Delinquent Rentals Clause Samples
The Delinquent Rentals clause defines the procedures and consequences when a tenant fails to pay rent on time. Typically, this clause outlines the timeline for when rent is considered late, any grace periods, and the imposition of late fees or interest on overdue amounts. It may also specify the landlord’s rights to pursue collection or initiate eviction proceedings if the delinquency persists. The core function of this clause is to incentivize timely payment, provide clear remedies for nonpayment, and protect the landlord from financial loss due to tenant default.
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Delinquent Rentals. Rentals are delinquent when payment thereof is due on or prior to the Proration Date but has not been made by the Proration Date (any such Rentals being "Delinquent Rentals"). Delinquent Rentals shall be prorated between Cedar and the Owners as of the Proration Date. At the Closing, Cedar shall pay to the Owners the Owners' share of any Delinquent Rentals that exist for the month in which the Closing Date occurs. Any Rentals collected by Cedar or the Owners, as the case may be, after the Closing, less any costs of collection (including reasonable attorneys fees) reasonably allocable thereto shall be promptly applied in the following order of priority: (i) first, to Cedar for the month in which the Closing Date occurs, (ii) then, to Cedar for the month or months following the month in which the Closing Date occurs, provided the received Rental is then due and payable, and (iii) then, to the Owners for any period prior to the month in which the Closing Date occurs. Cedar shall use reasonable efforts to collect Delinquent Rentals but shall have no obligation to commence a legal proceeding to collect such sums. Cedar and the Owners agree that any payments due to the Owners or Cedar, as the case may be, as a result of collected Delinquent Rentals shall be payable promptly upon receipt thereof. The parties confirm that all amounts due and payable in respect of Leases which have expired or otherwise terminated prior to the Closing Date shall be the sole property of the Owners and, notwithstanding anything to the contrary contained herein, the Owners may take such actions as they desire to collect such amounts. Notwithstanding the provisions of this Section 8(c) to the contrary, any amount collected by the Owners in connection with any such action shall be retained by the Owners. The Owners and Cedar shall from time to time after Closing, and upon request of the other party, provide the requesting party with reasonably detailed information regarding the status of such party's collection of Delinquent Rentals.
Delinquent Rentals. As used herein, "Delinquent Rentals" means Base Rents which are due and payable prior to or on the day of the Closing but which have not actually been collected by Property Owner as of the day of the Closing. Contributors' account shall not be credited at the Closing for any Delinquent Rentals but Contributors shall retain all right, title and interest to any Delinquent Rentals and CBL/OP shall have no rights to any Delinquent Rentals. From and after the Closing, Contributor Representative shall be entitled to institute legal proceedings and otherwise attempt to collect any Delinquent Rentals (but without seeking to evict the Tenant) and CBL/OP agrees, at the expense of Contributors, to cooperate with Contributors in connection with such collection efforts by Contributor Representative. Any Delinquent Rentals received by CBL/OP subsequent to the Closing Date shall be first applied to accrued Rents (whether current or that became delinquent following the Closing) owing by the Tenant to CBL/OP, and the balance of Delinquent Rentals shall be promptly remitted to Contributors.
Delinquent Rentals. Rentals are delinquent when payment thereof is more than thirty (30) days past due as of the Close of Escrow. Delinquent rentals shall be not be prorated between Buyer and Seller on the Closing Statement. Buyer shall have the right to collect any delinquent rentals, but shall not have the obligation to do so. Nothing contained in this Agreement shall be deemed to prohibit Seller, at its own expense, from instituting any actions or proceedings in its own name against Saatchi after the Closing in order to collect the amount of any delinquencies due in whole or in part to Seller from Saatchi; provided, however, that in no event shall Seller be entitled to any such action or proceeding to seek to evict Saatchi and to recover possession of its space. Buyer shall not waive or settle any delinquency owed in whole or in part to Seller without the prior written consent of Seller. Delinquent rentals collected by Buyer, net of the costs of collection (including attorneys’ fees), shall be applied first to amounts due for periods after the Closing Date, and second to periods prior to the Closing Date. The provisions of this Section 15.3 shall survive Closing.
