Common use of Delinquent Rentals Clause in Contracts

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. Fixed monthly rentals Rentals for Tenant Leases that are not more than thirty (30) days delinquent when payment thereof is due on or prior to as of the Proration Date but has not been made by shall be prorated between Seller and Buyer as if they were timely paid to Seller, and Seller shall be credited with the Proration Date (any amount of such fixed monthly rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals")Rental. Delinquent Rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Date but shall not be paid or credited by Seller until they are actually collected by Purchaser Buyer, Rentals are "Delinquent" when payment thereof has been due on or before the Proration Date and is at least thirty (30) days past due as of the Proration Date. Buyer shall use Buyer's good faith efforts to collect any Delinquent Rentals. Buyer shall not, however, be required to institute legal proceedings and Buyer shall not be required to expend more than nominal cost and expense in collecting Delinquent Rentals. After the Close of Escrow, Seller shall not institute any legal proceedings against a Tenant (or other occupant or user of the Project) owing Delinquent Rentals unless Buyer has failed to institute such legal proceedings within thirty (30) days after receipt of Seller, as 's written request that Buyer do so. Subject to the case may be. Any fixed monthly first sentence of this subparagraph (c) 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 Buyer shall be applied first to Delinquent Rentals, if anytheir respective due dates, and paid then against any amount past due. Buyer agrees that any payments due to the applicable Seller promptly upon receipt thereof in the amount as a result of such collected Delinquent Rentals, then Rentals shall be payable to fixed monthly rentals Seller (less reasonable out-of- pocket costs of collection actually incurred by Buyer) not less often than monthly. Seller agrees that shall accrue any amounts collected by Seller after the Proration Date and paid Close of Escrow but which are due to Purchaser (but only at or after the Closing). Notwithstanding the foregoing, if a Tenant Buyer hereunder shall be disputing the amount payable to Buyer (less reasonable out-of-pocket costs of the Delinquent Rentals that such Tenant shall owe to the applicable collection actually incurred by 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 regardingless often than monthly.

Delinquent Rentals. Fixed monthly rentals Rentals are delinquent when payment ------------------ thereof is past due on or prior to as of 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")Close of Escrow. Delinquent Rentals rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Date Close of Escrow but shall not be paid or credited until they are actually collected by Purchaser Buyer. Rentals for the month in which the Close of Escrow occurs shall be deemed to have been received by Seller. Buyer shall have the right to collect any delinquent rentals, but shall not have the obligation to do so; provided, however, Buyer agrees to send invoices to Tenants for delinquent rent disclosed to Buyer by Seller's statement required under Paragraph 8.2 on a monthly basis for three (3) months following the Close of Escrow. Upon reasonable prior written notice to Buyer, Seller shall have the right to xxx Tenants to collect delinquent amounts; provided, however, Seller agrees that it shall have no right to evict any Tenants or a Seller, as otherwise disturb any Tenant's possession or quiet enjoyment of its premises. Seller shall not be entitled to any rentals received from Tenants after the case may beClose of Escrow unless such Tenants are current in their rental obligations for periods occurring from and after the Close of Escrow. Any fixed monthly Delinquent rentals collected by Purchaser or a SellerBuyer, as net of the case may be, after the Proration Date less any costs of collection (including reasonable attorneys attorneys' fees) reasonably allocable thereto ), shall be applied first to Delinquent Rentals, if any, amounts currently due 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 regardingamounts most recently overdue.

