Common use of DELINQUENT RENTS Clause in Contracts

DELINQUENT RENTS. At the Closing, Seller shall deliver to Buyer a list of all tenants under the Leases who are delinquent in the payment of Rents, the amount of each delinquency, and the period to which each delinquency is attributable. Any Rents collected by Buyer after the Closing from any delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such Rents, shall be applied in the following order of priority: first, to delinquent Rents for the month in which the Closing occurs; second, to delinquent Rents for the month prior to the month in which the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occurs. Buyer shall, at Seller’s request, submit to delinquent tenants invoices for Rents to which Seller is entitled. If any such Rents are collected by Buyer, Buyer shall promptly pay to Seller the portion to which Seller is entitled. Seller shall have the right, subsequent to the Closing, to collect any such Rents not collected by Buyer directly from the tenants, and to commence an action against the tenants for such collection, but any such action shall not include an eviction of any such tenants. Buyer shall reasonably cooperate with Seller in connection with Seller’s efforts to collect any such Rents not collected by Buyer.

DELINQUENT RENTS. At Non-delinquent rents that are received by Seller before the ClosingClosing Date shall be prorated to the Closing Date. Rents delinquent as of the Closing Date, Seller but collected later, shall deliver to Buyer a list be prorated as of all tenants under the Leases who are delinquent in the payment of Rents, the amount of each delinquency, and the period to which each delinquency is attributableClosing Date when collected. Any Rents collected by Buyer after the Closing Date from any tenants whose rental was delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such Rents, at the Closing Date shall be applied in deemed to apply first to the following order current rental due at the time of priority: first, payment and second to rentals which were delinquent Rents for the month in which at the Closing occurs; second, to delinquent Date. Rents for the month prior to the month in which collected after the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occurs. Buyer shall, at Seller’s request, submit to delinquent tenants invoices for Rents Date to which Seller is entitledentitled shall be promptly paid to Seller. If any such Rents are collected by BuyerFor a period of sixty (60) days after the Closing Date, Buyer shall promptly pay use reasonable efforts that are limited to billing tenants to collect all rents which are delinquent as of the Closing Date with no obligation to commence litigation to collect such rents. Commencing as of sixty-one (61) days after the Closing Date, Seller the portion to which Seller is entitled. Seller shall have the rightmay take all steps it deems appropriate, subsequent to the Closingincluding litigation, to collect any such Rents not collected by Buyer directly from rents delinquent as of the tenants, Closing Date which are still uncollected and to commence an action against the tenants for such collectionthat exceed $10,000.00, but Seller shall have no right to evict a tenant or disturb their quiet enjoyment of the Premises. If the amount of delinquent rent for any tenant is less than $10,000, Seller must obtain Buyer’s consent (which will not be unreasonably withhold) before taking any action to collect such action delinquent rents from such tenant. Any rents received by Seller that relate to a period after the Closing Date shall not include an eviction be remitted to Buyer within ten (10) business days of any such tenants. Buyer shall reasonably cooperate with Seller in connection with Seller’s efforts to collect any such Rents not collected by Buyerreceipt.

