IMMEDIATELY PRECEDING
YEAR APPLIED TO THE LATEST ASSESSED VALUATION; HOWEVER, ADJUSTMENT WILL BE MADE
UPON THE ACTUAL TAX AMOUNT, WHEN DETERMINED.
ANY DISCOUNT RECEIVED FOR EARLY
PAYMENT SHALL BE FOR THE BENEFIT OF SELLER, AND ANY INTEREST OR PENALTY ASSESSED
FOR LATE PAYMENT SHALL BE BORNE BY SELLER.
REAL ESTATE TAXES SHALL BE TREATED
ON AN ANNUALIZED BASIS EVEN IF TAX PAYMENTS MADE IN INSTALLMENTS ARE NOT EQUAL
FOR EACH INSTALLMENT PERIOD.
THUS, FOR EXAMPLE, IF THE INSTALLMENT FOR THE
FIRST HALF OF A FISCAL YEAR IS PAID AND IS HIGHER THAN THE SECOND HALF
INSTALLMENT, THE PRORATION WILL BE BASED ON PAYMENT OF FIFTY PERCENT (50%) OF
THE AGGREGATE TAXES FOR
SUCH FISCAL YEAR.
12.1.2
DEPOSITS.
TAX AND UTILITY COMPANY DEPOSITS, IF ANY,
SHALL BE PAID BY PURCHASER TO SELLER TO THE EXTENT TRANSFERRED TO PURCHASER (OR,
AT SELLER'S OPTION, SELLER SHALL OBTAIN REFUNDS OF THE DEPOSITS DIRECTLY FROM
THE TAXING AUTHORITY OR UTILITY COMPANY, AS THE CASE MAY BE).
12.1.3
WATER AND SEWER CHARGES.
WATER CHARGES AND SEWER RENTS
ON THE BASIS OF THE FISCAL YEAR, BUT IF THERE ARE WATER METERS ON THE PROPERTY,
SELLER, TO THE EXTENT OBTAINABLE, SHALL SUPPLY TO PURCHASER A WATER METER
READING CURRENT THROUGH THE ADJUSTMENT DATE, OR IF NOT FEASIBLE TO SO READ, TO A
DATE NOT MORE THAN THIRTY (30) DAYS
24
PRIOR TO THE ADJUSTMENT DATE, AND THE UNFIXED METER CHARGES BASED THEREON FOR
THE INTERVENING PERIOD SHALL BE APPORTIONED ON THE BASIS OF SUCH LAST METER
READING.
UPON THE TAKING OF A SUBSEQUENT ACTUAL WATER METER READING, SUCH
APPORTIONMENT SHALL BE READJUSTED AND SELLER OR PURCHASER, AS THE CASE MAY BE,
WILL PROMPTLY DELIVER TO THE OTHER THE AMOUNT DETERMINED TO BE DUE UPON SUCH
READJUSTMENT.
IF SELLER IS UNABLE TO FURNISH SUCH PRIOR METER READING, ANY
READING SUBSEQUENT TO THE CLOSING WILL BE APPORTIONED ON A PER DIEM BASIS FROM
THE DATE OF SUCH READING IMMEDIATELY PRIOR THERETO, AND SELLER SHALL PAY THE
PROPORTIONATE CHARGES DUE UP TO THE DATE OF CLOSING.
12.1.4
LICENSE FEES.
AMOUNTS PAID OR PAYABLE WITH RESPECT TO
ASSIGNABLE LICENSES AND PERMITS, IF ANY, AFFECTING THE PROPERTY.
12.1.5
UTILITIES.
UTILITY CHARGES, INCLUDING, BUT NOT LIMITED
TO, ELECTRICITY, GAS, STEAM, TELEPHONE AND OTHER UTILITIES, ALL PRORATED BASED
UPON THE MOST CURRENT BILL UNLESS ACTUAL READINGS ARE OBTAINED AS OF THE
ADJUSTMENT DATE, IN WHICH CASE SUCH ACTUAL READINGS SHALL GOVERN, AND EACH PARTY
SHALL PAY THE AMOUNT BILLED TO IT, RESPECTIVELY.
12.1.6
FUEL.
PRORATION SHALL BE MADE OF FUEL ON THE PROPERTY
ON THE ADJUSTMENT DATE, BASED UPON A READING MADE BY SELLER'S SUPPLIER AS CLOSE
AS OBTAINABLE TO THE ADJUSTMENT DATE (REASONABLY ADJUSTED TO THE QUANTITY
PRESENT ON THE ADJUSTMENT DATE).
THE VALUE THEREOF SHALL BE CALCULATED AT
SELLER'S LAST COST (INCLUDING SALES TAX).
IF THE HEATING, VENTILATION OR AIR
CONDITIONING FOR THE PROPERTY IS PROVIDED BY A MEASURABLE PRODUCT (E.G. STEAM OR
GAS) THE ADJUSTMENT WILL BE BASED ON METER READINGS PRORATED, IF NECESSARY, TO
THE ADJUSTMENT DATE.
12.1.7
INSURANCE PREMIUMS.