Common use of Delinquent Rentals Clause in Contracts

Delinquent Rentals. Fixed monthly rentals are delinquent when payment thereof is due on or prior to the Proration Date but has not been made by the Proration Date (any such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Purchaser and each Seller as of the Proration Date but shall not be paid or credited until they are actually collected by Purchaser or a Seller, as the case may be. Any fixed monthly rentals collected by Purchaser or a Seller, as the case may be, after the Proration Date less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto shall be applied first to Delinquent Rentals, if any, and paid to the applicable Seller promptly upon receipt thereof in the amount of such Delinquent Rentals, then to fixed monthly rentals that shall accrue after the Proration Date and paid to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant shall be disputing the amount of the Delinquent Rentals that such Tenant shall owe to the applicable Seller, in such case, prior to the resolution of such dispute, such Seller, to the extent of such disputed Delinquent Rentals, shall not be entitled to receive payment of such Delinquent Rentals. Following the resolution of any dispute with a Tenant regarding the amount of Delinquent Rentals that such Tenant shall owe to the applicable Tenant, Purchaser shall pay to the applicable Seller, an amount equal to the lesser of (i) the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller and (ii) the amount of payments of fixed monthly rentals that Purchaser shall have received pursuant to this Section 6(c). Sellers shall have the right to settle and/or compromise any dispute with a Tenant regarding

Delinquent Rentals. Fixed monthly rentals Rentals for Tenant Leases that are not more than thirty (30) days delinquent when payment thereof is due on or prior to as of the Proration Date but has not been made by shall be prorated between Seller and Buyer as if they were timely paid to Seller, and Seller shall be credited with the Proration Date (any amount of such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals")Rental. Delinquent Rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Date but shall not be paid or credited by Seller until they are actually collected by Purchaser Buyer, Rentals are "Delinquent" when payment thereof has been due on or before the Proration Date and is at least thirty (30) days past due as of the Proration Date. Buyer shall use Buyer's good faith efforts to collect any Delinquent Rentals. Buyer shall not, however, be required to institute legal proceedings and Buyer shall not be required to expend more than nominal cost and expense in collecting Delinquent Rentals. After the Close of Escrow, Seller shall not institute any legal proceedings against a Tenant (or other occupant or user of the Project) owing Delinquent Rentals unless Buyer has failed to institute such legal proceedings within thirty (30) days after receipt of Seller, as 's written request that Buyer do so. Subject to the case may be. Any fixed monthly first sentence of this subparagraph (c) rentals collected by Purchaser or a Seller, as the case may be, after the Proration Date less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto Buyer shall be applied first to Delinquent Rentals, if anytheir respective due dates, and paid then against any amount past due. Buyer agrees that any payments due to the applicable Seller promptly upon receipt thereof in the amount as a result of such collected Delinquent Rentals, then Rentals shall be payable to fixed monthly rentals Seller (less reasonable out-of- pocket costs of collection actually incurred by Buyer) not less often than monthly. Seller agrees that shall accrue any amounts collected by Seller after the Proration Date and paid Close of Escrow but which are due to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant Buyer hereunder shall be disputing the amount payable to Buyer (less reasonable out-of-pocket costs of the Delinquent Rentals that such Tenant shall owe to the applicable collection actually incurred by Seller, in such case, prior to the resolution of such dispute, such Seller, to the extent of such disputed Delinquent Rentals, shall ) not be entitled to receive payment of such Delinquent Rentals. Following the resolution of any dispute with a Tenant regarding the amount of Delinquent Rentals that such Tenant shall owe to the applicable Tenant, Purchaser shall pay to the applicable Seller, an amount equal to the lesser of (i) the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller and (ii) the amount of payments of fixed monthly rentals that Purchaser shall have received pursuant to this Section 6(c). Sellers shall have the right to settle and/or compromise any dispute with a Tenant regardingless often than monthly.

