Coach 2013 Annual Report Download - page 1084

7. APPORTIONMENTS.
(a) The following shall be apportioned between Seller and Purchaser as of 11:59 p.m. on the day immediately preceding the Closing
Date (the “Apportionment Date”) on the basis of the actual number of days of the month which shall have elapsed as of the Closing Date and based upon the
actual number of days in the month and a 365 day year:
(i) real estate taxes, sewer rents and taxes, water rates and charges, vault charges and taxes, business improvement district
taxes and assessments and any other governmental taxes, charges or assessments levied or assessed against the Premises (collectively, “ Property Taxes”), on
the basis of the respective periods for which each is assessed or imposed, to be apportioned in accordance with Section 7(b);
(ii) fuel oil, if any, as estimated by Seller’s supplier, at current cost, together with any sales taxes payable in connection
therewith, if any (a letter from Seller’s fuel supplier shall be conclusive evidence as to the quantity of fuel on hand and the current cost therefor). To aid in
such prorations, Seller shall endeavor to obtain meter readings as of a date that is no earlier than thirty (30) days prior to the Closing Date, and the unfixed
meter charges, based thereon for the intervening time shall be apportioned on the basis of such last reading ;
(iii) prepaid fees for Permits and Licenses assigned to Purchaser at the Closing;
(iv) any amounts prepaid or payable by the owner of all or a portion of the Property under the Contracts assigned to
Purchaser at Closing;
(v) salaries, wages and fringe benefits (including, without limitation, vacation pay, sick pay, health, welfare, pension,
disability and other benefits) of all Employees (as hereinafter defined);
(vi) all other operating expenses with respect to the Property; and
(vii) such other items as are customarily apportioned in accordance with real estate closings of commercial properties in the
City of New York, State of New York.
(b) Property Taxes shall be apportioned on the basis of the fiscal period for which assessed. If the Closing Date shall occur either
before an assessment is made or a tax rate is fixed for the tax period in which the Closing Date occurs, the apportionment of such Property Taxes based thereon
shall be made at the Closing Date by applying the tax rate for the preceding year to the latest assessed valuation, but, promptly after the assessment and/or tax
rate for the current year are fixed, the apportionment thereof shall be recalculated and Seller or Purchaser, as the case may be, shall make an appropriate
payment to the other within ten (10) business days based on such recalculation. If as of the Closing Date the Premises or any portion thereof shall be affected
by any special or general assessments which are or may become payable in installments of which the first installment is then a lien and has become payable,
Seller shall pay the unpaid installments of such assessments which are due prior to the Closing Date and Purchaser shall pay the installments which are due
on or after the Closing Date.
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