Proposition 13. Purchaser acknowledges that the consummation of the Closing and/or any post-Closing improvements made to the Property located in the State of California may result in the real property taxes assessed against the Property located in the State of California being increased pursuant to Proposition 13, an amendment to the Constitution of the State of California enacted by the voters of the State of California on June 6, 1978. Any such increased real property tax assessments shall not be subject to proration at Closing (or re-proration after Closing), and shall be the sole responsibility of Purchaser (and/or the Applicable Entities) from and after the Closing Date. This Section 13(e) shall survive the Closing.
Appears in 3 contracts
Sources: Equity Interests Purchase and Sale Agreement (Aspire Real Estate Investors, Inc.), Equity Interests Purchase and Sale Agreement (Aspire Real Estate Investors, Inc.), Equity Interests Purchase and Sale Agreement (Aspire Real Estate Investors, Inc.)