to the excess of the promotional or marketing fund payments received by Buyer over the promotional or marketing fund expenses paid by Seller for the 2000 calendar year (including carry-forwards). Buyer acknowledges and agrees that the amounts credited to Buyer pursuant to this subsection 5.3 (c) shall be used for future promotional and marketing fund expenses. Seller shall not receive a credit if, as to a particular Property, the promotional or marketing fund expenses for the 2000 calendar year (including carry-forwards) exceed the promotional or marketing fund charges recei...
