Delinquent Tenant definition

Delinquent Tenant means a Tenant whose rent payment under a related Lease remains unpaid for more than 31 days after the original due date for such rent payment; provided that, if the total of delinquent rent payments still outstanding as of any date of determination represents less than 25% of a monthly rent payment actually payable by such Tenant (exclusive of any government-related subsidy payment) and/or if the entire amount of such delayed rent payment is subject to an agreed payment plan or government-related subsidy payment, such Tenant shall not be deemed a Delinquent Tenant; provided, further, that any such payment plan must be on reasonable and customary terms and conditions reflecting market standards.

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Delinquent Tenant means (i) in the case of Section 8 Housing Tenants, a Section 8 Housing Tenant with respect to which eighty percent (80%) or more of any individual rent payment under a related Lease remains unpaid for more than 31 days after the original due date for such rent payment and (ii) in the case of any other Tenants, a Tenant whose rent payment under a related Lease remains unpaid in whole or in part for more than 31 days after the original due date for such rent payment.

Delinquent Tenant. A Tenant whose rent payment under the related Lease remains unpaid for more than 60 days (in an amount exceeding $200.00) after the original due date for such rent payment; provided that, through March 31, 2021 (unless the CDC Eviction Moratorium Order is extended, modified or rescinded, then such earlier or later date, as applicable) (a) for purposes of the definitions of Delinquency Period and Non-Cashflowing Property, up to five percent (5%) of Tenants of Financed Properties (by number of Financed Properties) and (b) for purposes of the definition of Portfolio Delinquency Amount, up to five percent (5%) of Tenants of all Properties (by number of Properties) owned by the Sponsor or any of its Affiliates, in each case of (a) and (b), that are a “covered person” as defined in the CDC Eviction Moratorium Order, shall not be a Delinquent Tenant.

Examples of Delinquent Tenant in a sentence

A reconciliation or determination of Pass-Through Expenses, Uncollected Delinquent Tenant Receivables and unbilled Tenant Receivables due under the Leases shall be made at Closing to the extent possible.
All rents collected by Buyer after the Closing Date (except for amounts specifically billed and paid as end of year reconciliation payments for Pass-Through Expenses, which shall be separately accounted for and allocated, pro rata, between Seller and Buyer as their interest may appear) shall be first applied to rents due and payable after the Closing Date and only the excess thereof shall be paid over to Seller on account of the Uncollected Delinquent Tenant Receivables.
If Buyer shall collect Uncollected Delinquent Tenant Receivables within ninety (90) days after the Closing Date, then Buyer shall turn over to Seller the arrearages so collected, less the reasonable cost of collection thereof, if any; provided, however, Seller may continue to seek to collect the Uncollected Delinquent Tenant Receivables by legal action following the Closing Date.
If, at the Closing Date, any Tenant is in arrears in the payment of rents (“Uncollected Delinquent Tenant Receivables”), Seller will disclose the same to Buyer in writing or on the rent roll to be delivered to Buyer pursuant to Section 10 hereof and such amounts shall not be adjusted on the Closing Date.
Prior to the Closing Date, Seller shall use Seller’s current business practices to collect Uncollected Delinquent Tenant Receivables.
If a payment is received by Purchaser from a Delinquent Tenant, such payment shall be applied by Purchaser first to the most recent rent then due from such Delinquent Tenant to Purchaser, if any, then to any Delinquencies that are owed to Seller.
The right to receive and to collect all rents and profits, delinquent or otherwise, shall be assigned by Seller to Purchaser at Closing, except that Seller shall retain the right to collect all Delinquencies from any Delinquent Tenants of the Property, including the right to sue any such Delinquent Tenant in a collection action; provided, however, that following the Closing, Seller shall not have any right to commence or pursue any eviction action against any Delinquent Tenant.
Delinquent Tenant Payments, 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 Tenant Payments.
If, at the Closing Date, any Tenant is in arrears in the payment of rents (“Uncollected Delinquent Tenant Receivables”), Sellers will disclose the same to Buyer in writing or on the rent roll to be delivered to Buyer pursuant to Section 10 hereof and such amounts shall not be adjusted on the Closing Date.
Prior to each Closing Date, Sellers shall use Sellers’ current business practices to collect Uncollected Delinquent Tenant Receivables.

More Definitions of Delinquent Tenant

Delinquent Tenant means any tenant of public housing who has

Delinquent Tenant. A Tenant whose rent payment under the related Lease remains unpaid for more than 30 days (in an amount exceeding $200.00) after the original due date for such rent payment.

Delinquent Tenant means any Tenant who is in arrears in the payment of any Rent for more than 60 days at the Closing Date.

Delinquent Tenant means a Tenant for which any rent under a related Lease remains unpaid in whole or in part for more than thirty-one (31) days after the original due date for such payment.