Common use of Collections and Payments Clause in Contracts

Collections and Payments. Subject to the prorations to be made pursuant to this Section 8, after the Closing Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing. If any Tenant sends payments to Seller after the Closing, Seller shall promptly forward such checks to Buyer. For a period of six (6) months after the Closing Date, Buyer shall use reasonable efforts consistent with prudent business practices (but without the obligation to institute legal action) to collect rents or other amounts payable under the Leases that were delinquent as of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from and after the Closing Date through the end of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease. Prior to the Closing, Seller shall send to the Tenants final reconciliation of Additional Rents for the 2015 calendar year. If, as of the Closing, any Tenant owes payments to Seller pursuant to the reconciliation of Additional Rents for the 2015 calendar year, the same shall be handled in the manner provided for collection of delinquent rents as provided above in this Section 8.1(b). If, as of the Closing, Seller owes payments to any Tenant(s) pursuant to the reconciliation of Additional Rents for the 2015 calendar year, Seller shall provide a credit to Buyer for the total amount so owed, and Buyer shall assume the obligation to refund the amounts owing to the applicable Tenant(s) or to credit the same against the future rent obligations of such Tenant(s). From and after the Closing Date, Seller shall have no further right to collect any such rents and other sums from Tenants.

Collections and Payments. Subject Following receipt by Buyer of a written notice form Seller stating that a Lease Renewal Commission is then due and payable, Buyer agrees to collect, on behalf of Seller, using commercially reasonable efforts, the prorations Lease Renewal Commission and to pay, on behalf of Seller, solely from the collection of Lease Renewal Commissions, the Lease Renewal Payables. Seller shall cooperate with Buyer in the collection of the Lease Renewal Commissions; provided, however, that Seller may not initiate litigation, settle or compromise any account or pursue a collection action in respect of a disputed Lease Renewal Commissions, without the written consent of Buyer, such consent not to be made unreasonably withheld, conditioned or delayed. Seller shall promptly remit to Buyer, for the purposes of netting Lease Renewal Commissions and Lease Renewal Payables, any proceeds of any of the Lease Renewal Commissions realized after the Closing by Seller. Buyer may not settle or compromise any Lease Renewal Commissions or any obligations, expenses or costs related, arising under, or otherwise payable in connection with the Lease Renewal Commissions, including, without limitation, costs of collection and commissions and obligations to brokers, without the consent of Seller, such consent not to be unreasonably withheld, delayed or conditioned. Buyer may, upon notice to Seller, decline to pursue collection of any Lease Renewal Commissions and, in that event, shall not pay the Lease Renewal Payables related thereto, but Buyer shall instead assign, without recourse, any right, title and interest in such Lease Renewal Commissions to Seller, and Seller may use its reasonable efforts to collect such Lease Renewal Commissions and shall be obligated to pay the Lease Renewal Payables related thereto. Seller hereby agrees to indemnify, defend and hold Buyer and its Affiliates harmless from and against any Tax liability incurred in connection with the collection, pursuant to this Section 82.6, after the Closing by Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing. If any Tenant sends payments to Seller after the Closing, Seller shall promptly forward such checks to Buyer. For a period of six (6) months after the Closing Date, Buyer shall use reasonable efforts consistent with prudent business practices (but without the obligation to institute legal action) to collect rents or other amounts payable under the Leases that were delinquent as Affiliates of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents Lease Renewal Commissions and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from and after the Closing Date through the end Renewal Payables on behalf of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease. Prior to the Closing, Seller shall send to the Tenants final reconciliation of Additional Rents for the 2015 calendar year. If, as of the Closing, any Tenant owes payments to Seller pursuant to the reconciliation of Additional Rents for the 2015 calendar year, the same shall be handled in the manner provided for collection of delinquent rents as provided above in this Section 8.1(b). If, as of the Closing, Seller owes payments to any Tenant(s) pursuant to the reconciliation of Additional Rents for the 2015 calendar year, Seller shall provide a credit to Buyer for the total amount so owed, and Buyer shall assume the obligation to refund the amounts owing to the applicable Tenant(s) or to credit the same against the future rent obligations of such Tenant(s). From and after the Closing Date, Seller shall have no further right to collect any such rents and other sums from Tenants.

