DEFINED
SECTION 7.13 BELOW).
17
(C)
PROPERTY TAXES.
IF THE CURRENT YEAR'S
PROPERTY TAXES ARE NOT THEN KNOWN, THE PARTIES SHALL PRORATE THE PROPERTY TAXES
ON THE BASIS OF THE PREVIOUS YEAR'S PROPERTY TAXES, OR IF APPLICABLE, ON THE
BASIS OF A WRITTEN ESTIMATE OF THE CURRENT YEAR'S PROPERTY TAXES RECEIVED FROM
THE ASSESSOR'S OFFICE, MULTIPLIED BY 104% OF THE PRIOR YEAR'S TAX RATE.
TO THE
EXTENT THAT ANY OF THE REAL PROPERTY INCLUDES ONLY A PORTION OF A PARTICULAR TAX
PARCEL, THEN FOR PURPOSES OF PERFORMING THE PROPERTY TAX PRORATION FOR THE
PARCEL BEING RETAINED BY SELLER, THE PROPERTY TAXES FOR THAT PARTICULAR PARCEL
SHALL BE DEEMED TO BE THE PROPERTY TAXES DUE FOR THE ENTIRE TAX PARCEL
MULTIPLIED BY A FRACTION, THE NUMERATOR OF WHICH IS THE ACREAGE IN THE PARCEL
BEING RETAINED BY SELLER AND THE DENOMINATOR OF WHICH IS THE TOTAL ACREAGE OF
THE PROPERTY THAT COMPRISES THE ENTIRE TAX PARCEL.
PURCHASER SHALL RECEIVE A
CREDIT ON THE CLOSING STATEMENT FOR ANY SUCH AMOUNTS AND PURCHASER AGREES TO PAY
THE PROPERTY TAX FOR SUCH TAX PARCELS FOR THE YEAR IN WHICH THE CLOSING OCCURS,
PRIOR TO DELINQUENCY, AND TO PROVIDE SELLER WITH WRITTEN EVIDENCE THAT PURCHASER
TIMELY PAID THE PROPERTY TAX ON ANY SUCH PARTIAL LOTS.
WITHIN THIRTY (30) DAYS
AFTER THE DATE ON WHICH SUCH PROPERTY TAXES ARE PAID BY PURCHASER, RE-PRORATIONS
SHALL BE MADE ON THE BASIS OF THE ACTUAL PROPERTY TAXES DUE BY EACH PARTY WITH
RESPECT TO SUCH PARTIAL TAX LOTS, AND A FINAL SETTLEMENT WILL BE MADE BETWEEN
SELLER AND PURCHASER WITH ANY NET CREDIT TO PURCHASER PAID TO PURCHASER IN CASH
BY SELLER AND ANY NET CREDIT TO SELLER PAID TO SELLER IN CASH BY PURCHASER.
NOTWITHSTANDING THE FOREGOING, IF THE PROPERTY IS SPECIALLY ASSESSED FOR AD
VALOREM PROPERTY TAXES, SELLER SHALL BE RESPONSIBLE FOR AND SHALL PAY ALL
DEFERRED AND/OR ADDITIONAL TAXES THAT ARISE FROM SELLER'S USE OR ACTIVITIES ON
THE PROPERTY PRIOR TO THE CLOSING DATE, REGARDLESS OF WHETHER THE PROPERTY IS
DISQUALIFIED FOR SUCH SPECIAL ASSESSMENT AT OR AFTER THE CLOSING DATE.
(D)
CONTRACTS.
PURCHASER WILL RECEIVE A CREDIT
ON THE CLOSING STATEMENT FOR THE PRORATED AMOUNT (AS OF THE PRORATION TIME) FOR
ANY AND ALL PAYMENTS DUE OR OWING UNDER ANY PURCHASED CONTRACTS, LEASES AND
LICENSES THE PAYMENTS OF WHICH ARE MADE IN A PERIODIC NATURE, FOR PERIODS PRIOR
TO THE CLOSING DATE.
IF SELLER HAS PAID ANY AMOUNTS UNDER ANY SUCH PURCHASED
CONTRACTS, LEASES AND LICENSES THE PAYMENTS OF WHICH ARE MADE IN A PERIODIC
NATURE, FOR PERIODS AFTER THE PRORATION TIME, SELLER WILL RECEIVE A CREDIT ON
THE CLOSING STATEMENT FOR THE PRORATED AMOUNT (AS OF THE PRORATION TIME) FOR
SUCH AMOUNTS.
3.07
PURCHASE PRICE ALLOCATION.
THE PARTIES AGREE
THAT THE PRELIMINARY ALLOCATION OF THE PURCHASE PRICE SHALL BE SET FORTH IN
SECTION 3.07 OF THE DISCLOSURE SCHEDULE.
THE SELLER AND PURCHASER AGREE THAT
THE ALLOCATION MAY BE AMENDED OR MODIFIED BY MUTUAL AGREEMENT TO ESTABLISH A
FINAL ALLOCATION PRIOR TO THE CLOSING