Common use of Arrearages Clause in Contracts

Arrearages. If on the Closing Date any tenant is in arrears in the payment of rent or has not paid the rent payable by it for the month in which the Closing occurs (whether or not it is in arrears for such month on the Closing Date), any rents received by the Purchaser from such tenant after the Closing shall be applied to amounts due and payable by such tenant during the following periods (if any) in the following order of priority: (i) first, to the month(s) following the month in which the Closing occurred, (ii) second, to the month in which the Closing occurred, and (iii) third, to the month(s) preceding the month in which the Closing occurred. Notwithstanding the foregoing allocation, any rents paid by any tenant that is not more than fifty-nine days in arrears in its rent payments, made during the period commencing on the Closing Date and terminating thirty (30) days thereafter, shall be applied either to rents that are due and not yet paid for the rental period immediately preceding the rental period in which the Closing occurred, or, if no such rents are due, to any rents that are due and not yet paid for the rental period in which the Closing occurred, and the remainder shall be applied in accordance with the immediately preceding sentence. The Purchaser shall have no obligation to collect past due rentals and other amounts from tenants under the Leases after the Adjustment Date. If rents or any portion thereof received by the Sellers or the Purchaser after the Closing are due and payable to the other party by reason of this allocation or the allocation set forth in Section 3.3.2 below, subject to the Sellers' rights under Section 3.3.3, the appropriate sum, less, in the case of rents received by the Purchaser, a proportionate share of any reasonable attorneys' fees and costs and expenses expended by the Purchaser in connection with the collection thereof, shall be promptly paid to the other party. Subject to the Sellers' rights pursuant to Section 3.3.3, the Sellers shall deliver to the Purchaser any rents (including Additional Rents) received from any Tenant subsequent to the Closing Date for application in accordance with this Section 3.3.1 or Section 3.3.2, as the case may be. The obligations of this Section 3.3.1 shall survive the Closing.

Arrearages. If the Company fails to declare and pay a full Cash Dividend on the Closing Accrued Value of any shares of Series A Preferred Stock on any Dividend Payment Date, then any Dividends otherwise payable on such Dividend Payment Date any tenant is in arrears in the payment of rent or has not paid the rent payable by it for the month in which the Closing occurs (whether or not it is in arrears for such month on the Closing Date), Accrued Value of any rents received by the Purchaser from such tenant after the Closing shares of Series A Preferred Stock shall be applied continue to amounts due accrue and payable by such tenant during the following periods cumulate as set forth in clause (if anya) in the following order of priority: (iSection 4(c)(ii) first, and subject to the month(s) following terms of this Section 4(d). In the month in which the Closing occurredevent that there remains any Unpaid Cash Dividends for any two consecutive Dividend Payment Dates, (ii) secondthen, retroactive to the month in which first day of the Closing occurred, and (iii) third, to the month(s) preceding the month in which the Closing occurred. Notwithstanding the foregoing allocation, any rents paid by any tenant that is not more than fifty-nine days in arrears in its rent payments, made during the period commencing on the Closing Date and terminating thirty (30) days thereafter, shall be applied either to rents that are due and not yet paid for the rental period Dividend Payment Period immediately preceding the rental period in first Dividend Payment Date at which the Closing occurredCompany failed to pay Cash Dividends with respect to any Unpaid Cash Dividends for such two consecutive Dividend Payment Dates, orthe Dividend Rate with respect to all Unpaid Cash Dividends shall be increased from 2.00% per annum to 4.00% per annum (as adjusted from time to time as provided in Section 9(i) or Section 10(a)(i)(E)), if no payable semiannually in arrears on each Dividend Payment Date, provided that such rents are dueDividend Rate of 4.00% per annum (as adjusted from time to time as provided in Section 9(i) or Section 10(a)(i)(E)), shall continue until the date on which the Company has paid Cash Dividends with respect to all outstanding Unpaid Cash Dividends that were required to be paid on prior Dividend Payment Dates pursuant to Section 4(c)(ii). From and after the date of such payment in full of all Unpaid Cash Dividends, the Dividend Rate shall be 2.00% per annum (as adjusted from time to time as provided in Section 9(i) or Section 10(a)(i)(E)), to any rents that are due and not yet paid for the rental period in which the Closing occurred, and the remainder shall be applied semiannually in accordance with the immediately preceding sentence. The Purchaser shall have no obligation to collect past due rentals and other amounts from tenants under the Leases after the Adjustment Date. If rents or any portion thereof received by the Sellers or the Purchaser after the Closing are due and payable to the other party by reason of this allocation or the allocation set forth in Section 3.3.2 belowarrears on each Dividend Payment Date thereafter; provided, subject to the Sellers' rights under Section 3.3.3, the appropriate sum, lessthat, in the case event that the Company pays all Unpaid Cash Dividends that were due and unpaid on any preceding Dividend Payment Date prior to the next occurring Dividend Payment Date, then the Dividend Rate applicable to all Cash Dividends that accrue after the date of rents received by the Purchaser, a proportionate share of any reasonable attorneys' fees and costs and expenses expended by the Purchaser in connection with the collection thereof, such payment shall be promptly paid 2.00% per annum (as adjusted from time to the other party. Subject to the Sellers' rights pursuant to time as provided in Section 3.3.3, the Sellers shall deliver to the Purchaser any rents (including Additional Rents9(i) received from any Tenant subsequent to the Closing Date for application in accordance with this Section 3.3.1 or Section 3.3.2, as the case may be. The obligations of this Section 3.3.1 shall survive the Closing10(a)(i)(E)).

