Rent Ready. During the Contract Period, Seller shall cause all vacant apartment units to be in “Rent Ready Condition”, other than (i) such apartments which become vacant less than seven (7) days prior to Closing and (ii) such apartments with respect to which Seller elects instead to provide Purchaser with the Purchase Price credit set forth in Section 4.5(g). As used
Rent Ready. For any apartment unit that is vacated on or before the date that is seven (7) days prior to Closing, Seller shall, at Seller’s election, either (i) credit Purchaser $500.00 for the cost and expenses to put the unit in Rent Ready Condition or (ii) cause such apartment unit to be in Rent Ready Condition as of the date of Closing.
Rent Ready. Not more than forty-eight (48) hours prior to the Closing Date, a representative of Buyer and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether any of such unoccupied rental units are in “rent ready” condition. With respect to any rental unit which is vacated on or before five (5) days prior to Closing, Seller shall, at Seller’s option, either (i) make such unoccupied rental unit into a “rent ready” condition, or (ii) provide Buyer with a credit against the Purchase Price due at Closing in the amount of One Thousand Dollars ($1,000.00) per such unoccupied rental unit. With respect to any rental unit that is vacated later than five (5) days prior to Closing, Seller shall have no responsibility or liability to put such unoccupied rental unit into a “rent ready” condition, and Seller shall not have to compensate Buyer if such unit is not “rent ready” as of the Closing Date. “Rent ready” condition shall mean the Property Owner's current practice of placing units in “rent ready” condition.
Rent Ready. No more than one percent (1%) of the units in the Contributed Properties are “off-line” (meaning they cannot be made “rent-ready” with routine maintenance) and at least eighty percent (80%) of the vacant units in the Contributed Properties are in so-called “rent-ready” condition.
Rent Ready. Seller agrees that all apartment units vacated by tenants five (5) or more business days prior to the Close of Escrow (each such unit, an "Applicable Unit") shall be in Rent Ready condition. For purposes herein, "Rent Ready" shall mean that condition in which vacant apartment units are immediately prior to being rented under Seller's ordinary course of managing the Property. If Seller shall fail to deliver an Applicable Unit in Rent Ready condition at the Close of Escrow, Buyer's sole remedy hereunder shall be an adjustment of the Purchase Price in the amount of the actual amount that it will cost to make such Applicable Unit Rent Ready, provided however, that in no event shall such amount exceed Seven Hundred Fifty Dollars ($750.00) per Applicable Unit or Seven Thousand Five Hundred Dollars ($7,500.00) in the aggregate. The obligations of Buyer and Seller pursuant to this Section 5.6 shall survive the closing for a period of ten (10) days after the Closing Date, during which period Buyer and Seller shall agree on a reconciliation of the adjustments described herein, if any.
Rent Ready. Seller shall place any apartments that are vacant as of the Effective Date or which become vacant five (5) or more business days prior to the Closing Date in a rent ready condition such that they are available for immediate occupancy at Closing. For purposes hereof, "rent ready condition" shall be the condition in which Seller has placed vacant apartments during its normal course of business of operating the Property, including, without limitation, operable kitchen appliances and, if necessary, fresh paint and new carpet. If Seller fails to have any such vacant apartments in rent ready condition, then Purchaser shall receive a credit at Closing on account thereof in the amount of $500.00 per vacant apartment unit.
Rent Ready. Seller shall place any apartments that are vacant as of the date hereof or which become vacant at least five (5) business days prior to the Closing Date in a rent ready condition such that they are available for immediate occupancy. For purposes hereof, "rent ready condition" shall be the condition that Seller has placed vacant apartments in during its normal course of business of operating the Property, including, without limitation, operable kitchen appliances and (if necessary in the reasonable discretion of Seller) clean carpeting and fresh paint.
Rent Ready. Seller shall deliver the Property at Closing with all vacant apartment units having cleaned carpets, freshly painted interior walls, working kitchen appliances, (and water heaters and HVAC to the extent serving only the individual vacant units), and no material damage to the doors, walls, ceilings, floors or windows inside such vacant units. Representatives of Seller and Buyer shall inspect the vacant units five (5) days prior to the Closing Date, and at Closing, in full satisfaction of Seller's obligations hereunder, Buyer shall receive a credit against the Purchase Price in the amount of the actual cost to make rent-ready each non-rent ready vacant unit existing as of five days before Closing to be agreed upon by the parties.
Rent Ready. Not more than forty-eight (48) hours prior to Closing, a representative of Buyer and Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether any of such unoccupied rental units are in “rent ready” condition. With respect to any rental unit which is vacated on or before five (5) days prior to the Closing, Seller shall, at Seller's option, either (i) make such unoccupied rental unit into a “rent ready” condition, or (ii) provide Buyer with a credit against the Purchase Price due at Closing, which credit shall be equal to the amount, if any, reasonably required to put said unoccupied rental units in “rent-ready” condition, provided, however, that such credit shall not exceed Five Hundred Dollars ($500.00) per unoccupied rental unit. With respect to any rental unit which is vacated later than five (5) days prior to the Closing, Seller shall have no responsibility or liability to put such unoccupied rental unit into a “rent ready” condition, and Seller shall not have to compensate Buyer if such unit is not “rent ready” as of Closing. “Rent ready” condition shall mean Seller's current practice of placing units in “rent ready” condition.
Rent Ready. At Closing, Seller shall cause all apartment units at the Property which are vacant fifteen (15) days or more to have working appliances and to otherwise rent ready for tenants. At Closing, Seller will give Purchaser a credit of Four Hundred Dollars ($400.00) per apartment which is not so rent ready; provided, however, that if any of such vacant apartment units that are not in a rent-ready condition and require replacement of carpet, then the $400.00 rent-ready credit shall increase to $750.00 for each such vacant and non rent-ready unit. A “rent-ready” unit shall mean a unit that is freshly painted, carpeting that is cleaned or replaced, as necessary, and working appliances and fixtures.
