Common use of Closing Proration Clause in Contracts

Closing Proration. Rents, if any, and all taxes for the current year are to be prorated as of date of closing, and all prior unpaid taxes or liens including front foot assessments are to be paid by Seller, unless otherwise specified. In the event the current-years’ taxes are not known at the time of closing, the parties agree to prorate based upon the amount of prior year’s taxes. The proration of taxes at Closing shall be a final adjustment of taxes between the parties, and in the event that there is a change in the assessed value of the Property or the applicable tax rates applicable to the Property following Closing, the same shall be borne exclusively by the Purchaser and Purchaser shall indemnify Seller therefore. This provision shall survive closing.