Proration Statement Clause Samples
A Proration Statement clause defines how certain costs, expenses, or benefits are to be divided between parties based on the proportion of time or usage relevant to each party. In practice, this clause is commonly used in real estate transactions to allocate property taxes, utilities, or rent so that each party pays only for the period during which they own or occupy the property. By specifying the method and timing of these calculations, the clause ensures a fair and transparent distribution of shared financial responsibilities, preventing disputes over who owes what during transitional periods.
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Proration Statement. As soon as reasonably possible prior to Closing, Seller and Buyer shall work together in good faith to prepare a joint statement of the prorations required by this Section (“Proration Statement”), and shall deliver the Proration Statement to the Closing Agent for use in preparing the final settlement statements.
Proration Statement. At least two (2) business days prior to the Close of Escrow, the parties shall agree upon all of the prorations to be made and submit a statement to Escrow Holder setting forth the same. In the event that any prorations, apportionments or computations made under this Section 8 shall require final adjustment, then the parties shall make the appropriate adjustments promptly when accurate information becomes available and either party hereto shall be entitled to an adjustment to correct the same, but in no event shall such final adjustment occur later than one hundred eighty (180) days following the Close of Escrow (other than with respect to the Final Reconciliation). Any corrected adjustment or proration shall be paid in cash to the party entitled thereto.
Proration Statement. At least two (2) business days prior to the Close of Escrow the parties hereto shall agree upon all of the prorations to be made and shall submit a statement to the Escrow Holder (or shall approve an estimated proration statement prepared by Escrow Holder) setting forth the same. In the event that any prorations, apportionments or computations made under this Paragraph 11 shall require final adjustment, then the parties hereto shall make the appropriate adjustments promptly when accurate information becomes available and either party hereto shall be entitled to an adjustment to collect the same. Any corrected adjustment or proration will be paid in cash or immediately available funds to the party entitled thereto. The proration obligations outlined above shall survive the Close of Escrow hereunder until such time as the necessary reconciliations have been completed, each Party agreeing to exercise commercially reasonable efforts to effect the reconciliation as soon as reasonably practicable, but in any event within one hundred twenty (120) days after the Close of Escrow. The provisions of this Section 11 shall survive the Close of Escrow.
Proration Statement. The proration statement described in Paragraph 10 below signed by Seller;
Proration Statement. The proration statement described in Paragraph 10 below signed by ▇▇▇▇▇, and
Proration Statement. The prorations and payments to be made under the foregoing provisions of this Section 5.1 shall be made on the basis of a written statement or statements prepared by CFCL and executed and delivered by CFCL and the Purchaser at Closing. The form and content of such proration statements shall be subject to the Purchaser's reasonable approval. CFCL shall provide a preliminary statement no later than three (3) Business Days before each Closing. In the event that the Purchaser disputes any item or requests additional information related thereto, the parties shall immediately and in good faith work together to resolve any issues prior to Closing. In the event any prorations, apportionments or computations made under this Section shall prove to be incorrect for any reason, then either party shall be entitled to an adjustment to correct the same, provided (except with respect to real estate taxes) that it makes written demand on the one from whom it is entitled to such adjustment consistent with the terms of Section 5.2 below.
Proration Statement. At least two (2) business days prior to the Close of Escrow, the parties shall agree upon all of the prorations and adjustments to be made pursuant to this Agreement and submit a Closing Statement to Escrow Holder setting forth the same. In the event that any prorations, apportionments or computations made under this Section 8 shall require final adjustment (i.e. due to changed circumstances during Escrow or otherwise pursuant to this Agreement), then the parties shall make the appropriate adjustments promptly when accurate information becomes available and either party hereto shall be entitled to an adjustment to correct the same, but in no event shall such final adjustment occur later than the expiration of the Survival Period (other than with respect to the Final Reconciliation). Any corrected adjustment or proration shall be paid in cash to the party entitled thereto. The provisions of this Section 8 shall survive the Close of Escrow.
Proration Statement. At least two (2) business days prior to the Close of Escrow, the parties shall agree upon all of the prorations to be made and submit a statement to Escrow Holder setting forth the same. Buyer and Seller shall cooperate in good faith to make a final reconciliation of prorations, apportionments or computations made under this Section 8 within one hundred eighty (180) days after the Close of Escrow. In the event that any prorations, apportionments or computations made under this Section 8 shall require final adjustment following the Closing, then the parties shall make the appropriate adjustments promptly when accurate information becomes available and either party hereto shall be entitled to an adjustment to correct the same, but in no event shall such final adjustment occur later than one hundred eighty (180) days following the Close of Escrow (other than with respect to the Final Reconciliation). Any corrected adjustment or proration shall be paid in cash to the party entitled thereto within thirty (30) days after written demand and reasonable supporting documentation. The provisions of this Section 8 shall survive the Close of Escrow.
Proration Statement. Except as provided in the next sentence, as soon as reasonably possible and in any event not less than three (3) business days prior to Closing, Seller and Buyer shall work together in good faith to prepare a joint statement of the prorations required by this Section (“Proration Statement”) and shall deliver the Proration Statement to the Closing Agent for use in preparing the final settlement statements. Operating Expenses shall not be prorated on the Proration Statement at the Closing, but instead shall be prorated after the Closing in connection with the Reconciliation under Section 4.2(i) below.