Common use of Application of Rent Payments Clause in Contracts

Application of Rent Payments. If any tenant is in arrears in the payment of rent on the Closing Date, the Transferor Partnership shall distribute the right to receive such rent to the Transferor Partners immediately prior to Closing. The BRI Partnership shall act as agent for the Transferor Partners in collecting such rent. Rents received from such tenant after the Closing shall be applied in the following order of priority: (a) first to the month in which the Closing occurred; (b) then to any month or months following the month in which the Closing occurred until all unpaid rents have been paid in full; and (c) then to the period prior to the month in which the Closing occurred. After Closing, the BRI Partnership shall cause the Transferor Partnership to use reasonable efforts to collect delinquent rents attributable to the period prior to the month in which Closing occurred, provided such efforts shall not require the commencement of litigation against any such tenant. If rents or any portion thereof received by the Transferor Partners or the BRI Partnership after the Closing are payable to the other party by reason of this allocation or otherwise, the appropriate sum shall be paid to the other party within thirty (30) days from the receipt thereof, which obligation shall survive the Closing.

Application of Rent Payments. If any tenant is in arrears in the payment of rent on the Closing Date, the Transferor Partnership Company shall distribute the right to receive such rent to the Transferor Partners Members immediately prior to Closing. The BRI Partnership shall act as agent for the Transferor Partners Members in collecting such rentrents. Rents received from such tenant after the Closing shall be applied in the following order of priority: (a) first to the month in which the Closing occurred; (b) then to any month or months following the month in which the Closing occurred until all unpaid rents have been paid in full; and (c) then to the period prior to the month in which the Closing occurred. After Closing, the BRI Partnership shall cause the Transferor Partnership Company to use reasonable efforts to collect delinquent rents attributable to the period prior to the month in which Closing occurred, provided such efforts shall not require the commencement of litigation against any such tenant. If rents or any portion thereof received by the Transferor Partners Members or the BRI Partnership after the Closing are payable to the other party by reason of this allocation or otherwise, the appropriate sum shall be paid to the other party within thirty (30) days from the receipt thereof, which obligation shall survive the Closing.

Application of Rent Payments. If any tenant is in arrears in the payment of rent on the Closing Date, the Transferor Partnership Corporation shall distribute retain the right to receive such rent to the Transferor Partners immediately prior to Closingrent. The BRI Partnership shall act as agent for the Transferor Partners Corporation in collecting such rent. Rents received from such tenant after the Closing shall be applied in the following order of priority: (a) first to the month in which the Closing occurred; (b) then to any month or months following the month in which the Closing occurred until all unpaid rents have been paid in full; and (c) then to the period prior to the month in which the Closing occurred. After Closing, the BRI Partnership shall cause the Transferor Partnership to use reasonable efforts to collect delinquent rents attributable to the period prior to the month in which Closing occurred, provided such efforts shall not require the commencement of litigation against any such tenant. If rents or any portion thereof received by the Transferor Partners Corporation or the BRI Partnership after the Closing are payable to the other party by reason of this allocation or otherwise, the appropriate sum shall be paid to the other party within thirty (30) days from the receipt thereof, which obligation shall survive the Closing.