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2015-246
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(b) Lease Prepayments and Security Deposits. Buyer shall receive credits against the <br />Purchase Price at Closing for any unforfeited Security Deposits and any other money, together <br />with any earned interest, in Seller's actual possession for the account of Tenants, including, all <br />rental, utility, key, damage, and other deposits, and any prepaid rents paid to Seller by the <br />Tenants; provided, however, that — at Seller's option — in the event that the Security Deposits are <br />in a segregated account, Seller may transfer' the account to Buyer in lieu of prorating such <br />Security Deposits. Because Seller may have obtained title via foreclosure or deed in lieu of <br />foreclosure (or from a lender which has obtained title via foreclosure or deed in lieu of <br />foreclosure), Seller may not have obtained (or obtained credit for) Security Deposits as described <br />in any Leases of the Property. In such event, Buyer will not obtain a credit for such Security <br />Deposits against the Purchase Price. <br />(c) Taxes and Assessments; Pending and Certified Liens. Taxes and assessments for <br />the year of Closing shall be prorated as of the Prorations Date based upon the amount of such <br />taxes for the year of Closing, if the amount of such taxes is known at the time of Closing; if such <br />amount cannot be then ascertained, proration shall be based upon the amount of the taxes, with <br />the maximum discount allowed by law, if any, for the preceding year. If any tax proration shall <br />be based upon the amount of taxes for the year preceding the year of Closing, such taxes shall <br />not be reprorated after the tax bills for the year of Closing are received. To the extent that Seller <br />completes any pending tax appeal which results in savings for periods prior to and after Closing, <br />the parties agree to reprorate any such taxes and to share in the costs of such appeal, including <br />attorney's fees and costs, based on the parties' pro rata ownership of the Property for such tax <br />period. County or other public liens, if any, certified or for which the work has been substantially <br />completed on the date of Closing shall be paid by Seller and any other such liens shall be <br />assumed by Buyer. Other assessments not included on the regular property tax bills, license fees <br />for transferred licenses, and state or municipal fees and taxes for the Property for the applicable <br />fiscal period during which Closing takes place ,shall be adjusted as of the Prorations Date on the <br />basis of the most recent ascertainable assessments and rates, and shall be re -prorated as <br />necessary pursuant to subparagraph (f) below. <br />(d) Utility Charges. Electric, water, sewer, gas, fuel, waste collection and removal <br />and other utility and operating expenses relating to the Property shall be prorated as of the <br />Prorations Date. It shall be assumed that the utility charges were incurred uniformly during the <br />billing period in which the Closing occurs. If bills for the applicable period are unavailable, the <br />amounts of such charges will be estimated based upon the latest known bills. Notwithstanding <br />the foregoing, to the extent possible: (i) Seller and Buyer shall request the utility companies to <br />read the meters as of the Prorations Date; (4) Seller shall be responsible for all such utility <br />charges incurred through the Prorations Date; i (iii) Buyer shall make application to the various <br />companies for the continuation of such services and the establishment of the required accounts in <br />the name of Buyer effective from and after the Prorations Date; (iv) all prepaid deposits for <br />utilities shall be refunded to Seller at or promptly after the time of Closing by the utility <br />companies; and (v) it shall be Buyer's responsibility to make any utility deposits required for the <br />continuation of such services from and after the Prorations Date; provided, however, that if any <br />utility company keeps Seller's deposit (and transfers said deposit to Buyer), Seller shall receive a <br />credit in the amount of the utility deposit at Closing. <br />MIAMI 2957652.8 79037133274 <br />7 <br />
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