Common use of TAXES, ASSESSMENTS AND PRORATIONS Clause in Contracts

TAXES, ASSESSMENTS AND PRORATIONS. A. General ad valorem taxes for the current calendar year shall be prorated through the date of closing, if certified. However, if the amount of such taxes has not been fixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at the time of Closing. B. The following items shall be paid by Seller at Closing: (i) Documentary Stamps; (ii) all utility bills, actual or estimated; (iii) all taxes other than general ad valorem taxes which are or may become a lien against the Property; and (iv) any labor, materials, or other expenses related to the Property, incurred prior to Closing which is or may become a lien against the Property. C. At Closing all leases, if any, shall be assigned to Buyer and security deposits, if any, shall be transferred to Buyer. Prepaid rent and lease payments shall be prorated through the date of Closing. D. If applicable, membership and meters in utility districts to include, but not limited to, water, sewer, ambulance, fire, garbage, shall be transferred at no cost to Buyer at Closing. E. If the property is subject to a mandatory Homeowner’s Association, dues and assessments, if any, based on most recent assessment, shall be prorated through the date of Closing. F. All governmental and municipal special assessments against the property (matured or not matured), not to include Homeowner’s Association special assessments, whether or not payable in installments, shall be paid in full by Seller at Closing.

TAXES, ASSESSMENTS AND PRORATIONS. A. General ad valorem taxes for the current calendar year shall be prorated through the date of closing, if certified. However, if the amount of such taxes has not been fixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at the time of Closing. B. The following items shall be paid by Seller at Closing: (i) Documentary Stamps; (ii) all utility utilities bills, actual or estimated; (iii) all taxes other than general ad valorem taxes which are or may become a lien against the Property; and (iv) any labor, materials, or other expenses related to the Property, incurred prior to Closing which is or may become a lien against the Property. C. At Closing all leases, if any, shall be assigned to Buyer and security deposits, if any, shall be transferred to Buyer. Prepaid rent and lease payments shall be prorated through the date of Closing. D. If applicable, membership and meters in utility districts to include, but not limited to, water, sewer, ambulance, fire, garbage, shall be transferred at no cost to Buyer at Closing. E. If the property is subject to a mandatory Homeowner’s Association, dues and assessments, if any, based on most recent assessment, shall be prorated through the date of Closing. F. All governmental and municipal special assessments against the property (matured or not matured), not to include Homeowner’s Association special assessments, whether or not payable in installments, shall be paid in full by Seller at Closing.