UTILITY CONTRACTS AND COSTS. All utility costs including, without limitation, water, sewer charges and rents, telephone, steam, electricity, gas, lighting and other utility services shall be prorated as of the Cut-off Time on the basis of the most recently issued bills therefor, with a subsequent adjustment of such utilities promptly after the issuance of bills for the period which includes the Closing Date. At the Closing (i) Seller shall (if transferrable) assign to Purchaser (or, at Purchaser's option, to Operator) all deposits, if any, made by Seller as security or otherwise under any public utility service contracts which shall remain on deposit for the benefit of Purchaser (or, at Purchaser's option, Operator) subsequent to the Closing and (ii) Seller shall receive a credit in an amount equal to such deposits.
Appears in 4 contracts
Samples: Agreement of Sale and Purchase (Host Funding Inc), Agreement of Sale and Purchase (Host Funding Inc), Agreement of Sale and Purchase (Host Funding Inc)