Delinquent Rentals. Fixed monthly rentals are delinquent when payment thereof is due on or prior to the Proration Date but has not been made by the Proration Date (any such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Closing Date but shall not be paid or credited to Seller until they are actually collected by Purchaser Buyer. Rentals are "Delinquent" when payment thereof has been due on or before the Closing Date and is past due as of the Closing Date. Buyer shall use Buyer's best good faith efforts to collect any Delinquent Rentals. Buyer shall not, however, be required to institute legal proceedings and Buyer shall not be required to expend more than nominal cost and expense in collecting Delinquent Rentals. After the Close of Escrow, Seller shall not institute any legal proceedings against a Tenant (or other occupant or user of the Project) owing Delinquent Rentals unless Buyer has failed to institute such legal proceedings with thirty (30) days after receipt of Seller, as the case may be's written request that Buyer do so and Seller's claim is limited to an action to collect unpaid rent and to seek damages. Any fixed monthly rentals Rentals collected by Purchaser or a Seller, as the case may be, after the Proration Date less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto Buyer shall be applied first to Delinquent Rentals, if anyagainst any amount currently due, and paid to then against any amount past due accruing after the applicable Seller promptly upon receipt thereof in the amount of such Delinquent RentalsClosing Date, then to fixed monthly rentals amounts due to Seller for past due amounts that shall accrue after the Proration Date and paid to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant shall be disputing the amount of the Delinquent Rentals that such Tenant shall owe to the applicable Seller, in such case, accrued prior to the resolution Closing Date. Buyer agrees that any payments due to Seller as a result of such dispute, such collected Delinquent Rentals shall be payable to Seller (less reasonable out-of-pocket costs of collection actually incurred by Buyer) not less often than monthly. Seller agrees that any amounts collected by Seller after the Close of Escrow but which are due to Buyer hereunder shall be payable to Buyer (less reasonable out-of-pocket costs of collection actually incurred by Seller, to the extent of such disputed Delinquent Rentals, ) not less often than monthly. Buyer shall not be entitled to receive payment of such Delinquent Rentals. Following the resolution of any dispute with a Tenant regarding the amount of Delinquent Rentals that such Tenant shall owe to the applicable Tenant, Purchaser shall pay to the applicable Seller, an amount equal to the lesser of (i) the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller and (ii) the amount of payments of fixed monthly rentals that Purchaser shall have received pursuant to this Section 6(c). Sellers shall have the right to settle and/or compromise any dispute with a Tenant regardingrights to collect delinquent Rentals or other amounts owed under Leases which, if collected, would be credited to Seller hereunder without having first obtained Seller's written consent.

Delinquent Rentals. Fixed monthly rentals Rentals for Tenant Leases that are not more than thirty (30) days delinquent when payment thereof is due on or prior to as of the Proration Date but has not been made by shall be prorated between Seller and Buyer as if they were timely paid to Seller, and Seller shall be credited with the Proration Date (any amount of such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals")Rental. Delinquent Rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Date but shall not be paid or credited by Seller until they are actually collected by Purchaser Buyer, Rentals are "Delinquent" when payment thereof has been due on or before the Proration Date and is at least thirty (30) days past due as of the Proration Date. Buyer shall use Buyer's good faith efforts to collect any Delinquent Rentals. Buyer shall not, however, be required to institute legal proceedings and Buyer shall not be required to expend more than nominal cost and expense in collecting Delinquent Rentals. After the Close of Escrow, Seller shall not institute any legal proceedings against a Tenant (or other occupant or user of the Project) owing Delinquent Rentals unless Buyer has failed to institute such legal proceedings within thirty (30) days after receipt of Seller, as 's written request that Buyer do so. Subject to the case may be. Any fixed monthly first sentence of this subparagraph (c) rentals collected by Purchaser or a Seller, as the case may be, after the Proration Date less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto Buyer shall be applied first against any amount currently due, to Delinquent Rentals, if anytheir respective due dates, and paid then against any amount past due. Buyer agrees that any payments due to the applicable Seller promptly upon receipt thereof in the amount as a result of such collected Delinquent Rentals, then Rentals shall be payable to fixed monthly rentals Seller (less reasonable out-of-pocket costs of collection actually incurred by Buyer) not less often than monthly. Seller agrees that shall accrue any amounts collected by Seller after the Proration Date and paid Close of Escrow but which are due to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant Buyer hereunder shall be disputing the amount payable to Buyer (less reasonable out-of-pocket costs of the Delinquent Rentals that such Tenant shall owe to the applicable collection actually incurred by Seller, in such case, prior to the resolution of such dispute, such Seller, to the extent of such disputed Delinquent Rentals, shall ) not be entitled to receive payment of such Delinquent Rentals. Following the resolution of any dispute with a Tenant regarding the amount of Delinquent Rentals that such Tenant shall owe to the applicable Tenant, Purchaser shall pay to the applicable Seller, an amount equal to the lesser of (i) the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller and (ii) the amount of payments of fixed monthly rentals that Purchaser shall have received pursuant to this Section 6(c). Sellers shall have the right to settle and/or compromise any dispute with a Tenant regardingless often than monthly.