Common use of Prorations of Rents, Taxes, Etc Clause in Contracts

Prorations of Rents, Taxes, Etc. Real estate taxes for the year of closing shall be prorated as of the date of Closing either using actual tax figures or, if actual figures are not available, then using as a basis for said proration the most recent assessed value of the Real Estate multiplied by the current tax rate, with a subsequent cash adjustment to be made between Purchaser and Seller when actual tax figures are available. Personal property taxes, annual permit or inspection fees, sewer charges and other expenses normal to the operation and maintenance of the Property shall also be prorated as of the date of Closing. Rents that have been collected for the month of the Closing will be prorated at the Closing, effect as of the date of the Closing. With regard to rents that are delinquent as of the date of the Closing, (i) no proration will be made at the Closing, (ii) Purchaser will make a good faith effort after the Closing to collect the rents in the usual course of Purchaser's operation of the Property, and (iii) Purchaser will apply all rents collected first to the current rents and the excess amount, if any, shall be applied to the delinquent rent owed to Seller. It is agreed, however, that Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents. Rents collected by Purchaser after the Closing Date, to which Seller is entitled, shall be promptly paid to Seller. As of the Closing Date, Purchaser shall be entitled to a credit for any tenant deposits under the leases. All items (including taxes) that are not subject to an exact determination shall be estimated by the parties. When any item so estimated is, after the Closing capable of exact determination, the party in possession of the facts necessary to make the determination shall send the other party a detailed report on the exact determination so made and the parties shall adjust the prior estimate within thirty (30) days after both parties have received said reports.

Prorations of Rents, Taxes, Etc. Real estate taxes for the year of closing 1997 shall be prorated as of the date of Closing either using actual tax figures or, if actual figures are not available, then using as a basis for said proration the most recent assessed value of the Real Estate Property multiplied by the current tax rate, with a subsequent cash adjustment to be made between Purchaser and Seller when actual tax figures are availableavailable and payment shall be promptly made by either party owing same based on such adjusted proration. If after Closing, real estate taxes are payable with respect to any period prior to Closing, then Seller shall be obligated to pay such taxes. Personal property taxes, annual permit or inspection fees, fees and sewer charges and other expenses normal to the operation and maintenance of the Property shall also be prorated as of the date of Closing. Rents that have been collected for the month of the Closing will be prorated at the Closing, effect effective as of the date of the Closing. After the Closing, Purchaser will assume full responsibility for all security deposits and advance rental deposits of current Tenants of the Real Property held by Seller at the Closing, to the extent such deposits are itemized by Seller and transferred and paid over to Purchaser at the Closing pursuant to next paragraph of this Article V. With regard to rents that are delinquent as of the date of the Closing, (i) no proration will be made at the Closing, (ii) Purchaser will make a good faith effort after the Closing to collect the rents in the usual course of Purchaser's operation of the Property, and (iii) . Purchaser will apply all rents collected by Purchaser first to all rents first payable by the current Tenants after the Closing, then to rents for the month in which Closing occurs (prorated between Seller and Purchaser as of the date of Closing), and the excess amount, if any, shall be applied to the delinquent rent owed to Seller. Rents collected by Purchaser after the Closing Date, to which Seller is entitled hereunder, if any, as set forth above, shall be promptly paid to Seller. Rents collected by Seller subsequent to the Closing Date, if any, shall be promptly turned over to Purchaser in whole, to be applied by Purchaser as set forth above. It is agreed, however, agreed that Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents. Rents collected by Purchaser Seller shall not commence any action against any Tenant after the Closing Datefor past due rents, to and Seller shall, effective as of the Closing, terminate any litigation against any Tenant which Seller is entitled, shall be promptly paid to Selleron-going as of such date. As of the Closing Date, Purchaser shall be entitled to a credit against the Purchase Price for any tenant security deposits under the leases. All items (including taxesany pet and/or cleaning deposits) that and accrued interest to which Tenants are not subject entitled pursuant to an exact determination the Leases or law which are to be assigned to Purchaser at the Closing. Final readings on all gas, water, sewer and electric meters and any fuel tanks shall be estimated by the parties. When any item so estimated is, after made as of the Closing capable of exact determinationDate, the party in possession if possible. If reading is not possible as of the facts necessary Closing Date, a reading shall be obtained as of a date not more than thirty (30) days prior to make the determination Closing Date, and the unfixed meter charges based thereon for the intervening period shall send be apportioned on the basis of such