Delinquent Rentals. Rentals are delinquent when payment thereof is due on or prior to the Proration Date but has not been made by the Proration Date (any such Rentals being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Cedar and the Owners as of the Proration Date. At the Closing, Cedar shall pay to the Owners the Owners' share of any Delinquent Rentals that exist for the month in which the Closing Date occurs. Any Rentals collected by Cedar or the Owners, as the case may be, after the Closing, less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto shall be promptly applied in the following order of priority: (i) first, to Cedar for the month in which the Closing Date occurs, (ii) then, to Cedar for the month or months following the month in which the Closing Date occurs, provided the received Rental is then due and payable, and (iii) then, to the Owners for any period prior to the month in which the Closing Date occurs. Cedar shall use reasonable efforts to collect Delinquent Rentals but shall have no obligation to commence a legal proceeding to collect such sums. Cedar and the Owners agree that any payments due to the Owners or Cedar, as the case may be, as a result of collected Delinquent Rentals shall be payable promptly upon receipt thereof. The parties confirm that all amounts due and payable in respect of Leases which have expired or otherwise terminated prior to the Closing Date shall be the sole property of the Owners and, notwithstanding anything to the contrary contained herein, the Owners may take such actions as they desire to collect such amounts. Notwithstanding the provisions of this Section 8(c) to the contrary, any amount collected by the Owners in connection with any such action shall be retained by the Owners. The Owners and Cedar shall from time to time after Closing, and upon request of the other party, provide the requesting party with reasonably detailed information regarding the status of such party's collection of Delinquent Rentals.
Delinquent Rentals. Fixed monthly rentals are delinquent when payment thereof is due on or prior to the Proration Date but has not been made by the Proration Date (any such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Purchaser and each Seller as of the Proration Date but shall not be paid or credited until they are actually collected by Purchaser or a Seller, as the case may be. Any fixed monthly rentals collected by Purchaser or a Seller, as the case may be, after the Proration Date less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto shall be applied first to Delinquent Rentals, if any, and paid to the applicable Seller promptly upon receipt thereof in the amount of such Delinquent Rentals, then to fixed monthly rentals that shall accrue after the Proration Date and paid to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant shall be disputing the amount of the Delinquent Rentals that such Tenant shall owe to the applicable Seller, in such case, prior to the resolution of such dispute, such Seller, to the extent of such disputed Delinquent Rentals, shall not be entitled to receive payment of such Delinquent Rentals. Following the resolution of any dispute with a Tenant regarding the amount of Delinquent Rentals that such Tenant shall owe to the applicable Tenant, Purchaser shall pay to the applicable Seller, an amount equal to the lesser of (i) the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller and (ii) the amount of payments of fixed monthly rentals that Purchaser shall have received pursuant to this Section 6(c). Sellers shall have the right to settle and/or compromise any dispute with a Tenant regarding
Delinquent Rentals. As used herein, "Delinquent Rentals" means Base Rents which are due and payable prior to or on the day of the Closing but which have not actually been collected by Property Owner as of the day of the Closing. Contributors' account shall not be credited at the Closing for any Delinquent Rentals but Contributors shall retain all right, title and interest to any Delinquent Rentals and CBL/OP shall have no rights to any Delinquent Rentals. From and after the Closing, Contributor Representative shall be entitled to institute legal proceedings and otherwise attempt to collect any Delinquent Rentals (but without seeking to evict the Tenant) and CBL/OP agrees, at the expense of Contributors, to cooperate with Contributors in connection with such collection efforts by Contributor Representative. Any Delinquent Rentals received by CBL/OP subsequent to the Closing Date shall be first applied to accrued Rents (whether current or that became delinquent following the Closing) owing by the Tenant to CBL/OP, and the balance of Delinquent Rentals shall be promptly remitted to Contributors.
Delinquent Rentals. 10 d. Operating Cost Pass Throughs, Etc...............................11 e.
