Gap Rent Sample Clauses

Gap Rent. If the rent commencement date under the Lease with [omitted] has not occurred prior to the Closing Date, Seller and Purchaser shall reasonably estimate the rent commencement date under such Lease (the “Estimated RCD”), and Seller shall provide to Purchaser a credit at Closing in an amount equal to the amount of rent under such applicable Lease which would have been payable between the Closing Date and Estimated RCD under such Lease if the rent commencement date of such Lease would have occurred on the Closing Date. If the rent commencement date under the Lease with [omitted] (“[omitted]”) has not occurred prior to the Closing Date, then Seller shall withhold out of the Purchase Price and fund an escrow to be held by the Escrow Agent in the amount of contractual base rent and estimated operating expenses under the Lease with [omitted] from the Closing Date until December 31, 2024 (the “Escrowed Funds”). Commencing with the first calendar month following the Effective Date, the Escrowed Funds shall be paid to Purchaser each month by Escrow Agent in the amount of base rent and operating expenses under the Lease with [omitted] due for such month (prorated for any partial month) until the sooner to occur of (i) the date [omitted] is open and paying rent under the Lease with [omitted] and (i) December 31, 2024 (the earlier of such dates herein called the “Outside Date”). Any Escrowed Funds remaining on the Outside Date (after any required disbursements to Purchaser as above-described), shall be disbursed to Seller. The Escrowed Funds shall be held in an interest bearing account and shall be disbursed to Buyer or Seller in accordance with the terms and conditions of an escrow agreement substantially in the form of Exhibit “Q” attached hereto and incorporated herein.