Rent Ready Credit. At Closing, with respect to each Property, Purchaser shall receive a credit against the Purchase Price in the amount equal to $2,500 for each apartment unit at such Property that is vacant as of the Closing Date and that is not in “rent ready” condition for immediate occupancy by a tenant in accordance with the applicable Applicable Entity’s typical standards utilized in the ordinary course of its business. This Section 5(j) shall survive Closing.
Rent Ready Credit. Not more than forty eight (48) hours prior to Closing (“Walk Though 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 such unoccupied rental units are in “rent ready” condition. With respect to any rental unit that is vacated on or before five (5) days prior to Closing that Seller has not placed in a “rent ready” condition before the Walk Through Date, Buyer shall receive a credit against the Purchase Price at Closing in the amount of $1,000 per unit. As used herein, “‘rent ready’ condition” shall mean ready for occupancy, equipped with working appliances, cleaned and freshly painted, if applicable.
Rent Ready Credit. Not more than two (2) business days prior to Closing (the “Walk Though Date”), a representative of Purchaser and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether such unoccupied rental units are in “rent ready” condition, which such condition shall be consistent with Seller’s historical practice for making units “rent ready” in the ordinary course of business. With respect to any rental unit that is vacated on or before five (5) days prior to Closing that Seller has not placed in a “rent ready” condition before the Walk Through Date, Purchaser shall receive a credit against the Purchase Price at Closing in the amount of One Thousand Dollars ($1,000) per unit.
Rent Ready Credit. On each Closing Date, all apartments which were vacant as of five (5) business days, or more, prior to such Closing Date shall be prepared by Seller to a “Rent Ready Condition”. “Rent Ready Condition” shall mean that all such vacant apartments shall be suitable for occupancy by tenants, including, without limitation, new interior paint, floors fully covered with a combination of tile or linoleum and carpeting, in each case in accordance with Seller's customary practice. If any such apartment is not in a “Rent Ready Condition,” or if any appliance located therein is not in working order as of the Closing Date, Seller agrees, in either instance, that Seller shall have no obligation to put such units into rent-ready condition but instead will give Buyer at Closing a credit equal to Five Hundred and no/100 Dollars ($500.00) for each such unit.
Rent Ready Credit. Not more than forty‑eight (48) hours prior to the Closing Date (“Walk Though 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 such unoccupied rental units are in “rent ready” condition. With respect to any rental unit that is vacated either (a) on or before five (5) days prior to the Closing Date that Seller has not placed in a “rent ready” condition before the Walk Through Date or (b) on or after the Walk Through Date, Buyer shall receive a credit against the Purchase Price at Closing in the amount of $1,250 per unit. As used herein, “‘rent ready’ condition” means Seller’s practice and procedures, as of the date of this Agreement, for placing units in “rent ready” condition.
Rent Ready Credit. No later than two (2) business days before the Closing Date, a representative of Purchaser and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether such unoccupied rental units are in “rent ready” condition. With respect to any rental unit that is vacated on or before five (5) business days prior to the Closing Date, Seller shall, at Seller’s option, either (i) make such unoccupied rental unit into a “rent ready” condition prior to the Closing, or (ii) provide Purchaser with a credit against the Purchase Price due at Closing, which credit shall be equal to the amount (to be reasonably agreed upon by Seller and Purchaser), if any, reasonably required to put the unoccupied rental units in “rent ready” condition; provided, however, that such credit shall be up to and not exceeding SEVEN HUNDRED FIFTY AND NO/ 100 DOLLARS ($750.00) per unoccupied rental unit. With respect to any rental unit that is vacated after the date which is five (5) business days prior to the Closing Date, Seller shall have no responsibility or liability to put such unoccupied rental unit into a “rent ready” condition, and Seller shall not be required to compensate Purchaser if such unit is not “rent ready” condition as of Closing. As used herein, “rent ready condition” means Seller’s customary practice and procedures, as of the Effective Date hereof, for placing units in “rent ready” condition.
Rent Ready Credit. If any apartment unit is vacated seven (7) days or more prior to Closing, then, prior to Closing, Seller shall use commercially reasonable efforts to return such unit(s) to “rent ready condition” (meaning that all vacant units have been cleaned, painted and prepared for immediate tenant occupancy and that all appliances and electrical, plumbing and heating systems shall be in good and working order) (the condition of such apartment in satisfaction of the foregoing conditions is referred to herein as a “Rent Ready Condition”). To the extent any such units vacated seven (7) days or more prior to Closing are not in Rent Ready Condition by Closing, the Purchase Price shall be credited in an amount equal to $750 for each such unit that is not in a Rent Ready Condition. Prior to Closing, Purchaser shall be permitted to do a walk-thru of the Property to determine which vacant units are not in Rent Ready Condition.
Rent Ready Credit. Not later than 12:00 p.m. EDT two (2) business days prior to Closing (“Walk Though Date”), a representative of Purchaser and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether such unoccupied rental units are in “rent ready” condition. With respect to any rental unit that is vacated on or before five (5) days prior to Closing that Seller has not placed in a “rent ready” condition before the Walk Through Date, Purchaser shall receive a credit against the Purchase
Rent Ready Credit. Seller shall, at its expense, cause each unit at the Property that has become vacant prior to the Closing Date to be placed in a condition ready to be leased in accordance with Seller’s current practice. Prior to Closing, Seller shall reasonably determine the number of vacant apartment units that are not in rent ready condition. A vacant apartment unit shall be “rent ready” if its condition is consistent with the condition of vacant units currently being marketed to and accepted for rental by tenants of comparable vacant apartment units in the Property and such units have a full complement of operating appliances and components. If Seller reasonably determines within five (5) business days before the Closing that fewer than all vacant apartment units are in a rent ready condition at Closing, Purchaser shall accept such apartment units in “as-is” condition at Closing and Purchaser shall receive a credit (the “Estimated Rent Ready Credit”) against the Purchase Price at Closing in an amount equal to $750.00 for each such apartment unit which is not in a rent ready condition on the Closing Date.
Rent Ready Credit. At the time of Closing, Seller shall cause all apartment units in the Property which have been vacant for five (5) days or more to be in a market rent-ready condition according to normal industry practice (including without limitation painted, cleaned, carpeted, with all appliances in working condition). With respect to each apartment unit that has been vacant for five (5) days or more prior to Closing that is not in such a rent-ready condition at the Closing, Buyer shall receive a credit against the Purchase Price in the sum of Four Hundred Dollars ($400.00).