last reading. Upon the taking of a subsequent actual reading, such apportionment shall be readjusted and Seller or Purchaser, as the case may be, will promptly deliver to the other party the amount determined to be so due upon such readjustment. If Seller is unable to furnish any such prior reading, Purchaser shall obtain a detailed report on the exact determination so made and the parties shall adjust the prior estimate reading within thirty (30) days after both parties have received said reportsthe Closing Date, or soon as possible thereafter, which shall be apportioned on a per diem basis from the date of the reading taken immediately prior thereto and Seller shall pay the proportionate charges due up to the date of Closing. Any deposits made by Seller with utility companies shall be returned by the utility companies to Seller without proration by the parties. Purchaser shall be responsible for making all arrangements for the continuation of utility services. Seller and Purchaser shall apportion as of the Closing Date all amounts paid or payable in respect of any Contract assigned to Purchaser pursuant to the aforedescribed Xxxx of Sale and General Assignment, including but not limited to, any up-front "bonus" payments made in consideration of entering into any Contract (which up-front "bonus" payments, if any, shall be prorated based upon the unexpired term of the Contract). Except as expressly set forth in this Agreement, the customs of the Parish in which the Property is located shall govern prorations.

Prorations of Rents, Taxes, Etc. Real estate taxes for the year of closing shall be prorated as of 12:01 a.m. on the date of Closing either using actual tax figures or, if actual figures are not available, then using as a basis for said proration the most recent assessed value of the Real Estate multiplied by the current tax rate, with a subsequent cash adjustment to be made between Purchaser and Seller when actual tax figures are available. Purchaser acknowledges that the costs associated with the appeal of real estate taxes shall be treated as an expense of the Property, and to the extent tenant leases provide for payment of a portion of such costs, such amounts shall be prorated and reimbursed to Seller in accordance with this Article V. Personal property taxes, annual permit or inspection fees, sewer charges and other expenses normal to the operation and maintenance of the Property shall also be prorated as of 12:01 a.m. on the date of Closing. With respect to any property tax appeals or reassessments filed by Seller before or after the Closing Date for tax years prior to the tax fiscal year in which the Closing occurs, any and all payments received shall belong to Seller. Rents that have been collected for the month of the Closing will be prorated at the Closing, effect effective as of 12:01 a.m. on the date of the Closing. With regard to rents that are delinquent as of the date of the Closing, (i) no proration will be made at the Closing, (ii) Purchaser will make a good faith effort after the Closing to collect the rents in the usual course of Purchaser's operation of the Property, and (iii) Purchaser will apply all rents so collected first to the current rents, second to delinquent rents owed to Purchaser, third to costs of collection of any such delinquent rents, and the excess amount, if any, shall then be applied to the delinquent rent rents owed to Seller. It is agreed, however, that Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents. Rents collected by Purchaser Seller after the Closing Date, to which Seller is entitled, Date shall be promptly paid delivered to SellerPurchaser for allocation and distribution as set forth hereinabove. As of the Closing Date, Purchaser shall be entitled to a credit for any tenant deposits under the leases. Final readings on all gas, water and electric meters shall be made as of 12:01 a.m. on the date of closing, if possible. If final readings are not possible, gas, water and electricity charges will be prorated based on the most recent period for which costs are available. Any deposits made by Seller with utility companies shall be returned to Seller. Purchaser shall be responsible for making all arrangements for the continuation of utility services and Seller shall cooperate with Purchaser to the extent required to accomplish such continuation. After the Closing, Purchaser will assume full responsibility for all security deposits and advance rental deposits of current tenants of the Real Property currently held by Seller, which items will be itemized by Seller and credited to Purchaser at the Closing. All items (including taxes) that are not subject to an exact determination shall be estimated by the parties. When any item so estimated is, within twelve months after the Closing Closing, capable of exact determination, the party in possession of the facts necessary to make the determination shall send the other party a detailed report on the exact determination so made and the parties shall adjust the prior estimate within thirty (30) days after both parties have received said reports. Notwithstanding the foregoing, Purchaser acknowledges that Seller reserves the right to any appeal of the real property tax assessments for the Property for the year 2002 and all years prior to the Closing. Seller agrees to cooperate and coordinate with Purchaser in connection with any appeal for tax year 2002. Seller further agrees to take no action that may prejudice any tax appeal rights that Purchaser may have for its period of ownership during tax year 2002. The provisions of this Article V shall survive the Closing.