Delinquent Rentals. Fixed monthly rentals Rentals are delinquent "delinquent" when payment thereof is due on or prior to the Proration Closing Date but has not been made by the Proration Date (any such fixed monthly Closing Date. Delinquent rentals that shall not be paid prior to the Proration Date being prorated. At Closing, Seller shall provide Buyer with a statement ("Delinquent RentalsDelinquency Statement"). Delinquent Rentals shall be prorated between Purchaser and each Seller ) of all delinquent rentals 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 beClosing Date. Any fixed monthly rentals collected rental payment received by Purchaser or Buyer from a Seller, as tenant of 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 Project on or after the Closing). Notwithstanding the foregoingClosing Date shall first be applied to current rentals due under such tenant's Lease, 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, except 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) Seller has identified such tenant as owing Seller delinquent rentals on the amount of Delinquent Rentals that it is ultimately determined that such Tenant shall owe to the applicable Seller Delinquency Statement, and (ii) such tenant specifies that such payment should be applied to delinquent rentals. Any amounts so specified by such tenant as being for payment of delinquent rentals shall be paid by Buyer to Seller; provided that Buyer shall not be obligated to pay to Seller any amount in excess of the delinquent amount of payments of fixed monthly shown for such tenant on the Delinquency Statement. If delinquent rentals that Purchaser are not collected from the tenants owing such delinquent rentals, Buyer shall not be liable to Seller for such delinquent rentals. Buyer shall not have received pursuant any obligation to this Section 6(c). Sellers shall have the right to settle and/or compromise collect any dispute with a Tenant regardingdelinquent rentals.

Delinquent Rentals. Fixed monthly rentals Rentals are delinquent when payment thereof is due on or prior to delinquent under the Proration Date but has not been made by applicable Lease as of the Proration Date (any such fixed monthly Close of Escrow. Delinquent rentals that shall not be paid prior to the Proration Date being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Purchaser Buyer and each Seller as of the Proration Date but shall not be paid or credited Close of Escrow until they are actually collected by Purchaser Buyer. After the Close of Escrow, Buyer agrees to use reasonable efforts, at Seller’s sole expense to collect delinquent rents owed Seller and to include amounts due Seller on all invoices sent by Buyer or a its manager to the tenants during the 90 day period following the Close of Escrow, but Buyer has no obligation to institute collection proceedings against any such tenants on Seller’s behalf. Seller reserves the right to collect any delinquent rentals, as the case may bebut shall not have any right to evict any tenant owing delinquent rent. Any fixed monthly Delinquent rentals collected by Purchaser or a SellerBuyer, as net of the case may be, after the Proration Date less any costs of collection (including reasonable attorneys attorneys' fees) reasonably allocable thereto ), shall be applied first against amounts currently due and thereafter to Delinquent Rentals, if any, and delinquent rentals with the oldest delinquency being paid first. Buyer agrees that any payments due to the applicable Seller promptly upon receipt thereof in the amount as a result of such Delinquent Rentals, then to fixed monthly collected delinquent 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 payable by Buyer 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 Seller within five (i5) 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 regardingbusiness days following receipt thereof.

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 Buyer and each Seller as of the Proration Closing Date but shall not be paid or credited to Seller until they are actually collected by Purchaser Buyer. Rentals are "Delinquent" when payment thereof has been due on or before the Closing Date and is past due as of the Closing Date. Buyer shall use Buyer's best good faith efforts to collect any Delinquent Rentals. Buyer shall not, however, be required to institute legal proceedings and Buyer shall not be required to expend more than nominal cost and expense in collecting Delinquent Rentals. After the Close of Escrow, Seller shall not institute any legal proceedings against a Tenant (or other occupant or user of the Project) owing Delinquent Rentals unless Buyer has failed to institute such legal proceedings with thirty (30) days after receipt of Seller, as the case may be's written request that Buyer do so and Seller's claim is limited to an action to collect unpaid rent and to seek damages. Any fixed monthly rentals 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 Buyer shall be applied first to Delinquent Rentals, if anyagainst any amount currently due, and paid to then against any amount past due accruing after the applicable Seller promptly upon receipt thereof in the amount of such Delinquent RentalsClosing Date, then to fixed monthly rentals amounts due to Seller for past due amounts 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, accrued prior to the resolution Closing Date. Buyer agrees that any payments due to Seller as a result of such dispute, such collected Delinquent Rentals shall be payable to Seller (less reasonable out-of-pocket costs of collection actually incurred by Buyer) not less often than monthly. Seller agrees that any amounts collected by Seller after the Close of Escrow but which are due to Buyer hereunder shall be payable to Buyer (less reasonable out-of-pocket costs of collection actually incurred by Seller, to the extent of such disputed Delinquent Rentals, ) not less often than monthly. Buyer 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 regardingrights to collect delinquent Rentals or other amounts owed under Leases which, if collected, would be credited to Seller hereunder without having first obtained Seller's written consent.