Rents and Security Deposits Sample Clauses

Rents and Security Deposits. All rents under the Leases and all rents or fees for storage units or parking spaces, including monthly pet rent (but expressly excluding any one-time nonrefundable pet fees) (collectively, “Rents”), security deposits (except as hereinafter provided), key deposits and other tenant deposits and charges. Seller shall deliver or provide a credit in an amount equal to all prepaid Rents for periods after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing in accordance with the terms of the applicable Lease) to Buyer on the Closing Date. Rents that are delinquent (or payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date. Any Rents collected by the Buyer or the Seller after the Closing from any Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, to delinquent rentals, if any, which became due after the Closing, and (iv) then to delinquent rentals, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided. The Buyer shall xxxx Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount. The Seller shall have the right, upon prior written notice to the Buyer, to pursue Tenants to collect such delinquencies but shall not be able to institute litigation to collect such amounts, without the prior written consent of the Buyer in Buyer's sole discretion, provided, the Buyer agrees to reasonably cooperate with the Seller in connection with such collection (at no cost or expense to the Buyer). Notwithstanding the foregoing, in no event shall Seller have the right to terminate or attempt to terminate any Lease or evict or attempt to evict any Tenant.

Rents and Security Deposits. Landlord will retain each New Unit Lease and related documentation in its files. Pursuant to each Resident’s authorization stated in the New Unit Lease, Landlord will retain all prepaid Resident rents and security deposits currently in its possession for each Leased Unit, in the amount shown on Exhibit A and will credit the same to the account of each Resident of a New Unit under a New Unit Lease. Master Tenant hereby temporarily assigns to Landlord Master Tenant’s interest in each such security deposit, and in the event a Resident forfeits his/her security deposit in accordance with law prior to the date such Resident occupies a New Unit, Landlord may retain the same as additional rent under this Master Lease. With respect to a Resident’s occupancy of a Leased Unit, Landlord will be solely responsible for applying or returning such deposit to Resident in accordance with law. At such time as a Resident relocates to a New Unit, the assignment stated in this paragraph will terminate and Landlord will deliver any remaining security deposits to Master Tenant.

Rents and Security Deposits. Assignor shall be responsible for collecting all rents due and payable on or before the date of this Assignment and Assignee shall be responsible for collecting all rents due and payable after the date of this assignment.