Common use of Delinquent Rent Clause in Contracts

Delinquent Rent. Delinquent Rent shall not be accrued or prorated at Closing. Any Delinquent Rent that is paid after the Closing Date shall, subject to the terms below, be paid to Seller, and if Delinquent Rent is received by Purchaser, Purchaser shall pay the Delinquent Rent to Seller promptly after collection by Purchaser as provided for in Section 8.4(f) below. Purchaser shall use reasonable efforts to collect any Delinquent Rent after the Closing, provided that Purchaser shall not be required to commence any legal proceedings or terminate any Lease. In the event Purchaser commences any action or proceeding against any Tenant and as a result thereof collects any Delinquent Rent which Purchaser is required to remit to Seller, Purchaser shall be entitled to deduct and retain a portion of the amount collected which is equal to the reasonable, third party expenses incurred by Purchaser in connection with the collection of such Delinquent Rent. Purchaser shall not waive any Delinquent Rent or modify or amend any Lease so as to reduce the Delinquent Rent owed by the Tenant for any period in which Seller is entitled to receive such Delinquent Rent, without first obtaining Seller’s written consent.

Delinquent Rent. For purposes of this Section 4.2, “Delinquent Rent” shall mean any Rent that, under the terms of the applicable Lease, was past due as of the Closing Date, and which has not been received in good funds by Seller on or prior to the Closing Date. Delinquent Rent shall not be accrued or prorated at Closing. Any Delinquent Rent that is paid received by Buyer within 90 days after the Closing Date shall, subject to the terms below, shall be paid to Seller; provided, however, that all Rent collected after the Closing Date shall be applied first to payment of all Rent due Buyer from the applicable Tenant and if second to all Delinquent Rent is received by Purchaserdue to Seller. For 90 days following Closing, Purchaser shall pay the Delinquent Rent to Seller promptly after collection by Purchaser as provided for in Section 8.4(f) below. Purchaser Buyer shall use good faith commercially reasonable efforts to collect any Delinquent Rent after the ClosingRent, provided that Purchaser Buyer shall not be required to commence any legal proceedings or to terminate any LeaseLease in connection with such efforts. In the event Purchaser If Buyer commences any action or proceeding against any Tenant and as a result thereof collects any Delinquent Rent which Purchaser Buyer is required to remit to Seller, Purchaser Buyer shall be entitled to deduct and retain a portion of the amount collected which is equal to the reasonable, reasonable third party expenses incurred by Purchaser Buyer in connection with the collection of any such Delinquent Rent. Purchaser Buyer shall not waive any Delinquent Rent or modify or amend any Lease so as to reduce the Delinquent Rent owed by the Tenant for any period in which Seller is entitled to receive such Delinquent Rent, without first obtaining Seller’s written consentconsent (which consent shall not be unreasonably withheld or conditioned).

Delinquent Rent. For purposes of this Section 4.2, “Delinquent Rent” shall mean any Rent that, under the terms of the applicable Lease, is past due as of the Closing Date, and which has not been received in good funds by Seller on or prior to the Closing Date. Delinquent Rent shall not be accrued or prorated at Closing. Any Delinquent Rent that is paid received by Buyer after the Closing Date shall, subject to the terms below, shall be paid to Seller; provided, however, that all Rent (including, without limitation, Delinquent Rent) collected after the Closing Date shall be applied first to payment of all Rent due Buyer from the applicable Tenant and if second to all Delinquent Rent is received by Purchaserdue to Seller. Following Closing, Purchaser shall pay the Delinquent Rent to Seller promptly after collection by Purchaser as provided for in Section 8.4(f) below. Purchaser Buyer shall use good faith commercially reasonable efforts to collect any Delinquent Rent after the ClosingRent, provided that Purchaser Buyer shall not be required to incur any material cost, to commence any legal proceedings proceedings, or to terminate any Lease. In the event Purchaser If Buyer commences any action or proceeding against any Tenant and as a result thereof collects any Delinquent Rent which Purchaser Buyer is required to remit to Seller, Purchaser Buyer shall be entitled to deduct and retain a portion of the amount collected which is equal to the reasonable, pro rata share of the reasonable third party expenses incurred by Purchaser Buyer in connection with the collection of any such Delinquent Rent. Purchaser This subsection 4.2(e) shall not waive any Delinquent Rent or modify or amend any Lease so as to reduce survive for one hundred eighty (180) days following the Delinquent Rent owed by the Tenant for any period in which Seller is entitled to receive such Delinquent Rent, without first obtaining Seller’s written consentClosing.