DELINQUENT RENTS. If, as of the Closing Date, any rent is in arrears for thirty (30) days or less, then the first rent collected for the Property by Purchaser shall be applied to the month in which Closing occurred and disbursed pro-rata to Purchaser and Seller. If rent is in arrears for a Property for more than thirty (30) days, then rents collected for the Property by Purchaser shall be applied first to current rent and then to delinquent rent. Any amounts received by one party and payable to the other party pursuant hereto shall be paid within 10 days of receipt of such amounts. This subparagraph of this Agreement shall survive the Closing and the delivery and recording of the Deed.
Appears in 5 contracts
Samples: Granada Apartments (Balcor Pension Investors V), Glades Apartments] (Balcor Pension Investors V), Plantation Apartments] (Balcor Pension Investors V)
