Common use of Expenses and Prorations Clause in Contracts

Expenses and Prorations. Unless the Lease provides that Tenant pay in full all real and personal property ad valorem taxes and assessments and all installments of current year special assessments on the Property, Seller shall pay in full all real and personal property ad valorem taxes and assessments and all installments of current year special assessments payable on or before the Closing Date, and Buyer shall pay all such taxes and assessments that cannot be paid until after the Closing Date; provided, however, that taxes and assessments for the tax period in which Closing occurs shall be prorated based on the last preceding tax period for which the assessments are known. Seller shall pay the cost of any fees or payments incurred if there is a prepayment of any mortgage or encumbrance on the Property, the cost of recording the Special Warranty Deed, any brokerage commission payable by Seller pursuant to Section 9.4(a) and its own attorney’s fees, if any. Buyer shall pay the cost of the Commitment and any owner’s policy of title insurance and endorsements to be issued to Buyer, the Survey, the Environmental Audit, all costs related to Buyer’s Site Inspection, all other costs related to the Review Items, any brokerage commission payable by Buyer pursuant to Section 9.4(b), any mortgage registration taxes and its own attorneys fees, if any. Buyer and Seller shall evenly divide and pay any transfer taxes or other transaction taxes and the closing costs to be paid to the Title Company, including but not limited to any escrow fee. All other items, including but not limited to rent under the Lease and utilities, customarily subject to proration shall be prorated as of the Closing Date.

Expenses and Prorations. 7.1. Unless the Lease provides that Tenant shall pay in full all and real and personal property ad valorem taxes and assessments and all installments of current year special assessments on the Property, Seller shall pay in full all real and personal property ad valorem taxes and assessments and all installments of current year special assessments payable on or before the Closing Date, and Buyer shall pay all such taxes and assessments that cannot be paid until after the Closing Date; provided, however, that taxes and assessments for the tax period in which Closing occurs shall be prorated based on the last preceding tax period for which the assessments are known. Seller shall pay the cost of any fees or payments incurred if there is a prepayment of any mortgage or encumbrance on the Property, the cost of recording the Special Warranty Deed, any brokerage commission payable by Seller pursuant to Section 9.4(a10.4(a) and its own attorney’s fees, if any. Buyer shall pay the cost of the Commitment and any owner’s policy of title insurance and endorsements to be issued to Buyer, the Survey, the Environmental Audit, all costs related to Buyer’s Site Inspection, all other costs related to the Review Items, any brokerage commission payable by Buyer pursuant to Section 9.4(b10.4(b), any mortgage registration taxes and its own attorneys fees, if any. Buyer and Seller shall evenly divide and pay any documentary stamp/transfer taxes or other transaction taxes and the closing costs to be paid to the Title Company, including but not limited to any escrow fee. All other items, including but not limited to rent under the Lease and utilities, items customarily subject to proration shall be prorated as of the Closing Date.