Common use of REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS Clause in Contracts

REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS. (a) Because the Entire Property (of which the Property is a part) is subject to a triple net lease (as further set forth in paragraph 11(a)(i), the parties acknowledge that there shall be no need for a real estate tax proration. However, Seller represents that to the best of its knowledge, all real estate taxes and installments of special assessments due and payable in all years prior to the year of Closing have been paid in full. Unpaid real estate taxes and unpaid levied and pending special assessments existing on the date of Closing shall be the responsibility of Buyer and Seller in proportion to their respective Tenant in Common interests, pro-rated, however, to the date of closing for the period prior to closing, which shall be the responsibility of Seller if Tenant shall not pay the same. Seller and Buyer shall likewise pay all taxes due and payable in the year after Closing and any unpaid installments of special assessments payable therewith and thereafter, if such unpaid levied and pending special assessments and real estate taxes are not paid by any tenant of the Entire Property.

REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS. (aA) Because the Entire Property (of which the Property is a part) is subject to a triple net lease (as further set forth in paragraph 11(a)(i11(A)(1)), the parties acknowledge that there shall be no need for a real estate tax proration. However, Seller represents that to the best of its knowledge, all real estate taxes and installments of special assessments due and payable in all years prior to the year of Closing have been paid in full. Unpaid real estate taxes and unpaid levied and pending special assessments existing on the date of Closing shall be the responsibility of Buyer and Seller in proportion to their respective Tenant in Common interestsBuyer, pro-rated, however, to the date of closing for the period prior to closing, which shall be the responsibility of Seller if Tenant shall Lessee and not pay the sameSeller. Seller and Buyer or Assignee shall likewise pay all taxes due and payable in the year after Closing and any unpaid installments of special assessments payable therewith and thereafter, if such unpaid levied and pending special assessments and real estate taxes are not paid by any tenant Lessee of the Entire Property (B) All income and all operating expenses from the Property, if any, shall be prorated between the parties and adjusted by them as of the date of Closing. Seller shall be entitled to all income earned prior to the date of Closing. Buyer or Assignee shall be entitled to all income earned on or after the date of closing and shall be responsible for all operating expenses of the Property incurred on and after the date of closing.

REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS. (aA) Because the Entire Property (of which the Property is a part) is subject to a triple net lease (the "Lease" as further set forth in paragraph 11(a)(i11(A)(1)), the parties acknowledge that there shall be no present need for a real estate tax proration. However, Seller represents warrants that to the best of its knowledge, all real estate taxes and installments of special assessments due and payable in all years prior to the year of Closing have been paid in full. Unpaid real estate taxes and unpaid levied and pending special assessments existing on the date of Closing shall be the responsibility of Buyer and Seller in proportion to their respective Tenant in Common interestsBuyer, pro-rated, however, to the date of closing for the period prior to closing, which shall be the responsibility of Seller if Tenant shall not pay the same. Seller and Buyer shall likewise pay be responsible for all taxes due and payable in the year after Closing and any unpaid installments of special assessments payable therewith and thereafter, as provided herein, if such unpaid levied and pending special assessments and real estate taxes are not paid by any tenant of the Entire Property. Buyer shall be obligated to provide Seller with proof of payment of real estate taxes during the life of the Deed of Trust, and failure to pay such real estate taxes shall be an event of default by Buyer hereunder.