Common use of Tenant Leases Clause in Contracts

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller and Purchaser. Purchaser shall receive a credit for all assignable security deposits held by Seller under the Tenant Leases which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the Tenant Leases. Purchaser shall not receive a credit for any non-assignable security deposits held by Seller which Seller shall return to the tenant under the Tenant Lease, and Purchaser shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the Closing.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller and Purchaser. Purchaser shall receive a credit for all assignable security deposits held by Seller under the with respect to Tenant Leases which that are not transferred by Seller to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the Tenant Leases. Purchaser shall not receive a credit for any non-assignable security deposits held by Seller which Seller that are transferred to Purchaser at Closing. Purchaser shall return also receive a credit for all outstanding Leasing Costs with respect to the tenant under Tenant Leases in effect as of the Tenant Lease, Effective Date and Purchaser shall obtain any replacement security deposit from renewals or extensions thereof exercised prior to the tenantEffective Date. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the As of Closing, Purchaser shall receive any such delinquent rents, assume Seller’s obligations for (i) Leasing Costs that are due and payable after Closing with respect to the Leases in force as of or prior to the Effective Date to the extent Purchaser shall promptly remit such amounts receives a credit therefor pursuant to Seller, provided that any monies the prior sentence and (ii) Leasing Costs incurred with respect to Leases executed and Lease renewals and extensions exercised subsequent to the Effective Date. All rents received by Purchaser from a delinquent tenant after the Closing Date shall be applied applied, first toward the rent for the month in which the Proration Date occurs, then to current rents the rent then due and payable to Purchaser in connection with the applicable Tenant Lease or other document for which such payments are received, and then to any delinquent rents (or other tenant charges) owed to Seller in the inverse order in which they became due of delinquency, with Seller’s share thereof being promptly delivered to Seller. Purchaser will use commercially reasonable efforts to collect any rents applicable to the period prior to Closing, provided that Purchaser shall have no obligation to evict tenants, file suit or pursue litigation to collect such rents. Seller hereby waives the right to pursue any remedy for damages against any tenant owing delinquent rents and payable. The previous sentence shall survive the Closingany other amounts to Seller.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller and Purchaser. Purchaser shall receive a credit for amounts prepaid under the Tenant Leases. With respect to any rents accrued and unpaid under the Tenant Leases, such rents shall be prorated on an “if, as and when collected” basis, such that amounts collected by Purchaser or Seller after the Closing Date from tenants who owe rents for periods prior to the Closing Date, shall be applied (1) first to rents due and payable for the calendar month in which the Closing occurs to be apportioned between Seller and Purchaser, (2) next to Purchaser for rents due and payable for the period after the calendar month in which the Closing occurs, (3) next to Seller for all rents due and payable for the period preceding the calendar month in which the Closing occurs, and (D) last, to Purchaser, any balance remaining. Purchaser shall receive a credit for all assignable but unforfeited security deposits held 41 AUS-6206654-10 6055890/60 by Seller under the Tenant Leases which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the such Tenant Leases. Purchaser shall not receive a credit for any non-assignable non‑assignable but unforfeited security deposits held by Seller Seller, which Seller shall return to the tenant under the such Tenant Lease, and Purchaser shall obtain any replacement security deposit from the such tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence This Section 11.2.2 shall survive the Closing.

