Tax Proration. General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing.
Tax Proration. General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall not be prorated between Seller and Buyer.
Tax Proration. All real property taxes or similar ad valorem obligations levied with respect to the Real Property for any taxable period falling entirely with the period before the Closing Date shall be the responsibility of Seller. All real property taxes or similar ad valorem obligations levied with respect to the Real Property for any taxable period that includes the Closing Date and ends after the Closing Date, whether imposed or assessed before or after the Closing Date, shall be the responsibility of Purchaser If the exact amount of any real or personal property taxes is not known on the Closing Date, such taxes shall be estimated based upon the best available information at the time of Closing (i.e. the taxable value currently assigned to the real property and the most recent millage rate). There shall be no re-proration of real or personal property taxes after Closing. The net amount of such prorations payable by Seller, if any, shall be paid by Purchaser, but shall result in a reduction of the Purchase Price in like amount.
Tax Proration. Any ad valorem, property or similar Taxes with respect to the Transferred Assets or the North America Business shall be prorated on a per diem basis through the close of business on the Closing Date, with Seller being responsible for all of such prorated Taxes attributable to the period on or before the close of business on the Closing Date and Purchaser being responsible for all of such prorated Taxes attributable to the period after the close of business on the Closing Date. The Cash Consideration shall be increased or decreased as required to effectuate the resulting amount payable by Purchaser or Seller.
Tax Proration. (a) General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing.
(b) Buyer is aware that if closing occurs during the current fiscal year the prorated portion of taxes allocable to it under the usual and customary proration method stated above (payable in fiscal year 2020-2021) will be based on the assessment made as of January 1, 2019, which included improvements in the approximate amount of $285,300.00, all or most of which improvements were removed before the date of this Agreement.
Tax Proration. Landlord shall, at its expense, use its best efforts to have the Premises separately assessed from any contiguous land which it owns. If the Premises are assessed as part of a larger tax parcel (a “Tax Parcel”), Tenant shall pay to Landlord a proportionate amount of all Taxes attributable to such Tax Parcel and the Building and Improvements thereon in the manner hereinafter provided. When Tenant is required to pay a proportionate share of Taxes to Landlord, the same shall be paid to Landlord within twenty (20) days following receipt of Landlord’s written notification that such taxes and assessments are due. Landlord’s written notification shall be forwarded to Tenant not later than thirty (30) days prior to the date such taxes and assessments shall be due and shall be accompanied by a copy of the tax xxxx or certificate and such additional information as Tenant may reasonably require to show how Tenant’s proportionate share of such taxes and assessments was calculated, Tenant’s proportionate share of such taxes and assessments shall be determined by Landlord on an equitable basis, considering the respective land areas of the separate parcels which make up the Tax Parcel and the respective leasable areas of any buildings constructed thereon.
Tax Proration. Ad valorem taxes attributable to the Assets shall be prorated between the Sellers and Purchaser at Closing.
Tax Proration. All due and payable real estate taxes, all general and special assessments on the Land and ad valorem taxes, if any, on the Personal Property (based on the most recent ascertainable taxes) attributable to the Property through the Closing Date shall be prorated and adjusted as of the Closing Date. In no event shall Seller be charged with or be responsible for any increase in the taxes on the Property resulting from the sale of the Property or from any improvements made or leases entered into on or after the Closing Date. If the tax statements for the fiscal year during which the Closing Date occurs are not finally determined, then the tax figures for the immediately prior fiscal year shall be used for the purposes of prorating taxes on the Closing Date, provided that there shall be no ftirther adjustment to be made after the Closing Date. Any tax refunds or proceeds (including interest thereon) on account of a favorable determination resulting from a challenge, protest, appeal or similar proceeding relating to taxes and assessments relating to the Property (i) for all tax periods occurring prior to the applicable tax period in which the Closing occurs shall be retained by and paid exclusively to Seller and (ii) for the applicable tax period in which the Closing occurs shall be prorated as of the Closing Date after reimbursement to Seller and Buyer, as applicable, for all fees, costs and expenses (including reasonable attorneys' and consultants' fees) incurred by Seller or Buyer, as applicable, in connection with such proceedings such that Seller shall retain and be paid that portion of such tax refunds or proceeds as is applicable to the portion of the applicable tax period prior to the Closing Date and Buyer shall retain and be paid that portion of such tax refunds or proceeds as is applicable to the portion of the applicable tax period from and after the Closing Date. Neither Seller nor Buyer shall settle any tax protests or proceedings in which taxes for the tax period for which the other party is responsible are being adjudicated without the consent of such party, which consent shall not be unreasonably withheld, conditioned or delayed. After the Closing, Buyer shall be responsible for and control any tax protests or proceedings for any period for which taxes are adjusted between the parties under this Agreement and for any later period. Buyer and Seller shall cooperate in pursuit of any such proceedings and in responding to reasonable requests of the o...
Tax Proration. Ad valorem and real and tangible personal property taxes with respect to the Brownsville Terminal Assets for the calendar year in which the Closing occurs shall be prorated between Seller and Buyer as of the Closing Date. If the amount of such Taxes with respect to any of the Brownsville Terminal Assets for the calendar year in which the Closing occurs has not been determined as of the Closing Date, then the Taxes with respect to such Brownsville Terminal Assets for the preceding calendar year shall be used to calculate such prorations. Seller’s portion of the prorated Taxes shall be applied as a credit against (thus a reduction of) the Purchase Price due from Buyer at the Closing.
Tax Proration. All county, municipal, and school taxes on real estate shall be prorated at the time of settlement.