Prorations of Rents, Taxes, Etc. Real estate taxes for the year of closing shall be prorated as of the date of Closing Closing, based on maximum discount if tenants' payments for real estate taxes are calculated based on maximum discount, either using actual tax figures or, if actual figures are not available, then using as a basis for said proration the most recent assessed value of the Real Estate multiplied by the most current tax rate, with a subsequent cash adjustment to be made between Purchaser and Seller when actual tax figures are available. Personal property taxes, annual permit or inspection fees, sewer charges and other expenses normal to the operation and maintenance of the Property shall also be prorated as of the date of Closing. Rents that have been collected for the month of the Closing will be prorated at the Closing, effect effective as of the date of the Closing. With regard to rents that are delinquent as of the date of the Closing, (i) no proration will be made at the Closing, (ii) Purchaser will make a good faith effort after the Closing to collect the rents in the usual course of Purchaser's operation of the Property, and (iii) Purchaser will apply all rents collected first to current rents and, unless specifically designated otherwise by the current tenant, post-closing delinquent rents and the excess amount, if any, shall be applied to the delinquent rent owed to Seller, and (iv) Purchaser will provide Seller with a copy of any correspondence received from or mailed to tenants in connection with rents due Seller under the terms of this Agreement. It is agreed, however, that Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents. Rents collected by Purchaser after the Closing Date, to which Seller is entitled, shall be promptly paid to Seller. Seller shall retain the right to take legal action, if necessary, to collect any delinquent rents not collected by Purchaser and Purchaser shall not interfere with and shall cooperate with such legal action. Percentage Rents and tenant reimbursements shall also be prorated, based on the number of days in the applicable period. Percentage Rents and tenant reimbursements not yet due and payable at Closing but allocable to the period Seller owned the Property shall be collected by Purchaser when due and paid to Seller upon receipt. Purchaser shall use commercially reasonable efforts to collect such amounts and shall provide Seller with a copy of any correspondence received from or sent to tenants in connection with percentage rents and tenant reimbursements allocable to Seller. Notwithstanding the foregoing, Seller shall retain the right to take legal action if necessary to collect any percentage rents and tenant reimbursements not collected by Purchaser within three (3) months of its due date and Purchaser shall not interfere with and shall cooperate with any such legal action. As of the Closing Date, Purchaser shall be entitled to a credit for any tenant deposits under the leases, and for any prepaid rent covering periods after the Closing. Final readings on all gas, water and electric meters shall be made as of the date of closing, if possible. If final readings are not possible, gas, water and electricity charges will be prorated based on the most recent period for which costs are available. Any deposits made by Seller with utility companies shall be returned to Seller. Purchaser shall be responsible for making all arrangements for the continuation of utility services. After the Closing, Purchaser will assume full responsibility for all security deposits and advance rental deposits of current tenants of the Real Property currently held by Seller, which items will be itemized by Seller and transferred and paid over to Purchaser at the Closing. All items (including taxes, but excluding tenant reimbursements and percentage rent which is not due on or prior to Closing) that are not subject to an exact determination shall be estimated by the parties. When any item so estimated is, within six (6) months after the Closing capable of exact determination, the party in possession of the facts necessary to make the determination shall send the other party a detailed report on the exact determination so made and the parties shall adjust the prior estimate within thirty (30) days after both parties have received said reports. All pro-rations shall be as of 12:01 a.m. on the Closing Date if closing proceeds are received by Seller prior to 2:00 p.m. on the Closing Date. If not paid prior to Closing, Seller shall remain responsible for leasing commissions and tenant improvement costs in connection with the lease to First Watch Enterprises, Inc. (the "First Watch Lease"). Purchaser shall receive a credit for any free rent under this Lease which extends beyond Closing.