Coach 2013 Annual Report Download - page 495

(a) Real property taxes and assessments (or installments thereof), including all payments in lieu thereof, and payments
required to be made to any business improvement district taxes (“ BID taxes”) and any other governmental taxes, charges or assessments levied or assessed
against the Premises, apportioned on the basis of the respective periods for which each is assessed or imposed;
(b) If separately assessed from Common Charges (as such term is defined in the Condominium Declaration), water rates
and charges and sewer taxes and rents, apportioned on the basis of the respective periods for which each is assessed or imposed;
(c) Permit, license and inspection fees, if any, on the basis of the fiscal year for which levied, if the rights with respect
thereto are transferred to Optionee;
(d) Deposits on account with any utility company servicing the Premises to the extent transferred to Optionee shall not be
apportioned, but Optionor shall receive a credit in the full amount thereof (including accrued interest thereon, if any);
(e) All Common Charges and other amounts assessed against the Premises by the Condominium Board (as defined in the
Condominium Declaration) (collectively, “Common Charges”); and
(f) All other items customarily apportioned in connection with the sale of similar properties in the City of New York, State
of New York.
(ii) Apportionment of real property taxes or payments in lieu thereof, BID taxes, water rates and charges, sewer taxes and rents and
vault charges shall be made on the basis of the fiscal year for which assessed. If the Purchase Closing Date shall occur before the real property tax rate or
payments in lieu thereof, BID taxes, water rates or charges, sewer taxes are assessed or fixed for the period in which the Purchase Closing Date occurs,
apportionment for any item not yet assessed or fixed shall be made on the basis of the real property tax rate or payments in lieu thereof, BID taxes, water rates
and charges, sewer taxes and rents, as applicable, for the preceding year. After the real property taxes or payments in lieu thereof, BID taxes, water rates and
charges, sewer taxes and rents are finally fixed, Optionor and Optionee shall make a recalculation of the apportionment of same after the Purchase Closing,
and Optionor or Optionee, as the case may be, shall make an appropriate payment to the other based upon such recalculation.
(iii) If any refund of real property taxes or payments in lieu thereof, BID taxes, water rates or charges, sewer taxes or rents is made
after the Purchase Closing Date covering a period prior to the Purchase Closing Date, the same shall be applied first to the reasonable out-of-pocket costs
incurred in obtaining same and the balance, if any, of such refund shall, to the extent received by Optionee, be paid to Optionor (for the period prior to the
Purchase Closing Date) and to the extent received by Optionor, be paid to Optionee (for the period commencing on and after the Purchase Closing Date).
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