Common use of Tenant Common Area Charges Clause in Contracts

Tenant Common Area Charges. Prior to the Closing, Seller shall complete a reconciliation of the charges to Tenants for maintenance expenses, operating expenses and taxes (“CAM”) for the calendar year 2018 and collect from or credit to all Tenants, as applicable, all adjustments thereto on a Property-by-Property basis. In the event any 2018 CAM adjustments owed to Tenants are accomplished by a rent credit for any period from and after the Closing Date, then Buyer shall receive a credit against the Allocated Purchase Price for such Property in an amount equal to such portion of the rent credit for the period from and after the Closing Date. Seller shall prepare all reconciliations of charges to Tenants for CAM for the year to date/2019 on a Property-by-Property (and Tenant-by-Tenant) basis. If the partial calendar year 2019 reconciliation shows that a Respective Seller would owe a Tenant a refund of CAM (as if such Tenant reconciliation had occurred on such date), such amount owed shall be credited to Buyer at Closing and Buyer shall indemnify, defend and hold harmless Respective Seller and the Seller Parties from any further liability therefor. If the reconciliation shows that a Tenant would owe a Respective Seller additional CAM charges (as if such Tenant reconciliation had occurred on such date), such amount owed to such Respective Seller shall be credited to Respective Seller at Closing and Buyer shall assume responsibility for collecting such amounts from Tenants. Notwithstanding the foregoing, (i) Seller shall be responsible for the 2019 CAM allocable to any vacant space for the period prior to Closing, and (ii) no credit shall be due at Closing to Seller with respect to any under-collection of 2019 CAM from a Tenant that arises from a delinquency owed by a Tenant (as opposed to an underestimated of CAM for such period).