DELINQUENT RENTS. At the Any and all rents which are past due at Closing shall not be adjusted; Buyer shall have no obligation to collect such past-due rents but for a period of twelve (12) months after Closing, shall reimburse the applicable Seller Parties for such past-due rents when, as and if collected, net of reasonable costs of collection; provided that, there shall deliver be no costs of collection for any past due rents collected within sixty (60) days after Closing), it being understood that Buyer shall not be deemed to Buyer a list of all tenants under have collected such arrearage attributable to the Leases who are delinquent period prior to Closing until such tenant is current in the payment of Rents, rentals accruing on or after Closing and Buyer shall have recovered all reasonable costs of collection. The applicable Seller Party shall retain the right after Closing to sxx for and collect any rents or other amount of each delinquencydue under a Lease for a period ending before Closing (but in no event shall a Seller Party have the right to sxx any such Tenant for eviction), and the period to which each delinquency is attributable. Any Rents collected by Buyer after the Closing from any delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such Rents, shall be applied in the following order of priority: first, to delinquent Rents for the month in which the Closing occurs; second, to delinquent Rents for the month prior to the month in which the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occurs. Buyer shall, at Seller’s request, submit to delinquent tenants invoices for Rents to which Seller is entitled. If any such Rents are collected by Buyer, Buyer shall promptly pay to Seller the portion to which Seller is entitled. Seller shall have the right, subsequent to the Closing, to collect any such Rents not collected by Buyer directly from the tenants, and to commence an action against the tenants for such collection, but any such action shall not include an eviction of any such tenants. Buyer shall reasonably cooperate with the applicable Seller Party, at no cost to Buyer, in connection with Seller’s its efforts to collect any such Rents amount. During the period of the first sixty (60) calendar days after the Closing Date, the Seller Parties shall not collected take any action to sxx for or collect any rents or other amounts due and owing under a Lease for a period prior to the Closing Date, but after the expiration of said sixty (60) day period the applicable Seller Party may at any time or times take such actions as are permitted by Buyerthe terms of this Section 3.10.1. The applicable Seller Party shall advise Buyer in writing of the filing of any law suit for the collection of rents or other amount due under a Lease, as described in the immediately preceding sentence, and shall keep Buyer reasonably informed of the status of the proceedings in such a suit during the course thereof. After the twelve (12) month period following the Closing Date, Buyer shall have no further obligations to remit rents owed to Seller.

DELINQUENT RENTS. At the Any and all rents which are past due at Closing shall not be adjusted; Buyer shall have no obligation to collect such past-due rents but for a period of twelve (12) months after Closing, shall reimburse Seller for such past-due rents when, as and if collected, net of reasonable costs of collection; provided that, there shall deliver be no costs of collection for any past due rents collected within sixty (60) days after Closing), it being understood that Buyer shall not be deemed to Buyer a list of all tenants under have collected such arrearage attributable to the Leases who are delinquent period prior to Closing until such Tenant is current in the payment of Rents, the amount of each delinquency, rentals accruing on or after Closing and the period to which each delinquency is attributable. Any Rents collected by Buyer after the Closing from any delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such Rents, shall be applied in the following order of priority: first, to delinquent Rents for the month in which the Closing occurs; second, to delinquent Rents for the month prior to the month in which the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occurs. Buyer shall, at Seller’s request, submit to delinquent tenants invoices for Rents to which Seller is entitled. If any such Rents are collected by Buyer, Buyer shall promptly pay to Seller the portion to which Seller is entitledhave recovered all reasonable costs of collection. Seller shall retain the right after Closing to sxx for and collect any rents or other amount due under a Lease for a period ending before Closing (but in no event shall Seller have the right, subsequent right to the Closing, to collect sxx any such Rents not collected by Buyer directly from the tenantsTenant for eviction), and to commence an action against the tenants for such collection, but any such action shall not include an eviction of any such tenants. Buyer shall reasonably cooperate with Seller Seller, at no cost to Buyer, in connection with Seller’s its efforts to collect any such Rents amount. During the period of the first sixty (60) calendar days after the Closing Date, Seller shall not collected take any action to sxx for or collect any rents or other amounts due and owing under a Lease for a period prior to the Closing Date, but after the expiration of said sixty (60) day period, Seller may at any time or times take such actions as are permitted by Buyerthe terms of this Section 3.10.1. Seller shall advise Buyer in writing of the filing any law suit for the collection of rents or other amounts due under a Lease, as described in the immediately preceding sentence, and shall keep Buyer reasonably informed of the status of the proceedings in such a suit during the course thereof. After the twelve (12) month period following the Closing Date, Buyer shall have no further obligations to remit rents owed to Seller.

