Common use of DELINQUENT RENTS Clause in Contracts

DELINQUENT RENTS. As used herein, "Delinquent Rents" means Rents which are due and payable by a Tenant on or prior to the Proration Date but which have not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer as of the Proration Date, but not until they are actually collected by Buyer. Buyer shall have the right after the Closing to collect Delinquent Rents relating to the period prior to the Proration Date, but shall not be obligated to do so. Upon the Final Closing Adjustment (as defined in Section 6 of this Schedule 12), any Delinquent Rents which have not as yet been paid shall be assigned to Seller. After the Closing and continuing through and after the Final Closing Adjustment, without the express written consent of Buyer, the Seller shall not take, nor cause Buyer to take, any action against a tenant owing Delinquent Rents which would affect such Tenant's right to occupy its leased premises. Rents collected by Buyer after the Closing, shall be applied in the following order of priority: (a) first, to the tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the contrary in the Agreement or this Schedule, to the extent a Tenant expressly designates that a payment is to be applied for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents received by Buyer or any of its affiliates after the Proration Date shall be immediately applied in accordance with the above and any amount owing to Seller shall be immediately paid upon application; however, in no event later than thirty (30) days after collection. Buyer shall, and shall cause its agents to, use commercially reasonable efforts to collect any Deliquent Rent, but Buyer shall not be required to commence any legal action or proceeding to collect such amounts. Buyer shall not waive or settle any claims with respect to any such amounts relating to the period prior to the Proration Date in whole or in part without Seller's prior written consent.

DELINQUENT RENTS. As used herein, "Delinquent Rents" means Rents Any and all rents which are past due and payable by a Tenant on or prior to the Proration Date but which have at Closing shall not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer as of the Proration Date, but not until they are actually collected by Buyer. adjusted; Buyer shall have the right after the Closing no obligation to collect Delinquent Rents relating such past-due rents but for a period of twelve (12) months after Closing, shall reimburse the applicable Seller Parties for such past-due rents when, as and if collected, net of reasonable costs of collection; provided that, there shall be no costs of collection for any past due rents collected within sixty (60) days after Closing), it being understood that Buyer shall not be deemed to have collected such arrearage attributable to the period prior to Closing until such tenant is current in the Proration Date, but shall not be obligated to do so. Upon the Final Closing Adjustment (as defined in Section 6 payment of this Schedule 12), any Delinquent Rents which have not as yet been paid shall be assigned to Seller. After the rentals accruing on or after Closing and continuing through Buyer shall have recovered all reasonable costs of collection. The applicable Seller Party shall retain the right after Closing to sxx for and after the Final Closing Adjustment, without the express written consent of Buyer, the Seller shall not take, nor cause Buyer to take, collect any action against rents or other amount due under a tenant owing Delinquent Rents which would affect such Tenant's right to occupy its leased premises. Rents collected by Buyer after the Closing, shall be applied in the following order of priority: (a) first, to the tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the contrary in the Agreement or this Schedule, to the extent a Tenant expressly designates that a payment is to be applied Lease for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents received by Buyer or any of its affiliates after the Proration Date shall be immediately applied in accordance with the above and any amount owing to Seller shall be immediately paid upon application; however, period ending before Closing (but in no event later than thirty (30) days after collection. Buyer shallshall a Seller Party have the right to sxx any such Tenant for eviction), and Buyer shall cause reasonably cooperate with the applicable Seller Party, at no cost to Buyer, in its agents to, use commercially reasonable efforts to collect any Deliquent Rentsuch amount. During the period of the first sixty (60) calendar days after the Closing Date, but Buyer the Seller Parties shall not be required take any action to commence sxx for or collect any legal action rents or proceeding to collect such amounts. Buyer shall not waive or settle any claims with respect to any such other amounts relating to the due and owing under a Lease for a period prior to the Proration Date Closing Date, but after the expiration of said sixty (60) day period the applicable Seller Party may at any time or times take such actions as are permitted by the terms of this Section 3.10.1. The applicable Seller Party shall advise Buyer in whole writing of the filing of any law suit for the collection of rents or other amount due under a Lease, as described in part without the immediately preceding sentence, and shall keep Buyer reasonably informed of the status of the proceedings in such a suit during the course thereof. After the twelve (12) month period following the Closing Date, Buyer shall have no further obligations to remit rents owed to Seller's prior written consent.