Delinquent Rentals. Rentals are delinquent when payment thereof is more than thirty (30) days past due as of the Close of Escrow. Delinquent rentals shall be not be prorated between Buyer and Seller on the Closing Statement. Buyer shall have the right to collect any delinquent rentals, but shall not have the obligation to do so. Nothing contained in this Agreement shall be deemed to prohibit Seller, at its own expense, from instituting any actions or proceedings in its own name against Saatchi after the Closing in order to collect the amount of any delinquencies due in whole or in part to Seller from Saatchi; provided, however, that in no event shall Seller be entitled to any such action or proceeding to seek to evict Saatchi and to recover possession of its space. Buyer shall not waive or settle any delinquency owed in whole or in part to Seller without the prior written consent of Seller. Delinquent rentals collected by Buyer, net of the costs of collection (including attorneys’ fees), shall be applied first to amounts due for periods after the Closing Date, and second to periods prior to the Closing Date. The provisions of this Section 15.3 shall survive Closing.
Delinquent Rentals. If Tenant does not pay the Rental described in Section 601 hereof on the due date thereof, Tenant shall pay to the Authority, as additional rental, an interest charge of eighteen percent (18%) per annum, applied against the delinquent amount due for each full calendar month of delinquency, computed as simple interest. Such interest shall be computed from the due date until the delinquent payment, together with accrued interest, is paid in full.
Delinquent Rentals. It is hereby agreed by and between the LESSOR and LESSEE that should LESSEE fail, for any reason whatsoever, to make timely remittance of the monthly rentals as required under any of the provisions hereof, then the outstanding balance of such delinquency shall earn interest at the rate of one and one-half (1-1/2) percent per month; moreover, said interest shall be considered additional rental for the leased premises and shall become due and payable on or before the twenty-fifth (25th) day of each month.
Delinquent Rentals. Rentals are delinquent when payment thereof is more than thirty (30) days delinquent as of the Close of Escrow. Delinquent rentals shall be prorated between Buyer and Seller as of the Close of Escrow but not until they are actually collected by Buyer. Buyer shall have the sole right to collect any delinquent rentals, but shall not have the obligation to do so. Delinquent rentals collected by Buyer, net of the costs of collection (including attorneys'
Delinquent Rentals. Rentals not yet received by Seller attributable to periods prior to and including the Proration Date and the amount of any other amounts due from Tenants applicable to any period or periods prior to the Closing Date shall not be credited to Seller at the Close of Escrow. Seller acknowledges that Purchaser shall not be legally responsible to Seller for the collection of any uncollected rent or other income under the Leases that is past due or otherwise due and payable as of the Closing Date. Purchaser agrees that if (i) a Tenant is in arrears on the Closing Date in the payment of rent or other charges under such Tenant’s Lease, and (ii) upon Purchaser’s receipt of any rental or other payment from such Tenant, such Tenant is, or after application of a portion of such payment will be, current under such Lease in the payment of all accrued rental and other charges that become due and payable on the Closing Date or thereafter and in the payment of any other obligations of such Tenant to Purchaser, then Purchaser shall refund to Seller, out of and to the extent of the portion of such payment remaining after Purchaser deducts therefrom any and all sums due and owing it from such Tenant from and after the Closing Date, an amount up to the full amount of any arrearage existing on the Closing Date.
Delinquent Rentals. Rentals are delinquent when payment of rent is due on or before the Closing Date but has not been made. Delinquent rentals shall be prorated between Purchaser and Seller as specified above but not until the rents are actually collected. Seller shall have the right to collect any delinquent rental, but shall not have the obligation to do so. Delinquent rentals collected by Seller or Purchaser, net of costs of collection (including attorney fees), shall be applied first against sums owed to Seller for delinquent rent before the Closing Date, and then to Purchaser for delinquent rent after the Closing Date. Purchaser and Seller agree that any payments due to either party as a result of collected delinquent rentals shall be payable when received.
