Specific Matters. Notwithstanding anything contained in this Section 13.4: (i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before Closing, Landmark shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement; (ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark or OpCo) shall not be apportioned hereunder, and OpCo shall look solely to the third party responsible therefor for the payment of such charges. If Landmark shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo shall credit to Landmark an amount equal to all such charges so paid by Landmark; (iii) Unpaid and delinquent Rents and A/R collected by Landmark or OpCo, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark collects any unpaid or delinquent Rents and A/R for the Assets, Landmark shall, within 15 days after the receipt thereof, deliver to OpCo any such Rents and A/R which OpCo is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo collects any unpaid or delinquent Rents and A/R, OpCo shall, within 15 days after the receipt thereof, deliver to Landmark any such Rents and A/R which Landmark is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark and OpCo as of Closing and Landmark’s portion thereof shall be remitted promptly to Landmark by OpCo together with a reasonably detailed accounting from OpCo.
Appears in 5 contracts
Samples: Asset Purchase Agreement (Landmark Infrastructure Partners LP), Asset Purchase Agreement (Landmark Infrastructure Partners LP), Asset Purchase Agreement
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before Closing, Landmark shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark or OpCo) shall not be apportioned hereunder, and OpCo shall look solely to the third party responsible therefor for the payment of such charges. If Landmark shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo shall credit to Landmark an amount equal to all such charges so paid by Landmark;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark or OpCo, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark collects any unpaid or delinquent Rents and A/R for the Assets, Landmark shall, within 15 days after the receipt thereof, deliver to OpCo any such Rents and A/R which OpCo is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo collects any unpaid or delinquent Rents and A/R, OpCo shall, within 15 days after the receipt thereof, deliver to Landmark any such Rents and A/R which Landmark is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and and
(ii) all Rents and A/R received by either Party after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark and OpCo as of Closing and Landmark’s portion thereof shall be remitted promptly to Landmark by OpCo together with a reasonably detailed accounting from OpCo.
Appears in 2 contracts
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before ClosingClosing or properly accrued for by LD 8, Landmark Fund C shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo LD 8 shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo The Partnership shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark Fund C, the Partnership or OpCo) LD 8) shall not be apportioned hereunder, and OpCo the Partnership and LD 8 shall look solely to the third party responsible therefor for the payment of such charges. If Landmark Fund C shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo the Partnership shall credit to Landmark Fund C an amount equal to all such charges so paid by LandmarkFund C;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark Fund C or OpCothe Partnership, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark Fund C collects any unpaid or delinquent Rents and A/R for the Assets, Landmark Fund C shall, within 15 days after the receipt thereof, deliver to OpCo the Partnership any such Rents and A/R which OpCo the Partnership is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo the Partnership or LD 8 collects any unpaid or delinquent Rents and A/R, OpCo the Partnership shall, within 15 days after the receipt thereof, deliver to Landmark Fund C any such Rents and A/R which Landmark Fund C is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party (or LD 8) within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party (or LD 8) after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo The Partnership will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo neither the Partnership nor LD 8 will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party (or LD 8) shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark Fund C and OpCo the Partnership as of Closing and LandmarkFund C’s portion thereof shall be remitted promptly to Landmark Fund C by OpCo the Partnership together with a reasonably detailed accounting from OpCothe Partnership.
Appears in 2 contracts
Samples: Membership Interest Contribution Agreement, Membership Interest Contribution Agreement (Landmark Infrastructure Partners LP)
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before ClosingClosing or properly accrued for by LD 11, Landmark Fund E shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo LD 11 shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo The Partnership shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark Fund E, the Partnership or OpCoLD 11) shall not be apportioned hereunder, and OpCo the Partnership and LD 11 shall look solely to the third party responsible therefor for the payment of such charges. If Landmark Fund E shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo the Partnership shall credit to Landmark Fund E an amount equal to all such charges so paid by LandmarkFund E;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark Fund E or OpCothe Partnership, as the case may be, after the date of Closing shall be delivered as follows: :
(1) if Landmark Fund E collects any unpaid or delinquent Rents and A/R for the Assets, Landmark Fund E shall, within 15 days after the receipt thereof, deliver to OpCo the Partnership any such Rents and A/R which OpCo the Partnership is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo the Partnership or LD 11 collects any unpaid or delinquent Rents and A/R, OpCo the Partnership shall, within 15 days after the receipt thereof, deliver to Landmark Fund E any such Rents and A/R which Landmark Fund E is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party (or LD 11) within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party (or LD 11) after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo The Partnership will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo neither the Partnership nor LD 11 will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party (or LD 11) shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark Fund E and OpCo the Partnership as of Closing and LandmarkFund E’s portion thereof shall be remitted promptly to Landmark Fund E by OpCo the Partnership together with a reasonably detailed accounting from OpCothe Partnership.