DELINQUENT RENTS. As used herein, "Delinquent Rents" means Rents which Non-delinquent rents that are due and payable received by a Tenant on or prior to Seller before the Proration Closing Date but which have not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer to the Closing Date. Rents delinquent as of the Proration Closing Date, but not until they are actually collected by Buyerlater, shall be prorated as of the Closing Date when collected. Buyer shall have the right Rents collected after the Closing Date from tenants whose rental was delinquent at the Closing Date shall be deemed to collect Delinquent Rents relating apply first to the period prior current rental due at the time of payment and second to rentals which were delinquent at the Proration Closing Date, but shall not be obligated . Rents collected after the Closing Date to do so. Upon the Final Closing Adjustment (as defined in Section 6 of this Schedule 12), any Delinquent Rents which have not as yet been paid Seller is entitled shall be assigned promptly paid to Seller. After For a period of sixty (60) days after the Closing and continuing through and Date, Buyer shall use reasonable efforts that are limited to billing tenants to collect all rents which are delinquent as of the Closing Date with no obligation to commence litigation to collect such rents. Commencing as of sixty-one (61) days after the Final Closing AdjustmentDate, without Seller may take all steps it deems appropriate, including litigation, to collect any rents delinquent as of the express written consent of BuyerClosing Date which are still uncollected and that exceed $10,000.00, the but Seller shall have no right to evict a tenant or disturb their quiet enjoyment of the Premises. If the amount of delinquent rent for any tenant is less than $10,000, Seller must obtain Buyer’s consent (which will not take, nor cause Buyer to take, be unreasonably withhold) before taking any action against to collect such delinquent rents from such tenant. Any rents received by Seller that relate to a tenant owing Delinquent Rents which would affect such Tenant's right to occupy its leased premises. Rents collected by Buyer period after the Closing, shall be applied in the following order of priority: (a) first, to the tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the contrary in the Agreement or this Schedule, to the extent a Tenant expressly designates that a payment is to be applied for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents received by Buyer or any of its affiliates after the Proration Closing Date shall be immediately applied in accordance with the above and any amount owing remitted to Seller shall be immediately paid upon application; however, in no event later than thirty Buyer within ten (3010) business days after collection. Buyer shall, and shall cause its agents to, use commercially reasonable efforts to collect any Deliquent Rent, but Buyer shall not be required to commence any legal action or proceeding to collect such amounts. Buyer shall not waive or settle any claims with respect to any such amounts relating to the period prior to the Proration Date in whole or in part without of Seller's prior written consent’s receipt.

DELINQUENT RENTS. As used herein, "Delinquent Rents" means Rents Any and all rents which are past due and payable by a Tenant on or prior to the Proration Date but which have at Closing shall not been paid by the Proration Date. Delinquent Rents shall be prorated between Seller and Buyer as of the Proration Date, but not until they are actually collected by Buyer. adjusted; Buyer shall have the right after the Closing no obligation to collect Delinquent Rents relating such past-due rents but for a period of twelve (12) months after Closing, shall reimburse Seller for such past-due rents when, as and if collected, net of reasonable costs of collection; provided that, there shall be no costs of collection for any past due rents collected within sixty (60) days after Closing), it being understood that Buyer shall not be deemed to have collected such arrearage attributable to the period prior to Closing until such Tenant is current in the Proration Date, but shall not be obligated to do so. Upon the Final Closing Adjustment (as defined in Section 6 payment of this Schedule 12), any Delinquent Rents which have not as yet been paid shall be assigned to Seller. After the rentals accruing on or after Closing and continuing through and after the Final Closing Adjustment, without the express written consent Buyer shall have recovered all reasonable costs of Buyer, the collection. Seller shall not take, nor cause Buyer retain the right after Closing to take, sxx for and collect any action against rents or other amount due under a tenant owing Delinquent Rents which would affect such Tenant's right to occupy its leased premises. Rents collected by Buyer after the Closing, shall be applied in the following order of priority: (a) first, to the tenant's current rental obligation accruing after Closing; and (b) secondly, against the Tenant's rental obligations in the chronological order in which they accrue. Notwithstanding any provision to the contrary in the Agreement or this Schedule, to the extent a Tenant expressly designates that a payment is to be applied Lease for a particular item of Rent, then any such payment of Rent shall be applied in accordance with such designation so specified by the Tenant. All Delinquent Rents received by Buyer or any of its affiliates after the Proration Date shall be immediately applied in accordance with the above and any amount owing to Seller shall be immediately paid upon application; however, period ending before Closing (but in no event later than thirty (30) days after collection. Buyer shallshall Seller have the right to sxx any such Tenant for eviction), and Buyer shall cause reasonably cooperate with Seller, at no cost to Buyer, in its agents to, use commercially reasonable efforts to collect any Deliquent Rentsuch amount. During the period of the first sixty (60) calendar days after the Closing Date, but Buyer Seller shall not be required take any action to commence sxx for or collect any legal action rents or proceeding to collect such amounts. Buyer shall not waive or settle any claims with respect to any such other amounts relating to the due and owing under a Lease for a period prior to the Proration Date Closing Date, but after the expiration of said sixty (60) day period, Seller may at any time or times take such actions as are permitted by the terms of this Section 3.10.1. Seller shall advise Buyer in whole writing of the filing any law suit for the collection of rents or other amounts due under a Lease, as described in part without the immediately preceding sentence, and shall keep Buyer reasonably informed of the status of the proceedings in such a suit during the course thereof. After the twelve (12) month period following the Closing Date, Buyer shall have no further obligations to remit rents owed to Seller's prior written consent.