Collections and Payments. Subject to the prorations to be made pursuant to this Section 88 , after the Closing Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing. If ; provided, however, if any Tenant sends payments to Seller after the Closing, Seller shall deposit such payments to its bank account, and promptly forward after such checks payment has cleared, pay to BuyerBuyer any portion of such payment to which Buyer is entitled under the provisions of this Section 8 . For a period of six (6) months after the Closing Date, Buyer shall use reasonable efforts consistent with prudent business practices (but without the obligation shall not be required to institute initiate legal actionproceedings and/or to evict any Tenant) to collect rents or other amounts payable under the Leases that were delinquent as of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from and after the Closing Date through the end of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease. Prior to the Closing, Seller shall send to the Tenants final reconciliation of Additional Rents for the 2015 calendar year. If, as of the Closing, any Tenant owes payments to Seller pursuant to the reconciliation of Additional Rents for the 2015 calendar year, the same shall be handled in the manner provided for collection of delinquent rents as provided above in this Section 8.1(b). If, as of the Closing, Seller owes payments to any Tenant(s) pursuant to the reconciliation of Additional Rents for the 2015 calendar year, Seller shall provide a credit to Buyer for the total amount so owed, and Buyer shall assume the obligation to refund the amounts owing to the applicable Tenant(s) or to credit the same against the future rent obligations of such Tenant(s). From and after the Closing Date, Seller shall have no further right to collect any such rents and other sums from Tenants.

Collections and Payments. Subject Buyer agrees to collect, on behalf of Seller, using commercially reasonable efforts, the prorations Commission Receivables and to pay, on behalf of Seller, solely from the collection of Commission Receivables, the Commission Payables. Seller shall cooperate with Buyer in the collection of the Commission Receivables; provided, however, that Seller may not initiate litigation, settle or compromise any account or pursue a collection action in respect of a disputed Commission Receivable, without the written consent of Buyer, such consent not to be made unreasonably withheld, conditioned or delayed. Seller shall promptly remit to Buyer, for the purposes of netting Commission Receivables and Commission Payables, any proceeds of any of the Commission Receivables realized after the Closing by Seller. Buyer may not settle or compromise any Commission Receivables or any obligations, expenses or costs related, arising under, or otherwise payable in connection with the Commission Receivables, including, without limitation, costs of collection and commissions and obligations to brokers, without the consent of Seller, such consent not to be unreasonably withheld, delayed or conditioned. Buyer may, upon notice to Seller, decline to pursue collection of any Commission Receivables and, in that event, shall not pay the Commission Payables related thereto, but Buyer shall instead assign, without recourse, any right, title and interest in such Commission Receivables to Seller, and Seller may use its reasonable efforts to collect such Commission Receivables and shall be obligated to pay the Commission Payables related thereto. Seller hereby agrees to indemnify, defend and hold Buyer and its Affiliates harmless from and against any Tax liability incurred in connection with the collection, pursuant to this Section 82.5.3, after the Closing by Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing. If any Tenant sends payments to Seller after the Closing, Seller shall promptly forward such checks to Buyer. For a period of six (6) months after the Closing Date, Buyer shall use reasonable efforts consistent with prudent business practices (but without the obligation to institute legal action) to collect rents or other amounts payable under the Leases that were delinquent as Affiliates of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents Commission Receivables and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from and after the Closing Date through the end Commission Payables on behalf of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease. Prior to the Closing, Seller shall send to the Tenants final reconciliation of Additional Rents for the 2015 calendar year. If, as of the Closing, any Tenant owes payments to Seller pursuant to the reconciliation of Additional Rents for the 2015 calendar year, the same shall be handled in the manner provided for collection of delinquent rents as provided above in this Section 8.1(b). If, as of the Closing, Seller owes payments to any Tenant(s) pursuant to the reconciliation of Additional Rents for the 2015 calendar year, Seller shall provide a credit to Buyer for the total amount so owed, and Buyer shall assume the obligation to refund the amounts owing to the applicable Tenant(s) or to credit the same against the future rent obligations of such Tenant(s). From and after the Closing Date, Seller shall have no further right to collect any such rents and other sums from Tenants.