Common use of Prorations and Credits Clause in Contracts

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.