Arrearages. If on Except as set forth in Exhibit 5(a) and except for tenant reimbursements for calendar year 2012 (for which provision is made in Section 5(a)(ii) above), any rents, percentage rents or tenant reimbursements payable by tenants after the Closing Date any tenant is but applicable to periods on or prior to the Closing Date shall be remitted to Seller by Buyer promptly after receipt. The amounts set forth in arrears in Exhibit 5(a) to the payment of rent or has extent not paid the rent payable by it for the month in which on or before the Closing occurs (whether or not it is in arrears for such month on the Closing Date), any rents received by the Purchaser from such tenant after the Closing Date shall be applied credited by Buyer to amounts due and payable by such tenant during the following periods (if any) in the following order of priority: (i) first, to the month(s) following the month in which the Closing occurred, (ii) second, to the month in which the Closing occurred, and (iii) third, to the month(s) preceding the month in which the Closing occurred. Notwithstanding the foregoing allocation, any rents paid by any tenant that is not more than fifty-nine days in arrears in its rent payments, made during the period commencing Seller on the Closing Date and terminating thirty (30) days thereafter, Buyer shall be applied either entitled to rents that are due and not yet paid for the rental period immediately preceding the rental period in which the Closing occurred, or, if no retain such rents are due, to any rents that are due and not yet paid for the rental period in which the Closing occurred, and the remainder shall be applied in accordance with the immediately preceding sentenceamounts when paid. The Purchaser Buyer shall have no obligation to collect delinquencies other than to submit invoices of past due rentals and other amounts from (which amounts will be provided by Seller to Buyer) to tenants under at the Leases after time of current billing for up to three (3) months following the Adjustment Closing Date. If , but should Buyer collect any delinquent rents or any portion thereof received by the Sellers or the Purchaser after the Closing are due and payable to the other party by reason of this allocation or the allocation set forth in Section 3.3.2 below, subject to the Sellers' rights under Section 3.3.3, the appropriate sum, less, in the case of rents received by the Purchaser, a proportionate share of any reasonable attorneys' fees and costs and expenses expended by the Purchaser in connection with the collection thereof, shall be promptly paid to the other party. Subject to the Sellers' rights pursuant to Section 3.3.3, the Sellers shall deliver to the Purchaser any rents (including Additional Rents) received from any Tenant subsequent sums which cover periods prior to the Closing Date and for application in accordance with this Section 3.3.1 which Seller received no proration or Section 3.3.2credit, as Buyer shall remit same to Seller promptly after receipt. Seller may pursue collection efforts (other than termination or eviction) against tenants for such amounts following the case may beClosing Date. The obligations of this Section 3.3.1 Seller will promptly remit to Buyer after receipt any rents, percentage rents or tenant reimbursements received by Seller after Closing which are attributable to periods occurring on or after the Closing Date. Undesignated receipts after Closing received by either Buyer or Seller from tenants shall survive the Closingbe applied first to then current rents and reimbursements for such tenant(s), then to delinquent rents and reimbursements attributable to post-Closing Date periods, and then to delinquent rents and reimbursements attributable to pre-Closing Date periods.