DELINQUENT RENTS. At As used herein, "Delinquent Rents" means Rents which are due and payable by a Tenant on or prior to the ClosingProration Date but which have not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer as of the Proration Date, but not until they are actually collected by Buyer. Buyer shall have the right after the Closing to collect Delinquent Rents relating to the period prior to the Proration Date, but shall not be obligated to do so. Upon the Final Closing Adjustment (as defined in Section 6 of this Schedule 12), any Delinquent Rents which have not as yet been paid shall be assigned to Seller. After the Closing and continuing through and after the Final Closing Adjustment, without the express written consent of Buyer, the Seller shall deliver not take, nor cause Buyer to Buyer take, any action against a list of all tenants under the Leases who are delinquent in the payment of Rents, the amount of each delinquency, and the period tenant owing Delinquent Rents which would affect such Tenant's right to which each delinquency is attributableoccupy its leased premises. Any Rents collected by Buyer after the Closing from any delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such RentsClosing, shall be applied in the following order of priority: (a) first, to delinquent Rents for the month tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the Closing occurs; secondcontrary in the Agreement or this Schedule, to delinquent the extent a Tenant expressly designates that a payment is to be applied for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents for received by Buyer or any of its affiliates after the month prior Proration Date shall be immediately applied in accordance with the above and any amount owing to the month Seller shall be immediately paid upon application; however, in which the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occursno event later than thirty (30) days after collection. Buyer shall, at Seller’s requestand shall cause its agents to, submit to delinquent tenants invoices for Rents to which Seller is entitled. If any such Rents are collected by Buyer, Buyer shall promptly pay to Seller the portion to which Seller is entitled. Seller shall have the right, subsequent to the Closing, to collect any such Rents not collected by Buyer directly from the tenants, and to commence an action against the tenants for such collection, but any such action shall not include an eviction of any such tenants. Buyer shall reasonably cooperate with Seller in connection with Seller’s use commercially reasonable efforts to collect any Deliquent Rent, but Buyer shall not be required to commence any legal action or proceeding to collect such Rents amounts. Buyer shall not collected by Buyerwaive or settle any claims with respect to any such amounts relating to the period prior to the Proration Date in whole or in part without Seller's prior written consent.

DELINQUENT RENTS. At Purchaser shall not be required to purchase Seller’s accounts receivables and/or delinquent rents (including, without limitation, any additional rent payments or other amounts payable by Tenants under the Leases). No proration shall be made at the Closing for these items. Purchaser shall have no duty to collect delinquent rents for Seller after Closing but shall be required to xxxx Tenants for delinquent rents in the ordinary course of business for 6 months after Closing. To the extent Purchaser or Seller receives rents (or other tenant charges) on or after the Closing Date, such payments shall be applied (a) first towards the rent (or other tenant charge) owed to Purchaser for its period of ownership; (b) second toward the rent (or other tenant charge) for the actual month in which Closing occurred; and (c) third towards the rent (or other tenant charge) owed to Seller for its period of ownership. Purchaser shall deliver Seller’s share to Seller promptly upon receipt by Purchaser and Seller shall deliver Purchaser’s share to Buyer a list of all tenants under Purchaser promptly upon receipt by Seller, as applicable. Any post-closing reconciliation payment shall be allocated in accordance with the Leases who are delinquent charges (and in the payment case of Rentstenant reimbursements, the amount of each delinquency, and the period to which each delinquency is attributable. Any Rents collected by Buyer after the Closing from any delinquent tenant, net of reasonable out-of-pocket expenses incurred by Buyer to collect such Rents, shall be applied underlying expenses) in the following order of priority: first, to delinquent Rents for the month in which the Closing occurs; second, to delinquent Rents for the month prior to the month in which the Closing occurs; third, to then current Rents due from such tenant; and last, to delinquent Rents for all other months prior to the month in which the Closing occurs. Buyer shall, at Seller’s requestand Purchaser’s respective periods of ownership. Subject to Purchaser’s right to receive a portion of any funds actually collected, submit Seller reserves the right to pursue any remedy for damages against any tenant owing delinquent tenants invoices for Rents to which Seller is entitled. If rents and any such Rents are collected by Buyer, Buyer shall promptly pay other amounts to Seller (but shall not be entitled to interfere with a Tenant’s tenancies, terminate any Lease or any Tenant’s right to possession) following the portion to which Seller is entitled. Seller shall have expiration of the right, subsequent to 6 month period immediately following the Closing, to collect any such Rents not collected by Buyer directly from the tenants, and to commence an action against the tenants for such collection, but any such action . Purchaser shall not include an eviction of be required to litigate or declare a default under any such tenants. Buyer shall reasonably cooperate with Seller in connection with Tenant Lease to facilitate Seller’s efforts to collect any such Rents not collected by Buyercollection of delinquent rents.