Common use of Adjustments at the Closing Clause in Contracts

Adjustments at the Closing. Ad valorem taxes and assessments for the Subject Property for the calendar year in which the Closing occurs shall be prorated between Seller and Purchaser as of the Closing Date, with the amount due for the Closing Date attributable to Purchaser. If actual ad valorem taxes for the year in which the Closing occurs are not available at the Closing, proration of taxes shall be made on the basis reasonably determined by Seller, with a subsequent cash adjustment of such proration to be made between Seller and Purchaser, if necessary, when actual tax figures become available. This subsequent adjustment provision shall survive the Closing. At the Closing, Purchaser shall pay the Association (1) the monthly assessments for (a) the month in which the Closing occurs (prorated from and including the Closing Date) and (b) the first full calendar month following the Closing, and (2) the amount of the Working Capital Contribution required by the Declaration.