SERVICE CONTRACTS AND LEASES. Any amounts prepaid or payable under any Service Contracts or Leases (including the Restaurant Lease) shall be prorated as of the Close of Escrow. Any percentage rentals (if any) or rental payments for increases in taxes or operating expenses under the Restaurant Lease shall be prorated and paid to the party entitled thereto as and when collected. All security deposits held by Seller (if any) shall be credited to Buyer upon the Close of Escrow and all obligations with respect to such security deposits shall be assumed by Buyer.
Appears in 2 contracts
Sources: Agreement of Purchase and Sale (Realty Refund Trust), Agreement of Purchase and Sale (Realty Refund Trust)