Appears in 2 contracts
Samples: Membership Interest Contribution Agreement (Landmark Infrastructure Partners LP), Membership Interest Contribution Agreement
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before Closing, Landmark shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before ClosingClosing (including for the avoidance of doubt, arising from the XxXxxxx Assets), and OpCo or XxXxxxx, as the case may be, shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark Landmark, OpCo or OpCoXxXxxxx) shall not be apportioned hereunder, and OpCo and XxXxxxx shall look solely to the third party responsible therefor for the payment of such charges. If Landmark shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo shall credit to Landmark an amount equal to all such charges so paid by Landmark;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark or OpCo, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark collects any unpaid or delinquent Rents and A/R for the Direct Assets, Landmark shall, within 15 days after the receipt thereof, deliver to OpCo any such Rents and A/R which OpCo is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo or XxXxxxx collects any unpaid or delinquent Rents and A/R, OpCo shall, within 15 days after the receipt thereof, deliver to Landmark any such Rents and A/R which Landmark is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party (or XxXxxxx) within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party (or XxXxxxx) after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but neither OpCo nor XxXxxxx will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by the either Party (or XxXxxxx) shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark and OpCo as of Closing and Landmark’s portion thereof shall be remitted promptly to Landmark by OpCo together with a reasonably detailed accounting from OpCo.
Appears in 2 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Landmark Infrastructure Partners LP)
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before ClosingClosing or properly accrued for by LD 10, Landmark Fund F shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo LD 10 shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo The Partnership shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark Fund F, the Partnership or OpCoLD 10) shall not be apportioned hereunder, and OpCo the Partnership and LD 10 shall look solely to the third party responsible therefor for the payment of such charges. If Landmark Fund F shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo the Partnership shall credit to Landmark Fund F an amount equal to all such charges so paid by LandmarkFund F;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark Fund F or OpCothe Partnership, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark Fund F collects any unpaid or delinquent Rents and A/R for the Assets, Landmark Fund F shall, within 15 days after the receipt thereof, deliver to OpCo the Partnership any such Rents and A/R which OpCo the Partnership is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo the Partnership or LD 10 collects any unpaid or delinquent Rents and A/R, OpCo the Partnership shall, within 15 days after the receipt thereof, deliver to Landmark Fund F any such Rents and A/R which Landmark Fund F is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party (or LD 10) within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party (or LD 10) after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo The Partnership will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo neither the Partnership nor LD 10 will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party (or LD 10) shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark Fund F and OpCo the Partnership as of Closing and LandmarkFund F’s portion thereof shall be remitted promptly to Landmark Fund F by OpCo the Partnership together with a reasonably detailed accounting from OpCothe Partnership.
Appears in 1 contract
Samples: Membership Interest Contribution Agreement (Landmark Infrastructure Partners LP)
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before Closing, Landmark LD 13 shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixedfixed for the prior Property Tax year. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark LD 13 or OpCo) shall not be apportioned hereunder, and OpCo shall look solely to the third party responsible therefor for the payment of such charges. If Landmark LD 13 shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo shall credit to Landmark LD 13 an amount equal to all such charges so paid by LandmarkLD 13;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark LD 13 or OpCo, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark LD 13 collects any unpaid or delinquent Rents and A/R for the Assets, Landmark LD 13 shall, within 15 fifteen (15) days after the receipt thereof, deliver to OpCo any such Rents and A/R which OpCo is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo collects any unpaid or delinquent Rents and A/R, OpCo shall, within 15 fifteen (15) days after the receipt thereof, deliver to Landmark LD 13 any such Rents and A/R which Landmark LD 13 is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party within the first 30 thirty (30) day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party after the first 30 thirty (30) day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark LD 13 and OpCo as of Closing and LandmarkLD 13’s portion thereof shall be remitted promptly to Landmark LD 13 by OpCo together with a reasonably detailed accounting from OpCo.
