DELINQUENT RENTS. If, as of the Closing Date, any rent is in arrears ("Delinquent Rent") for the calendar month in which the Closing occurs, then the first rent collected by Purchaser will be delivered to Seller for the Delinquent Rent. If Delinquent Rent is in arrears for a period prior to the calendar month in which the Closing occurs, then rents collected by Purchaser shall first be applied to current rent and then to Delinquent Rent. Purchaser shall deliver Seller's pro rata share within 60 days after the Closing Date. This subparagraph of this Agreement shall survive the Closing and the delivery and recording of the Deed.
DELINQUENT RENTS. If, as of the Closing Date, any rent is in arrears for thirty (30) days or less, then the first rent collected for the Property by Purchaser shall be applied to the month in which Closing occurred and disbursed pro-rata to Purchaser and Seller. If rent is in arrears for a Property for more than thirty (30) days, then rents collected for the Property by Purchaser shall be applied first to current rent and then to delinquent rent. Any amounts received by one party and payable to the other party pursuant hereto shall be paid within 10 days of receipt of such amounts. This subparagraph of this Agreement shall survive the Closing and the delivery and recording of the Deed.
DELINQUENT RENTS. If, on the Adjustment Date, any Tenant at the Property is delinquent in the payment of any minimum or base monthly rents and/or its prorata share of Operating Expenses (herein referred to as “Base Rent”), then any delinquent Base Rent collected by Bedford after the Closing Date shall be successively applied to the payment of (i) Base Rent due and payable in the months succeeding the month in which the Closing Date occurs (through and including the month in which payment is made), which payment shall be retained by Bedford (ii) Base Rent due and payable in the month in which the Closing Date occurs, which payment shall be prorated as of the Adjustment Date and the portion due Seller shall be paid by Bedford to Seller and (iii) Base Rent due and payable in the months preceding the months in which the Closing Date occurs, which payment shall be promptly paid by Bedford to Seller.
DELINQUENT RENTS. As used herein, "Delinquent Rents" means Rents which are due and payable by a Tenant on or prior to the Proration Date but which have not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer as of the Proration Date, but not until they are actually collected by Buyer. Buyer shall have the right after the Closing to collect Delinquent Rents relating to the period prior to the Proration Date, but shall not be obligated to do so. Upon the Final Closing Adjustment (as defined in Section 6 of this Schedule 12), any Delinquent Rents which have not as yet been paid shall be assigned to Seller. After the Closing and continuing through and after the Final Closing Adjustment, without the express written consent of Buyer, the Seller shall not take, nor cause Buyer to take, any action against a tenant owing Delinquent Rents which would affect such Tenant's right to occupy its leased premises. Rents collected by Buyer after the Closing, shall be applied in the following order of priority: (a) first, to the tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the contrary in the Agreement or this Schedule, to the extent a Tenant expressly designates that a payment is to be applied for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents received by Buyer or any of its affiliates after the Proration Date shall be immediately applied in accordance with the above and any amount owing to Seller shall be immediately paid upon application; however, in no event later than thirty (30) days after collection. Buyer shall, and shall cause its agents to, use commercially reasonable efforts to collect any Deliquent Rent, but Buyer shall not be required to commence any legal action or proceeding to collect such amounts. Buyer shall not waive or settle any claims with respect to any such amounts relating to the period prior to the Proration Date in whole or in part without Seller's prior written consent.
DELINQUENT RENTS. 36 7.8 Costs Associated with Certain Leasing Activities........................................................36 ARTICLE VIII.
DELINQUENT RENTS. No prorations shall be made for any unpaid amounts due and payable prior to Closing or for delinquent rents existing, if any, as of the Closing Date. If, on the Proration Date, any Tenant is delinquent in the payment of any Rents, then Buyer shall refund to Seller an amount, up to the full amount of such receivable, at the time of Buyer’s receipt of any Rents from such Tenant, to the extent of any portion of such payment remaining after Buyer deducts all Rents due Buyer from such Tenant after the Proration Date.
DELINQUENT RENTS. If, as of the Closing Date, any rent is in arrears ("Delinquent Rent") for the calendar month in which the Closing occurs, then the first rent collected by Purchaser will be delivered to Seller for the Delinquent Rent to the extent attributable to the period prior to the Closing Date. If Delinquent Rent is in arrears for a period prior to the calendar month in which the Closing occurs, then rents collected by Purchaser shall first be applied to current rent and then to Delinquent Rent. Purchaser shall deliver Seller's pro rata share within 10 days of Purchaser's receipt of that Delinquent Rent. This subparagraph of this Agreement shall survive the Closing and the delivery and recording of the Deed.
DELINQUENT RENTS. If, as of the Closing Date, any rent is in arrears ("Delinquent Rent") for the calendar month in which the Closing occurs, then Seller's pro rata share of such Delinquent Rent collected during the month of Closing will be delivered to Seller. If any Delinquent Rent is collected by either Purchaser or Seller after the month in which the Closing occurs, then such rents so collected shall first be applied to current rent and then to Delinquent Rent in the inverse order of its maturity. Purchaser and Seller shall deliver to the other party its pro rata share within 10 days of Purchaser's or Seller's receipt, as applicable, of that Delinquent Rent. This subparagraph of this Agreement shall survive the Closing and the delivery and recording of the Sale. On or before December 16, 1996, or such earlier date as the current tax bill for the Property shall be ixxxxd, Purchaser and Seller shall re-prorate the real estate and personal property taxes for the current year based upon said current tax bill. In the event that the tax xxxl for the Property is unavailxxxx at that time, Seller and Purchaser shall base the reprorations on the most recent data available from the relevant governmental office.
DELINQUENT RENTS. Any rents or other amounts which are delinquent as of the Closing shall not be adjusted or prorated at Closing, but Brandywine OP shall make a reasonable attempt to collect such amounts for the benefit of Xxxxxxxx after the Closing; provided, however, that nothing contained herein shall be construed to require Brandywine OP to institute any lawsuit or other proceedings to collect such delinquent amounts. In this connection, the first monies collected by Brandywine OP from tenants or other persons owing delinquent rents or other amounts shall be applied to Brandywine OP's costs of collection, then to the current rents or obligations of such person to Brandywine OP, and the balance, if any, shall be delivered to Xxxxxxxx to the extent of the delinquency. Xxxxxxxx shall be permitted to bring collection suits against tenants owing rent to any of the Partnerships for periods prior to the Closing Date that is more than thirty (30) days in arrears; however, Xxxxxxxx may not bring any eviction actions against any tenants under any of the Leases.
DELINQUENT RENTS. Seller shall retain title to all delinquent rents ---------------- existing as of the Closing Date or otherwise allocable to the period of time prior to the Closing Date under the User Contracts, and shall have the right to collect such delinquent rents at Seller's sole cost and expense; provided, however, that in pursuance of such collection efforts, Seller shall not exercise any of the lessor's or landlord's rights under any User Contracts. The Buyer agrees to cooperate with Seller, at no cost to Buyer, in connection with such collections, and to promptly remit to Seller all such delinquent rents collected by the Buyer after the Closing Date; provided, however, that all rents that (i) are received after the date hereof from such delinquent tenants and (ii) are not designated by such tenants to be on account of their obligations for any period before the Closing Date, shall be applied first against the then-current portion of such tenant's rent obligation and then against the delinquent portion due to Seller. The provisions of this Section 11.4 shall survive the Closing.
