Collected Rents Clause Samples

The 'Collected Rents' clause defines how rental payments received from tenants are handled, typically in the context of a property sale or transfer. It specifies which party—buyer or seller—is entitled to rents collected before and after the closing date, and may outline procedures for prorating or transferring these funds. This clause ensures a clear allocation of rental income, preventing disputes over rent ownership during the transition of property ownership.
Collected Rents. All collected net rent and other collected income under the Lease shall be prorated as of the Closing. Seller shall be charged with any 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. Purchaser shall apply rent and other income from Tenant that is collected by Purchaser after the Closing unless the Tenant properly identifies the payment as being for a specific item, in the following order: (i) first, to Purchaser in payment of the current rent due under the Lease, (ii) second, to Purchaser in payment of delinquent rent due under the Lease for the period from and after the Closing, and (iii) third, to Seller in payment of rent coming due and payable prior to the Closing. Any prepaid rents for the period following the Closing Date shall be paid over by Seller to Purchaser. Purchaser will make reasonable efforts, without suit, to collect any rents relating to the period before Closing by continuing to ▇▇▇▇ the Tenant for such unpaid rents. After six (6) months from the Closing Date, to the extent Purchaser has not paid to Seller unpaid rents owing to Seller for periods prior to the Closing Date, Seller shall have the right to ▇▇▇ Tenant for delinquent rent so long as Seller does not cause a termination of the Lease. Seller acknowledges and agrees that in the event Seller receives any rents and/or other charges payable by the Tenant to the landlord under the Lease applicable to the period after the Closing Date, Seller swill promptly remit all such amounts to Purchaser.
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Collected Rents. All collected net rent (excluding Operating Expense Pass-Throughs) and other collected income under the Leases shall be prorated as of Settlement. Seller shall be charged with any rent and other income collected before Settlement but applicable to any period of time after Settlement. Uncollected rent and other income shall not be prorated. Purchaser shall apply rent and other income from Tenants that are collected by Purchaser after Settlement in the following order: (i) first, to Purchaser's reasonable third party costs of collection incurred with respect to such Tenant, (ii) second, to Purchaser in payment of the current rent due under such Lease, (iii) third, to Purchaser in payment of delinquent rent due under such Leases for the period from and after Settlement, and (iv) fourth, to Seller in payment of rent coming due and payable prior to Settlement. Any prepaid rents for the period on or following the Settlement Date shall be paid over by Seller to Purchaser. Purchaser will make commercially reasonable efforts, without suit, to collect any rents relating to the period before Settlement. Seller shall not have the right to ▇▇▇ delinquent Tenants for delinquent rent after Settlement.
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Collected Rents. All rents collected by Seller under the Leases in effect on the Closing Date and other charges paid by tenants (“Collected Rents”) shall be pro-rated as of the Closing by charging Seller and crediting Purchaser for any Collected Rents applicable to periods after the Closing.
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Collected Rents. All collected rent and other income (and any applicable state or local tax on rent) under Leases in effect on the Closing Date or otherwise related to the Property. Buyer shall receive a credit for any rentals, including without limitation, reimbursable utility bills for utility charges incurred by Seller and reimbursable to Seller from the tenants under the Leases, collected by Seller before Closing but applicable to any period of time after Closing. If Buyer collects rents for the month of Closing or delinquencies after Closing, Buyer shall first apply such rent to the month of Closing, and thereafter to obligations due and payable to Buyer for its period of ownership and to reasonable costs of collection, promptly remitting the balance, if any, to Seller. Notwithstanding the foregoing, Buyer shall not be obligated to collect any delinquencies or to institute any lawsuit or other collection procedures to collect delinquent rents, and Seller shall have no right to pursue tenants in occupancy after Closing, provided that Seller shall have the sole right to collect rents, if any, which are unpaid or delinquent as of Closing, from tenants who are no longer in occupancy as of the Closing
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Related to Collected Rents

  • Loan Charges If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any charge provided for in any Loan Document, whether considered separately or together with other charges levied in connection with any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the principal of the Indebtedness. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness which constitutes interest, as well as all other charges levied in connection with the Indebtedness which constitute interest, shall be deemed to be allocated and spread over the stated term of the Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Note.

