Common use of Collected Rent Clause in Contracts

Collected Rent. All collected rent and other income (and any applicable state or local tax on rent) under the Lease if in effect on the Closing Date. Seller shall be charged 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 one month 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. One month delinquencies are amounts due from a tenant under a lease with respect to the monthly installment that was due for the month in which the Closing Date falls (if the Closing Date is after the 10th day of the month) or the month preceding the month in which the Closing Date falls (if the Closing Date is on or before the 10th day of the month). Other than one month delinquencies, as provided above, no other rent delinquent as of the Closing Date but collected after Closing shall be remitted to Seller. Purchaser shall xxxx 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 collected income (and any applicable state or local tax on rent) under the Lease if Leases in effect on the Closing DateDate shall be prorated. Seller shall be charged with any rentals rent and other income 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 one month delinquencies after ClosingAny bonus, advance payments under laundry leases, cable agreements and other similar agreements shall not be prorated. Purchaser shall apply such rent and other income from tenants that are collected after the Closing first to the obligations then owing to Purchaser for its period of ownership and to costs of collection, remitting the balance, if any, then to Seller. One month delinquencies are amounts due from a tenant under a lease with respect to the monthly installment that was payment of rent due for the month of Closing, and thereafter to delinquent rents in which order of maturity with the most recently delinquent rents being paid first. Any prepaid rents for the period following the Closing Date falls (if the Closing Date is after the 10th day of the month) or the month preceding the month in which the Closing Date falls (if the Closing Date is on or before the 10th day of the month). Other than one month delinquencies, as provided above, no other rent delinquent as of the Closing Date but collected after Closing shall be remitted paid over by Seller to SellerPurchaser. Purchaser shall xxxx and attempt to collect such delinquent rent in the ordinary course of businesswill make reasonable efforts, but shall not be obligated to engage a collection agency or take legal action without suit, to collect any delinquenciesrents applicable to the period before Closing. Seller may pursue collection as to any rent not collected by Purchaser within six (6) months following the Closing Date; provided, however, that Seller shall not have the no right to seek collection of terminate any rents delinquent for Lease or any period prior tenant’s occupancy under any Lease in connection therewith. If any tenant pays its rent via an ACH or other automatic debit system, Seller shall cancel such automatic payments at Closing; provided, however, in the event that an automatic rent payment is erroneously forwarded to the Closing unless the tenant has vacated the premises under the Lease before the Closing Date and the Lease is not assigned Seller after Closing, Seller shall remit such payment to PurchaserPurchaser in accordance with Paragraph 6.2.

Collected Rent. All collected rent and other income (and any applicable state or local tax on rent) under the Lease if in effect on the Closing Date. Seller shall be charged 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 one month 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. One month delinquencies are amounts due from a tenant under a lease with respect to the monthly installment that was due for the month in which the Closing Date falls (if the Closing Date is after the 10th day of the month) or the month preceding the month in which the Closing Date falls (if the Closing Date is on or before the 10th day of the month). Other than one month delinquencies, as provided above, no other rent delinquent as of the Closing Date but collected after Closing shall be remitted to Seller. Purchaser shall xxxx 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.