PRORATIONS; CREDITS. The following recurring items will be made current (if applicable) and prorated as of 473 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 474 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 475 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, 476 in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required 477 by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will be credited 478 to Buyer. Escrow deposits held by Seller’s mortgagee will be paid to Seller. Taxes shall be prorated based on 479 current year’s tax. If Closing occurs on a date when current year’s millage is not fixed but current year’s assessment 480 is available, taxes will be prorated based upon such assessment and prior year’s millage. If current year’s 481 assessment is not available, then taxes will be prorated on prior year’s tax. If there are completed improvements 482 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st 483 of prior year, then taxes shall be prorated based upon prior year’s millage and at an equitable assessment to be 484 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an 485 informal assessment taking into account available exemptions. In all cases, due allowance shall be made for the 486 maximum allowable discounts and applicable homestead and other exemptions. A tax proration based on an 487 estimate shall, at either party’s request, be readjusted upon receipt of current year’s tax xxxx. This STANDARD K 488 shall survive Closing. 489 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 490 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 491 including a walk-through (or follow-up walk-through if necessary) prior to Closing.
PRORATIONS; CREDITS. Taxes, assessments, rent, interest, insurance and other expenses of the Premises shall be prorated through the day before closing unless they are the responsibility of Tenant under the Lease, in which case they shall not be prorated. Tenant shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at closing shall be increased or decreased as may be required by prorations to be made through the day prior to closing. Advance rent and security deposits will be credited to Tenant. Escrow deposits held by any mortgagee will be credited to Tenant if Tenant has provided the funds for the escrow, otherwise they will be paid to Landlord. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will be prorated on the prior year's tax. Tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax xxxx on condition that a statement to that effect is signed at closing.
PRORATIONS; CREDITS. Taxes, assessments and other expenses of the Property shall be prorated through the day before closing. Cash at closing shall be increased or decreased as may be required by prorations to be made through the day prior to closing, or occupancy, if occupancy occurs before closing. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based on such assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on prior year's tax. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill xx condition that a statement to that effect is signed at closing.
PRORATIONS; CREDITS. The following recurring items will be made current (if applicable) and prorated as of the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will be credited to Buyer. Escrow deposits held by Seller’s mortgagee will be paid to Seller. Taxes shall be prorated based on current year’s tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs on a date when current year’s millage is not fixed but current year’s assessment is available, taxes will be prorated based upon such assessment and prior year’s millage. If current year’s assessment is not available, then taxes will be prorated on prior year’s tax. If there are completed improvements on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year’s
PRORATIONS; CREDITS. (a) Rents, real property taxes and all other costs and expenses associated with the ownership and maintenance of the Property shall be prorated on this transaction as of the Closing Date in accordance with the procedures set forth on Exhibit “E” attached hereto. The obligations of Seller and Purchaser with respect to prorations shall survive Closing. Western Pacific’s lease provides for six months’ free rent at the starting lease rate of $45,784.00/month. Purchaser shall be credited at Close of Escrow for this free rent in the amount of $274,704.00. At Close of Escrow, Purchaser shall be credited $40,436 for 4 months of reduced rent payments from Xxxxxxx’s Produce based on the terms of its lease, and $35,000 to cover the tenant improvement allowance under the Western Pacific Lease.
(b) Notwithstanding the foregoing, Seller shall retain the exclusive right to appeal the valuation of the Properties used by the taxing authority for property tax assessments for the tax year 2014-2015 and any prior years. If Seller successfully appeals the valuation of the Properties which, after Closing, results in a reduction of real property taxes assessed against the Properties for the tax year 2014-2015 and a payment is made or credit is received by Purchaser as a result of such appeal, within thirty (30) days after Purchaser receives such payment or credit Purchaser shall remit to Seller a prorated payment based on the relative periods of time in which Seller and Purchaser owned the Property for the tax year 2014-2015. Purchaser’s obligations under this Paragraph 15 shall survive closing and shall be enforceable by Seller pursuant to the terms of this Agreement.
PRORATIONS; CREDITS. The following prorations and credits shall be made between Seller and Buyer on the Close of Escrow, computed as of the Close of Escrow:
PRORATIONS; CREDITS. Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before Closing. Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through day prior to Closing, or occupancy, if occupancy occurs before Closing. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax xxxx on condition that a statement to that effect is signed at Closing.
PRORATIONS; CREDITS. All prorations under this Section (i) shall be made as of 12:00 midnight on the day immediately preceding the Close of Escrow (the "Proration Cutoff'); and (ii) shall be made on the basis of a thirty (30) day month. The following items shall be credited to the parties or shall be prorated by the parties as of the Close of Escrow, as applicable, with the Seller responsible for expenses and entitled to revenues accruing prior to the Proration Cutoff, and Buyer responsible for expenses and entitled to revenues accruing after the Proration Cutoff:
(a) Escrow Holder shall prorate the real estate taxes with respect to the Land and Improvements for the current fiscal year as of the Close of Escrow based upon the most current real estate tax information available:
(b) Buyer and Seller acknowledge that if there has been completion of construction of improvements to the Property, additional or supplemental taxes ("Supplemental Taxes") may be assessed against the Property pursuant to Chapter 498, Statutes of 1983, of the State of California. Any bill xxx Supplemental Taxes which is not provided to Escrow Holder or which is issued after the Close of Escrow shall be prorated between Buyer and Seller outside of Escrow after the Close of Escrow, and Escrow Holder shall have no liability or responsibility whatsoever with respect to such Supplemental Taxes. Buyer shall remit its pro rata share of any such Supplemental Taxes, as reasonably determined by Seller, to Seller outside of Escrow within ten (10) days after Buyer's receipt of a copy of the bill xxx such Supplemental Taxes;
(c) Rents and other receivables under the Leases (collectively, "Rents") shall be prorated based on the Proration Schedule delivered to the Escrow Holder. If Seller collects any Rents after the Closing which are attributable to any period of time from and after the Closing Date, Seller shall remit such Rents directly to Buyer. If Buyer collects any Rents after the Close of Escrow which are attributable to any period of time prior to the Close of Escrow, Buyer shall promptly remit such Rents directly to Seller. If Seller has been unable to collect all Rents due and owing for periods preceding the Close of Escrow, Buyer shall use its reasonable efforts (without obligation to institute or prosecute any litigation) to collect such amounts from the applicable Tenants which are in occupancy as of the Close of Escrow and upon collection thereof shall remit the same to Seller (net of all reasonable costs ...
PRORATIONS; CREDITS. Taxes, assessments, rent, interest, insurance, and other expenses of the Property shall be prorated through the day before Closing. Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through day prior to Closing, or occupancy, if occupancy occurs before Closing. Advance rent and security deposits will be credited to Xxxxx. Escrow deposits held by mortgagee will be credited to Xxxxxx. Taxes shall be prorated based on the current year’s tax with due allowance made for maximum allowable discount, homestead, and other exemptions. If Closing occurs at a date when the current year’s millage is not fixed and current year’s assessment is available, taxes will be prorated based upon such assessment and prior year’s millage. If current year’s assessment is not available, then taxes will be prorated on the prior year’s tax. If there are completed improvements on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year’s millage and at an equitable assessment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effect is signed at Closing.
PRORATIONS; CREDITS
