Common use of Allocation of receipts following Completion Clause in Contracts

Allocation of receipts following Completion. (a) If after Completion the Purchaser receives a payment from a Tenant, that payment must be allocated: (1) firstly, to Rent for the period current at the time the payment is received; (2) secondly to any Rent that was due but unpaid for the month in which Completion takes place; and (3) thirdly, to pre-Completion arrears of Rent. The Purchaser must account to the Vendor for any payment due to the Vendor under this clause 7.7(a), within 5 Business Days of receipt. (b) If after Completion the Vendor receives a payment of Rent from a Tenant, that payment must be allocated: (1) firstly, to Rent for the period current at the time the payment is received; (2) secondly, to any Rent that was due but unpaid for the month in which Completion takes place; and (3) thirdly, to pre-Completion arrears of Rent. The Vendor must account to the Purchaser for any payment due to the Purchaser under this clause 7.7(b), within 5 Business Days of receipt. 8 Assets in their current state 8.1 As is/where is (a) terminate this agreement; (b) delay Completion; (c) withhold payment of any part of the Sale Price; (d) raise any requisition or objection; or (e) make any Claim for compensation or damages, arising from or as a result of: (1) the Disclosed Encumbrances; (2) contamination of the Land or the Building or of adjoining land from anything emanating on the Land or any other matter arising under an Environmental Law; (3) any mistake or error in the description or particulars of the Land; (4) any mistake or error in the boundaries or area of the Land or any encroachments; (5) any notice or order issued pursuant to any statute or Authority or any court necessitating the doing of work or expenditure of money on or in relation to the Land; (6) the Land being affected by a proposal of any competent Authority; (7) any notice to treat or notice of intention to resume the whole or any part of the Land issued by any competent Authority; (8) the zoning of the Land and the use to which the Land may be put, the suitability of the Land for any future development (including all planning restrictions, requirements, infrastructure agreements and conditions) or the rights and privileges relating to the Land or the services actually or likely to be connected or provided to the Land; (9) any non-compliance with any conditions contained in the Disclosed Encumbrances including in any Council management plan; (10) any electricity, telephone, water supply, sewerage or drainage service to the Land passing through other land and not being protected by registered easement or by statutory authority; (11) the physical state and condition of the Assets prior to the Agreement Date or any fair wear and tear between the Agreement Date and Completion; and (12) any of the matters disclosed in clause 8.2.