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

REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS. Seller represents that to the best of its knowledge, all real estate taxes and assessments due and payable in all years prior to the year of Closing have been paid in full. Responsibility for real estate taxes and special assessments shall be prorated as of the date of closing based upon the most recently available tax bill and any known incrxxxx in the assessed valuation or the tax rate. All real estate taxes and special assessments due and payable in the years following the year in which closing occurs shall otherwise be the responsibility of Buyer. However, Seller shall remain responsible for the pro-rata share of taxes prior to closing and Buyer assumes the responsibility for the pro-rata share of taxes after closing. Seller and Buyer agree that the parties shall, if necessary, re-prorate the taxes when actual tax bills for the year of closing are available. This agreement to re-prorate taxes shall survive closing.

REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS. Seller represents that to the best of its knowledge, all real estate taxes and assessments due and payable in all years prior to the year of Closing have been paid in full. Responsibility for real estate taxes and special assessments shall be prorated as of the date of closing based upon the most recently available tax bill and any known incrxxxx increxxx in the assessed valuation or the tax rate. All real estate taxes and special assessments due and payable in the years following the year in which closing occurs shall otherwise be the responsibility of Buyer. However, Seller shall remain responsible for the pro-rata share of taxes prior to closing and Buyer assumes the responsibility for the pro-rata share of taxes after closing. Seller and Buyer agree that the parties shall, if necessary, re-prorate the taxes when actual tax bills for the year of closing are available. This agreement to re-prorate taxes shall survive closing.