  • Collection of Rents Upon the occurrence of an Event of Default, the license granted to Mortgagor to collect the Rents shall be automatically and immediately revoked, without further notice to or demand upon Mortgagor. Mortgagee may, but shall not be obligated to, exercise any or all of the rights and remedies provided in Section 697.07 of the Florida Statutes and perform any or all obligations of the landlord under any or all of the Leases, and Mortgagee may, but shall not be obligated to, exercise and enforce any or all of Mortgagor’s rights under the Leases. Without limiting the generality of the foregoing, Mortgagee may notify the tenants under the Leases that all Rents are to be paid to Mortgagee, and following such notice all Rents shall be paid directly to Mortgagee and not to Mortgagor or any other Person other than as directed by Mortgagee, ▇▇ ▇▇▇▇g understood that a demand by Mortgagee on any tenant under the Leases for the payment of Rent shall be sufficient to warrant payment by such tenant of Rent to Mortgagee without the necessity of further consent by Mortgagor. Mortgagor hereby irrevocably authorizes and directs the tenants under the Leases to pay all Rents to Mortgagee instead of to Mortgagor, upon receipt of written notice from Mortgagee, without the necessity of any inquiry of Mortgagor ▇▇▇ ▇▇▇▇out the necessity of determining the existence or non-existence of an Event of Default. Mortgagor hereby appoints Mortgagee as Mortgagor’▇ ▇▇▇▇▇▇ey-in-fact with full power of substitution, which appointment shall take effect upon the occurrence of an Event of Default and is coupled with an interest and is irrevocable prior to the full and final payment and performance of the Obligations, in Mortgagor’▇ ▇▇▇▇ ▇r in Mortgagee’s name: (a) to endorse all checks and other instruments received in payment of Rents and to deposit the same in any account selected by Mortgagee; (b) to give receipts and releases in relation thereto; (c) to institute, prosecute and/or settle actions for the recovery of Rents; (d) to modify the terms of any Leases including terms relating to the Rents payable thereunder; (e) to cancel any Leases; (f) to enter into new Leases; and (g) to do all other acts and things with respect to the Leases and Rents which Mortgagee may deem necessary or desirable to protect the security for the Obligations. Any Rents received shall be applied first to pay all Expenses and next in reduction of the other Obligations. Mortgagor shall pay, on demand, to Mortgagee, the amount of any deficiency between (i) the Rents received by Mortgagee, and (ii) all Expenses incurred together with interest thereon as provided in the Loan Agreement and the other Loan Documents.

  • Rents All fixed and additional rentals under the Space Leases and other tenant charges, in each case as and when actually received, shall be prorated as of the Cut Off Time. Seller shall deliver or provide a credit to Purchaser in an amount equal to all prepaid rents for periods after the Closing Date. Rents which are delinquent as of the Closing Date shall not be prorated on the Closing Date and Seller shall retain the right to pursue the collection of such delinquent rents; provided that in connection with such efforts Seller shall have no right to terminate any Space Lease or to initiate any eviction proceeding against the applicable tenant thereunder. To the extent Purchaser receives rents (including operating expense, tax and insurance charges payable by a Space Lessee) on or after the Closing Date that such Space Lessee designates are payable as delinquent rents for any period prior to the Closing Date, Purchaser shall promptly deliver such amounts to Seller. Purchaser shall use good faith efforts (at no cost to Purchaser) to collect any such delinquent rents. Any percentage rents under Space Leases shall be prorated on the basis of the ratio of the number of days expired before Closing to the number of days after Closing. In the event that the proration of operating expenses, taxes, insurance charges and/or percentage rent cannot be fully prorated because of the unavailability of information then such proration will be tentatively prorated on the best available information and Seller and Purchaser will make the appropriate final adjustments within ninety (90) days following the end of the calendar year in which the Closing occurs. All such adjustments will be paid in cash to the party entitled thereto. All security deposits shall be transferred to Purchaser or credited against the Purchase Price and all obligations with respect to such security deposits shall be assumed by Purchaser.

  • Interim Payments Interim payments may be made by Department, at its discretion, if the completion of deliverables to date have first been accepted in writing by Department's Grant Manager.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in ▇▇▇▇▇ ▇; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;