Delinquent Rentals. 10 d. Operating Cost Pass Throughs, Etc...............................11 e.
Delinquent Rentals. If Tenant does not pay the Rental described in Section 601 hereof on the due date thereof, Tenant shall pay to the Authority, as additional rental, an interest charge of eighteen percent (18%) per annum, applied against the delinquent amount due for each full calendar month of delinquency, computed as simple interest. Such interest shall be computed from the due date until the delinquent payment, together with accrued interest, is paid in full.
Delinquent Rentals. Rentals are delinquent when payment ------------------ thereof is past due as of the Close of Escrow. Delinquent rentals shall be prorated between Buyer and Seller as of the Close of Escrow but not until they are actually collected by Buyer. Rentals for the month in which the Close of Escrow occurs shall be deemed to have been received by Seller. Buyer shall have the right to collect any delinquent rentals, but shall not have the obligation to do so; provided, however, Buyer agrees to send invoices to Tenants for delinquent rent disclosed to Buyer by Seller's statement required under Paragraph 8.2 on a monthly basis for three (3) months following the Close of Escrow. Upon reasonable prior written notice to Buyer, Seller shall have the right to ▇▇▇ Tenants to collect delinquent amounts; provided, however, Seller agrees that it shall have no right to evict any Tenants or otherwise disturb any Tenant's possession or quiet enjoyment of its premises. Seller shall not be entitled to any rentals received from Tenants after the Close of Escrow unless such Tenants are current in their rental obligations for periods occurring from and after the Close of Escrow. Delinquent rentals collected by Buyer, net of the costs of collection (including reasonable attorneys' fees), shall be applied first to amounts currently due and then to amounts most recently overdue.
Delinquent Rentals. If any Tenant is in arrears in the payment of rent or other charges pursuant to the terms of its Lease, and such arrearage is only for the month in which the Closing occurs, then Seller shall receive at the Closing a credit for Seller's pro-rata share of the amount in question, and such arrears, if, as and when collected by Buyer, shall be the sole and exclusive property of Buyer. All other delinquent rentals and other revenues as of the Closing Date shall not be prorated at the Closing, but when paid to Buyer shall be prorated and the appropriate portion shall be delivered by Buyer to Seller on or before November 30, 1997. After the Closing, Buyer shall use commercially reasonable efforts to collect such delinquent rents and other revenues on behalf of Seller.
Delinquent Rentals. If within sixty (60) days after the Closing, any Base Rents, any monthly or quarterly payments of Operating Expense Reimbursements or any other Rentals which are delinquent as of the Proration Date have not been collected by Purchaser, Seller shall have the right to collect such amounts post-Closing directly from such tenants, including, if necessary in Seller's sole discretion, the right to bring an action for damages against any such tenant for the amount owed, but not an action for ejectment or unlawful detainer.
Delinquent Rentals. The term "Delinquent Rentals" shall have the meaning ascribed to such term in Section 10.5(b).
Delinquent Rentals. If Tenant does not pay the Rental described in Section 601 (A) hereof within thirty (30) days following Tenant’s receipt of written notice of delinquency, there shall be added to all such delinquent sums due the Authority and unpaid, as may be established by Authority, under this Lease an interest charge of the principal sum for each full calendar month of delinquency computed as simple interest. The interest amount charged shall be established by Authority as set forth in Authority’s rates and Charges Ordinance or as such ordinance may hereafter be amended but shall in any event not exceed 18% or established per annum. No interest shall be charged upon that portion of any debt which, in good faith, is in dispute. No interest shall be charged upon any account until payment is thirty (30) days overdue, but such interest, when assessed thereafter, shall be computed from the due date until the delinquent payment, together with accrued interest, is paid in full. The interest rate, established by Ordinance by the Airport Authority Board, may change from time to time but shall in any event not exceed 18% per annum. Section 605 Intentionally deleted.