Common use of on the Closing Date Clause in Contracts

on the Closing Date. The Parties further agree that Buyer shall pay all (i) Taxes and Assessments for the period after 12:01 a.m. on the Closing Date, and (ii) all Property Expenses for the period after 12:01 a.m. on the Closing Date. The Parties further agree that Buyer shall be entitled to receive all Property Income for the period after 12:01 a.m. on the Closing Date. At the Closing, all Taxes, Assessments, Property Income, and Property Expenses that are for the period that begins before Closing and ends after Closing shall be prorated and accounted for between Seller and Buyer as of 12:01 a.m. on the Closing Date based on, in the case of the Taxes and Assessments, the latest mileage rate and assessment available, and in the case of the Property Income and Property Expenses, the provisions of the Tenant Leases, the Books and Records, and reasonable estimates of the Property Expenses for the year based upon historical data prepared in accordance with generally accepted accounting principals on an accrual basis. The proration of Property Income and Property Expenses shall be prepared by Buyer's certified public accountants and provided to Seller at least ten (10) days prior to Closing. Should any part of such proration be inaccurate or in error based on the actual bills when received, the adversely-affected Party shall receive from the other Party without prior demand, a reimbursement from the other Party correcting such proration. All prorations shall be credited to the appropriate Party at the Closing. All refundable, non-applied Collateral collected by Seller or held by Seller or others for the benefit of the Seller for existing Tenant Leases shall be delivered to Buyer at the Closing. All insurance deposits held by the Mortgagee shall be returned to Seller or credited to Seller at Closing if retained by the Mortgagee for the benefit of Buyer. In addition, Seller shall receive credit, at Closing, for any tax escrows held by the Mortgagee that remain with the Mortgagee and are applied to the Taxes prorated in accordance with this Section, but not tax escrows applied to back taxes. All remaining Collateral held by Mortgagee shall be credited at Closing in accordance with the Final Inspection Report as agreed upon by Buyer and Seller. The provisions of this Section shall survive the Closing.

on the Closing Date. The Parties further agree that Buyer shall pay all (i) Taxes and Assessments for the period after 12:01 a.m. on the Closing Date, and (ii) all Property Expenses for the period after 12:01 a.m. on the Closing Date. The Parties further agree that Buyer shall be entitled to receive all Property Income for the period after 12:01 a.m. on the Closing Date. At the Closing, all Taxes, Assessments, Property Income, and Property Expenses that are for the period that begins before Closing and ends after Closing shall be prorated and accounted for between Seller and Buyer as of 12:01 a.m. on the Closing Date based on, in the case of the Taxes and Assessments, the latest mileage rate and assessment available, and in the case of the Property Income and Property Expenses, the provisions of the Tenant Leases, the Books and Records, and reasonable estimates of the Property Expenses for the year based upon historical data prepared in accordance with generally accepted accounting principals on an accrual basis. In the event actual Property Expenses for the period ending on the Closing Date are less than the estimate paid to the Closing Date, Buyer shall receive credit against the Acquisition Price for the amount of such excess. The proration of Property Income and Property Expenses shall be prepared by Buyer's certified public accountants and provided to Seller at least ten (10) days prior to Closingaccountants. Should any part of such proration be inaccurate or in error based on the actual bills when received, the adversely-affected Party shall receive from the other Party without prior demand, a reimbursement from the other Party correcting such proration. All prorations shall be credited to the appropriate Party at the Closing. All refundable, non-applied Collateral collected by Seller or held by Seller or others for the benefit of the Seller for existing Tenant Leases shall be delivered to Buyer at the Closing. All insurance deposits held by the Mortgagee shall be returned to Seller or credited to Seller at Closing if retained by the Mortgagee for the benefit of Buyer. In addition, Seller shall receive credit, at Closing, for any tax escrows held by the Mortgagee that remain with the Mortgagee and are applied to the Taxes prorated in accordance with this Section, but not tax escrows applied to back taxes. All remaining Collateral held by Mortgagee shall be credited at Closing in accordance with the Final Inspection Report as agreed upon by Buyer and Seller. The provisions of this Section shall survive the Closing.