Tenant Leases. Any To Seller's knowledge, Exhibit J is a true, correct, and complete statement of all: (i) apartment leases, tenancies, and occupancies now in effect in connection with the Property (the "Tenant Leases"); (ii) the tenants at the Property; (iii) the dates of the expiration of Tenant Leases; (iv) the base rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated Leases; and (v) all security deposits under the Tenant Leases. To Seller's knowledge, no rent has been prepaid under any Tenant Lease, except as set forth on Exhibit J. To Seller's knowledge, as of the Cut-Off Time between Seller Closing Date, there will be: (a) no brokerage or other leasing commissions payable in connection with any of the tenants or the Tenant Leases or any new leases or amendments of existing Tenant Leases; and Purchaser. Purchaser shall receive a credit for all assignable security deposits held by Seller (b) no work specifically required to be performed under the Tenant Leases which are not transferred (other than work to Purchaserbe performed in the ordinary course of business). To Seller's knowledge, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the Tenant LeasesLeases are in full force and effect. Purchaser shall Seller has not receive a credit for received notice of any non-assignable default by the landlord thereunder. No tenant under any Tenant Lease has any option or right of first refusal to acquire any ownership interest in the Property or any right to terminate its lease or is entitled to any rebate or concession. Seller has not applied any security deposits held by towards delinquent rent except for: (i) those tenants who have vacated their apartments; and (ii) those tenants who are in arrears for rent for more than thirty (30) days and with respect to whom Seller which Seller shall return to has commenced the tenant under the Tenant Lease, and Purchaser shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the Closingprocess of eviction.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller Sellers and PurchaserBuyer, with Buyer being credited for amounts prepaid. Purchaser If there are any arrearages under the Tenant Leases as of the Closing Date relating to any period prior to the month in which the Closing occurs, such arrearages shall not be prorated; provided that Buyer shall use commercially reasonable efforts after the Closing Date to collect any such arrearages, and shall promptly remit any amounts so collected (less reasonable collection costs) to Sellers; further provided, however, that Buyer shall not be obligated to xxx any Tenants or terminate any of the Tenant Leases. Any rents collected by Sellers or Buyer after the Closing Date with respect to such Tenant Leases shall be applied first to the calendar month in which the Closing occurs and prorated as between Sellers and Buyer in accordance with this Section 15.1.2 and then to any arrearages for month(s) prior to the calendar month in which the Closing occurs. Payments from Tenants for electricity, operating expenses and Taxes which are billed to Tenants in arrears or on an estimated basis shall be prorated on such basis and readjusted if, as and when such amounts are finally determined and collected. Buyer shall receive a credit for all assignable security deposits held by Seller Sellers under the Tenant Leases which are not transferred to PurchaserBuyer, and Purchaser Buyer thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the such Tenant Leases. Purchaser Buyer shall not receive a credit for any non-assignable security deposits held by Seller Sellers, which Seller Sellers shall return to the tenant Tenant under the such Tenant Lease, and Purchaser Buyer shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the ClosingTenant.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller and PurchaserBuyer. Purchaser Buyer shall receive a credit for all assignable security deposits held by Seller under the Tenant Leases which are not transferred to PurchaserBuyer, and Purchaser Buyer thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the Tenant Leases. Purchaser Buyer shall not receive a credit for any non-assignable security deposits held by Seller which Seller shall return to the tenant under the Tenant Lease, and Purchaser Buyer shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser Buyer agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser Buyer shall receive any such delinquent rents, Purchaser Buyer shall promptly remit such amounts to Seller, provided that any monies received by Purchaser Buyer from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the Closing.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller and Purchaser. Purchaser shall receive a credit for all assignable security deposits held by Seller under the Tenant Leases which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the such Tenant Leases, and shall indemnify and hold harmless the Seller Indemnitees against any Indemnification Losses incurred as a result of any such failure by Purchaser to obligate or refund such deposits in accordance with the terms of such Tenant Leases, but only to the extent of the credit provided to Purchaser at Closing (or thereafter). Purchaser shall not receive a credit for any non-assignable security deposits held by Fee Seller or Leasehold Seller, which Fee Seller or Leasehold Seller shall return to the tenant under the such Tenant Lease, and Purchaser shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. Ifreasonably cooperate with Purchaser, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts no out-of-pocket cost or expense to Seller, provided that any monies received by Purchaser to obtain a replacement security deposit from a delinquent such tenant shall be applied first to current rents then due and payable and then to delinquent rents in for the inverse order in which they became due and payable. The previous sentence shall survive the Closingbenefit of Purchaser.

Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable prepaid under the Tenant Leases shall be prorated as of the Cut-Off Time between Seller Purchaser and PurchaserSeller. Purchaser shall receive a credit for all assignable security deposits held by Seller under the Tenant Leases which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the such Tenant Leases. If any arrearage exists under any Lease (such arrearage, “Uncollected Rents”) as of the Closing Date, Purchaser agrees that any amounts collected on or after the Closing Date with respect to such Lease shall not receive a credit be received by Purchaser as trustee to be disbursed as follows: first, to Purchaser and Seller for any non-assignable security deposits held by Seller the month during which Seller shall return the Closing occurs; second, to Purchaser all rentals or fees due from time to time from such tenants for periods after the tenant under month in which the Tenant LeaseClosing occurs through the date of collection of such rentals or fees in order to bring rentals or fees current for the periods after Closing; finally, and Purchaser shall obtain any replacement security deposit from the tenant. Delinquent rents and other such amountsbalance, if any, to Seller. Purchaser and Seller agree to remit forthwith to the other party the amount of such past due rentals, fees and charges to which the other party is entitled to pursuant to this Section 10.1(b). At the Closing, Seller shall not be prorated furnish to Purchaser all information necessary for the billing of such past due rentals, fees and all rights thereto shall be retained by Sellercharges, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller Purchaser shall not be entitled have no obligation to commence any disposition actions or eviction proceeding against the delinquent tenant. If, at proceedings or to terminate any time after the Closing, Purchaser shall receive Lease to collect any such delinquent rents, Purchaser shall promptly remit Uncollected Rents or to expend any funds in such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the Closingcollection efforts.

Tenant Leases. Any rents Seller has leased portions of the Property to various tenants. From and after the date of execution of this Agreement and until the Closing Date, Seller shall not enter into any new leases or amend or extend, terminate or accept the surrender of any existing tenancies or approve any subleases without the prior written consent of Purchaser which consent may be withheld in Purchaser's sole discretion. In requesting such consent, Seller shall inform Purchaser in writing of the amount, if any, proposed to be required to pay for, or any allowance proposed to be given for, tenant improvements work, any leasing commissions and fees, in connection with such lease and any rent concessions. Also included in the request for consent, shall be Seller's proposed draft of the lease or amendment agreement. The failure of Purchaser to respond within five (5) business days after written request for any such disapproval shall be deemed to constitute approval. Seller shall not collect in advance any rent or other amounts prepaid, accrued or sum due and payable under any of the Tenant Leases Leases, except for collection of current rents no more than one month in advance. Notwithstanding the foregoing, with respect to any tenant improvements which Seller is currently obligated to complete under any lease, and which are not completed as of Closing, Seller shall assign any and all contracts relating to the construction of such improvements to Purchaser and Purchaser shall be prorated as of the Cut-Off Time between Seller and Purchaserresponsible for completing such improvements after Closing. Furthermore, Purchaser shall receive a credit for all assignable security deposits held to the Purchase Price in an amount equal to Twenty-Five Dollars ($25.00) per square foot of the premises under any applicable lease, less any verified amounts actually expended by Seller under the Tenant Leases (which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of the Tenant Leases. Purchaser shall not receive a credit for any non-assignable security deposits held by Seller which Seller shall return have been distributed to the tenant under the Tenant Lease, appropriate contractors and Purchaser shall obtain any replacement security deposit from the tenantfor which invoices and unconditional lien releases have been received) for such improvements prior to Closing. Delinquent rents and other such amounts, if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent rents and other such amounts, and Purchaser agrees to cooperate with Seller in Seller’s efforts to collect such sums; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If, at any time after the Closing, Purchaser shall receive any such delinquent rents, Purchaser shall promptly remit such amounts to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and payable. The previous sentence shall survive the Closing.(b)