Common use of Realty Taxes Clause in Contracts

Realty Taxes. 2.1.1 Realty taxes (including local improvement charges), and utility rates, except insofar as same are included in common expenses and estimated common expenses shall be apportioned and allowed to the Closing Date. With respect to Realty Taxes (including local improvement charges), the same shall be estimated as if the Property had been assessed as fully completed by the relevant taxing authority for the calendar year in which the Closing Date occurs, and shall be adjusted as if such taxes had been paid by the Vendor, notwithstanding that same may not, by the Closing Date, have been levied or paid, subject however to readjustment upon the actual amount of such taxes being ascertained. 2.1.2 Subject to the Purchaser complying with all his/her obligations, a readjustment will be made by the Vendor the later of one hundred and eighty (180) days or receipt of the final assessment for Realty Taxes as applicable to the Property. 2.1.3 Purchaser shall pay any charge of the municipality in respect of creating a new separate tax account for the Property.

Realty Taxes. DRAFT 2.1.1 Realty taxes (including local improvement charges), and utility rates, except insofar as same are included in common expenses and estimated common expenses shall be apportioned and allowed to the Closing Date. With respect to Realty Taxes (including local improvement charges), the same shall be estimated as if the Property had been assessed as fully completed by the relevant taxing authority for the calendar year in which the Closing Date occurs, and shall be adjusted as if such taxes had been paid by the Vendor, notwithstanding that same may not, by the Closing Date, have been levied or paid, subject however to readjustment upon the actual amount of such taxes being ascertained. 2.1.2 Subject to the Purchaser complying with all his/her obligations, a readjustment will be made by the Vendor the later of one hundred and eighty (180) days or receipt of the final assessment for Realty Taxes as applicable to the Property. 2.1.3 Purchaser shall pay any charge of the municipality in respect of creating a new separate tax account for the Property.