Common use of Collected Rent Clause in Contracts

Collected Rent. All collected rent and other income, including base rent, additional rent and other charges payable under Leases in effect on the Closing Date. Seller shall be charged and Purchaser credited with any rentals collected by Seller before Closing but applicable to any period of time after Closing. Uncollected rent and other income shall not be prorated. If Purchaser collects delinquencies after Closing, Purchaser shall apply such rent to the obligations owing Purchaser for its period of ownership and to costs of collection, remitting the balance, if any, to Seller. Purchaser shall bxxx and attempt to collect such delinquent rent in the ordinary course of business, but shall not be obligated to engage a collection agency or take legal action to collect any delinquencies. Seller shall not have the right to seek collection of any rents delinquent for any period prior to the Closing unless the tenant has vacated the premises under the Lease before the Closing Date and the Lease is not assigned to Purchaser.

Collected Rent. All collected rent and other income, including base rent, additional rent and other charges payable income under the Leases in effect on at the Closing DateClosing. Seller shall be charged and Purchaser credited with any rentals collected by Seller before Closing but applicable to any period of time after the day preceding the Closing. Uncollected rent and other income shall not be prorated. If Purchaser collects any delinquencies after Closing, Purchaser shall apply such rent to the obligations owing to Purchaser for its period of ownership and to the reasonable costs of collection, remitting the balance, if any, to Seller. Purchaser shall bxxx bill and attempt to collect such delinquent rent in the xxx ordinary course of business, but shall not be obligated to engage a collection agency or take legal action to collect any delinquencies. Seller shall not have the right to seek collection of by legal action or otherwise collect any rents delinquent for any period prior to the Closing Closing, but shall not seek to evict a tenant or terminate the Lease of such tenant unless the tenant has vacated the premises under the Lease before the Closing Date and the Lease is not assigned to PurchaserLease.