Closing Adjustments and Prorations Clause Samples

Closing Adjustments and Prorations. Except as otherwise provided in this Section, all adjustments and prorations to the Purchase Price payable at Closing shall be computed as of the Prorations Date. Such adjustments and prorations shall include the following:

Closing Adjustments and Prorations. The following items shall be adjusted or prorated as follows between Seller and Buyer as of the close of Escrow based on a twelve (12) month year of thirty (30) days each: (a) Rents received by Seller from tenants of the Property for a period overlapping the Closing shall be prorated based upon the actual rent paid. If any tenant is in arrears in the payment of rent at Closing, rents received from such tenant after the Closing (unless specified by such tenant paying the rent) shall be applied by Buyer in the following order of priority: (i) first, to the current month in which rent is due Buyer; (ii) then, to any rents owed for prior months due Buyer; and (iii) then to any future rents due Buyer. If rents or any portion thereof received by Seller or Buyer after the Closing are payable to the other party by reason of this allocation, the appropriate sum, less a proportionate share of any reasonable attorneys' fees, out-of-pocket costs and collection expenses (but not overhead) shall be promptly paid to the other party. Seller reserves the right to collect directly from tenants under Leases all rents for months prior to the month in which Closing occurs without any remedies against the leased premises or Buyer. (b) Each party shall pay all applicable transaction privilege taxes on rents received by such party. In particular, each party shall pay the transaction privilege taxes due with respect to the portion of the rents prorated to each party for the month in which Closing occurs. (c) Seller shall be debited and Buyer credited for an amount equal to all unforfeited security or other deposits paid to Seller by current tenants of the property and any prepaid rents held by Seller for periods subsequent to Close of Escrow. (d) Any deposits or bonds posted by Seller for utility services to the Property (including, but without limitation, utility deposits posted with the City of Peoria for water service and Salt River Project for electrical service) shall be returned to Seller, or if Seller permits any deposits to be transferred to Buyer, Seller shall receive a credit in the amount of the deposit and Buyer shall be debited for the amount of the deposit. (e) All operating expenses of the Property, including, without limitation, public utility charges, maintenance, management and other service charges, and all other normal operating charges with respect to the Property, shall be prorated and adjusted at Closing. Seller shall pay all operating expenses of the Proper...

Closing Adjustments and Prorations. The amount of Agreed Value to be paid or delivered at Closing shall be increased or decreased, as appropriate, by the prorations and adjustments provided for in the Purchase Agreements.

Closing Adjustments and Prorations. 7.3.1 At Closing, Purchaser shall assume and pay when due: (a) Real and personal property ad valorem taxes and any special assessments upon the Property. (b) Utility charges payable by the Company, including water and sewer charges. (c) Expenses under the Contracts. (d) All other expenses of operating or owning the Property. (e) All other Assumed Liabilities. 7.3.2 If the actual amount of real and personal property taxes, expenses, or utility charges is not known as of the Closing Date because bills for the period in question have not been issued, the amounts assumed at the Closing will be based on the most current and accurate billing information available. Should such amounts for the period in question prove to be inaccurate upon receipt of the actual assessments or bills for the Property, Purchaser shall be responsible for such corrected amount.

Closing Adjustments and Prorations. Except as otherwise provided in this Section 5.6, all adjustments and prorations to the Purchase Price payable at Closing shall be computed as of the end of the day preceding the Closing Date. Seller shall be entitled to receive all revenues and shall be charged with all expenses relating to the ownership and operation of the Property through the day preceding the Closing Date. Prior to the Closing, Seller shall determine the amounts of the prorations in accordance with this Section 5.6 and shall notify Purchaser thereof. Purchaser shall review and approve such determination promptly and prior to the Closing, such approval not to be unreasonably withheld or delayed. Thereafter and on or prior to the Closing, Seller and Purchaser shall inform the Title Company of such amounts and, in accordance therewith, the Title Company shall prorate such items between the parties (and the parties shall deposit funds therefor with the Title Company or shall instruct the Title Company to debit against sums held by the Title Company owing to such party) in accordance with this Section 5.6. ch adjustments and prorations shall include the following:

Closing Adjustments and Prorations. The following items of expense shall be adjusted as of midnight of the day immediately preceding the Closing Date (such that Sellers shall be responsible for all days prior to the Closing Date, and Purchaser shall be responsible for all days from and after the Closing Date, including, without limitation, the Closing Date):

Closing Adjustments and Prorations. With respect to each Property and the Related Property, the following adjustments shall be made to the Consideration, and the following procedures shall be followed:

Closing Adjustments and Prorations. The Partnership's Representations and Warranties/Property Condi tion................................................................. 8 8. Purchaser's Representations and Warranties........................... 10 9.

Closing Adjustments and Prorations. Except as otherwise provided in this Section, all adjustments and prorations to the Purchase Price payable at Closing shall be computed as of the end of the Prorations Date. Such adjustments and prorations shall include the following: 8 (a) Revenues and Expenses. Seller shall be entitled to receive all revenues and shall be charged with all expenses relating to the ownership and operation of the Property through the Prorations Date. All revenues and expenses for the month of Closing shall be prorated as of the Prorations Date. With respect to any delinquent rents or other revenue for periods prior to the month of Closing, Buyer shall entitled, but not required, to collect the same after the Closing and any such monies collected from Tenants or other parties shall be the sole property of Buyer.