Appears in 1 contract
Samples: Asset Purchase Agreement (Landmark Infrastructure Partners LP)
Specific Matters. Notwithstanding anything contained in this Section 13.413.5:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before ClosingClosing or properly accrued for by LD 12, Landmark Fund G shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo LD 12 shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixed. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c13.5(c) below. OpCo The Partnership shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark Fund G, the Partnership or OpCoLD 12) shall not be apportioned hereunder, and OpCo the Partnership and LD 12 shall look solely to the third party responsible therefor for the payment of such charges. If Landmark Fund G shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo the Partnership shall credit to Landmark Fund G an amount equal to all such charges so paid by LandmarkFund G;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark Fund G or OpCothe Partnership, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark Fund G collects any unpaid or delinquent Rents and A/R for the Assets, Landmark Fund G shall, within 15 days after the receipt thereof, deliver to OpCo the Partnership any such Rents and A/R which OpCo the Partnership is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo the Partnership or LD 12 collects any unpaid or delinquent Rents and A/R, OpCo the Partnership shall, within 15 days after the receipt thereof, deliver to Landmark Fund G any such Rents and A/R which Landmark Fund G is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party (or LD 12) within the first 30 day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party (or LD 12) after the first 30 day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo The Partnership will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo neither the Partnership nor LD 12 will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party (or LD 12) shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark Fund G and OpCo the Partnership as of Closing and LandmarkFund G’s portion thereof shall be remitted promptly to Landmark Fund G by OpCo the Partnership together with a reasonably detailed accounting from OpCothe Partnership.
Appears in 1 contract
Samples: Membership Interest Contribution Agreement (Landmark Infrastructure Partners LP)
Specific Matters. Notwithstanding anything contained in this Section 13.4:
(i) Any Property Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If any Property Taxes due and payable during the year of Closing have not been paid before Closing, Landmark LD 13 shall be charged at Closing an amount equal to that portion of such Property Taxes which relates to the period before Closing, and OpCo LD 13 shall pay, or cause to be paid, such Property Taxes prior to their becoming delinquent. Any such apportionment made with respect to a Property Tax year for which the Property Tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the Property Tax rate or assessed valuation fixedfixed for the prior Property Tax year. To the extent that the actual Property Taxes for the current year differ from the amount apportioned at Closing, the Parties shall make all necessary adjustments by appropriate payments between themselves within thirty 30 (30) days after such amounts are determined following Closing, subject to the provisions of Section 13.4(c) below. OpCo The Partnership shall pay all supplemental Property Tax resulting from the change in ownership and reassessment, if any, occurring as the result of the Closing pursuant to this Agreement;
(ii) Charges referred to in clause (i) above that are payable by any third party (as opposed to Landmark the Partnership or OpCoLD 13) shall not be apportioned hereunder, and OpCo the Partnership and LD 13 shall look solely to the third party responsible therefor for the payment of such charges. If Landmark LD 13 shall have paid any of such charges on behalf of any third party to which it is entitled to reimbursement, and shall not have been reimbursed therefor by the time of Closing, OpCo the Partnership shall credit to Landmark LD 13 an amount equal to all such charges so paid by LandmarkLD 13;
(iii) Unpaid and delinquent Rents and A/R collected by Landmark LD 13 or OpCothe Partnership, as the case may be, after the date of Closing shall be delivered as follows: (1) if Landmark LD 13 collects any unpaid or delinquent Rents and A/R for the Assets, Landmark LD 13 shall, within 15 days after the receipt thereof, deliver to OpCo the Partnership any such Rents and A/R which OpCo the Partnership is entitled to hereunder relating to the date of Closing and any period thereafter, and (2) if OpCo the Partnership collects any unpaid or delinquent Rents and A/R, OpCo the Partnership shall, within 15 days after the receipt thereof, deliver to Landmark LD 13 any such Rents and A/R which Landmark LD 13 is entitled to hereunder relating to the period prior to the date of Closing. The Parties agree that (i) all Rents and A/R received by either Party within the first 30 thirty (30) day period after the date of Closing shall be applied first to delinquent Rents and A/R, if any, in the order of their maturity, and then to current Rents and A/R, and (ii) all Rents and A/R received by either Party after the first 30 thirty (30) day period after the date of Closing shall be applied first to current Rents and A/R and then to delinquent Rents and A/R, if any, in the inverse order of maturity. OpCo The Partnership will use commercially reasonable efforts after Closing to collect all Rents and A/R in the Ordinary Course of Business, but OpCo neither the Partnership nor LD 13 will not be obligated or be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents and A/R. If there shall be any Rents and A/R which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after, then any Rents and A/R of such type received by either Party shall, to the extent applicable to a period extending through the Closing, be prorated between Landmark LD 13 and OpCo the Partnership as of Closing and LandmarkLD 13’s portion thereof shall be remitted promptly to Landmark LD 13 by OpCo the Partnership together with a reasonably detailed accounting from OpCothe Partnership.
Appears in 1 contract
Samples: Contribution Agreement (Landmark Infrastructure Partners LP)