Common use of Taxes, Fees and Utilities Clause in Contracts

Taxes, Fees and Utilities. All taxes, homeowner’s association assessments and utility and sanitation charges, if any, for the year of Closing shall be prorated as of the Closing Date based upon the most recent assessment and mil rate available. If actual taxes for the year of Closing are not available at Closing, proration of taxes shall be made based on the previous year’s tax assessment or on a good faith estimate acceptable to the Title Company. In the event that any adjustments are to be made pursuant to this Section after the Closing, then the party who is entitled to additional monies shall invoice the other party for such additional amounts as may be owing, and such amounts shall be paid within 10 business days from receipt of the invoice. The obligations of this provision shall survive Closing.