Post-Closing Reconciliation. Seller and Buyer hereby agree that if any of the above prorations cannot be calculated accurately as of the Closing Date (e.g., property taxes), then the same shall be estimated (based on current information then known, such as the most recent tax bills) for the purposes of Closing and within thirty (30) days after the Closing Date, or as soon as sufficient information is available to permit the parties to effectively calculate such prorations, either party owing the other party a sum of money based on such subsequent prorations shall pay such sum to the other party within ten (10) days after such calculations. Promptly after all of the above revenue and expense amounts have been ascertained (but in no event later than one hundred twenty (120) days after the Closing Date), Seller shall prepare, and certify as correct, a final proration statement, which shall be subject to Buyer’s reasonable approval. Upon Buyer’s acceptance and approval of any final proration statement submitted by Seller, such statement shall be conclusively deemed to be accurate and final. The obligations of Seller and Buyer pursuant to this Section 8.6.6 shall survive the Closing of this Agreement.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.), Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.)
Post-Closing Reconciliation. Seller and Buyer hereby agree that if any of the above prorations cannot be calculated accurately as of the Closing Date (e.g., property taxestaxes and operating cost pass-through reconciliations), then the same shall be estimated (based on current information then known, such as the most recent tax bills) for the purposes of Closing and within thirty (30) days after the Closing Date, or as soon as sufficient information is available to permit the parties to effectively calculate such prorations, either party owing the other party a sum of money based on such subsequent prorations shall pay such sum to the other party within ten (10) days after such calculations. Promptly after all of the above revenue and expense amounts have been ascertained (but in no event later than one hundred twenty ninety (12090) days after the end of the calendar year in which the Closing Dateoccurs), Seller shall prepare, and certify as correct, a final proration statement, which shall be subject to Buyer’s reasonable approval. Upon Buyer’s acceptance and approval of any final proration statement submitted by Seller, such statement shall be conclusively deemed to be accurate and final. The obligations of Seller and Buyer pursuant to this Section 8.6.6 8.6.8 shall survive the Closing of this Agreement.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Behringer Harvard Opportunity REIT II, Inc.)