Common use of Prorations and Fees Clause in Contracts

Prorations and Fees. Current real property taxes on the Subject Property shall be prorated as of the date of Closing based upon the latest available tax xxxx. Seller shall be responsible for paying any additional taxes, penalties and interest, including but not limited to compensatory or roll back taxes, on the Subject Property arising from the termination of a preferential tax classification of the Subject Property payable as a result of the conveyance to Buyer or as a result of Buyer's conveyance to a public agency as contemplated by the parties to this Agreement. The State of Maine transfer tax shall be paid one-half by Buyer and one-half by Seller, at the then current rate. Other fees and charges shall be allocated in accordance with the customary practice of Cumberland County.

Prorations and Fees. Current real property taxes on the Subject Property shall be prorated as of the date of Closing based upon the latest available tax xxxxbill. Seller shall be responsible for paying any additional taxes, penalties and interest, including but not limited to compensatory or roll back taxes, on the Subject Property arising from the termination of a preferential tax classification of the Subject Property payable as a result of the conveyance to Buyer or as a result of BuyerXxxxx's conveyance to a public agency as contemplated by the parties to this Agreement. The State of Maine transfer tax shall be paid one-half by Buyer Xxxxx and one-half by Seller, at the then current rate. Other fees and charges shall be allocated in accordance with the customary practice of Cumberland County.