Common use of Prorations and Payments in Escrow Account Clause in Contracts

Prorations and Payments in Escrow Account. All rentals, revenues, and other income, if any, from the Property, and taxes and other regular expenses, if any, affecting the Property shall be paid or shall be prorated as of midnight on the day preceding the Closing in accordance with the provisions set forth below. For purposes of calculating prorations, Buyer shall be deemed to be in title to the Property, and therefore entitled to the income and responsible for the expenses, for the entire day upon which the Closing occurs. Any apportionments and prorations which are not expressly provided for in this Section 7 shall be made in accordance with local customary practice. Buyer and Seller agree to prepare a schedule of tentative adjustments prior to the Closing. Such adjustments, if and to the extent known and agreed upon as of the Closing, shall be paid by Buyer to Seller (if the prorations result in a net credit to the Seller) or by Seller to Buyer (if the prorations result in a net credit to the Buyer), by increasing or reducing the cash to be paid by Buyer at the Close of Escrow. Any such adjustments not determined or not agreed upon as of the Closing shall be paid by Buyer to Seller, or by Seller to Buyer as the case may be, in cash as soon as practicable following the Closing, but (except with respect to Taxes) in any event within ninety (90) days after the date of Closing, and the parties obligations with respect to such prorations shall survive Closing. A copy of the schedule of adjustments as agreed upon by Buyer and Seller shall be delivered to Escrow Agent at least one (1) business day prior to the scheduled date of the Closing.

Prorations and Payments in Escrow Account. All Subject to the provisions of this Agreement, all rentals, revenues, and other income, if any, from the Property, and taxes and other regular expenses, if any, affecting the Property shall be paid or shall be prorated as of midnight on the day preceding the Closing in accordance with the provisions set forth below. For purposes of calculating prorations, Buyer shall be deemed to be in title to the Property, and therefore entitled to the income and responsible for the expenses, for the entire day upon which the Closing occurs. Any apportionments apportion­ments and prorations which are not expressly provided for in this Section 7 below shall be made in accordance with local customary practice. Buyer and Seller agree to prepare a schedule of tentative adjustments prior to the Closing. Such adjustments, if and to the extent known and agreed upon as of the Closing, shall be paid by Buyer to Seller (if the prorations result in a net credit to the Seller) or by Seller to Buyer (if the prorations result in a net credit to the Buyer), by increasing or reducing the cash to be paid by Buyer at the Close of Escrow. Any such adjustments not determined or not agreed upon as of the Closing shall be paid by Buyer to Seller, or by Seller to Buyer as the case may be, in cash as soon as practicable practica­ble following the Closing, but (except with respect to Taxes) in any event within ninety (90) days after the date of Closing, and the parties obligations with respect to such prorations shall survive Closing. A copy of the schedule of adjustments adjust­ments as agreed upon by Buyer and Seller shall be delivered to Escrow Agent at least one (1) business day prior to the scheduled date of the ClosingClosing Date.

Prorations and Payments in Escrow Account. All Subject to the provisions of this Agreement, all rentals, revenues, and other income, if any, from the Property, and taxes and other regular expenses, if any, affecting the Property shall be paid or shall be prorated as of midnight on the day preceding the Closing in accordance with the provisions set forth below. For purposes of calculating prorations, Buyer shall be deemed to be in title to the Property, and therefore entitled to the income and responsible for the expenses, for the entire day upon which the Closing occurs. Any apportionments and prorations which are not expressly provided for in this Section 7 below shall be made in accordance with local customary practice. Buyer and Seller agree to provide Escrow Agent with the information necessary to prepare a schedule of tentative adjustments at least two (2) business days prior to the Closing. Such adjustments, if and to the extent known and agreed upon as of the Closing, shall be paid by Buyer to Seller (if the prorations result in a net credit to the Seller) or by Seller to Buyer (if the prorations result in a net credit to the Buyer), by increasing or reducing the cash to be paid by Buyer at the Close of Escrow. Any such adjustments not determined or not agreed upon as of the Closing shall be paid by Buyer to Seller, or by Seller to Buyer as the case may be, in cash as soon as practicable following the Closing, but (except with respect to Taxes) in any event within ninety (90) days after the date of Closing, and the parties obligations with respect to such prorations shall survive Closing. A copy of the schedule of adjustments as agreed upon by Buyer and Seller shall be delivered to Escrow Agent at least one (1) business day prior to the scheduled date of the ClosingClosing Date.