Common use of Fixed, Minimum and Base Rents Clause in Contracts

Fixed, Minimum and Base Rents. Subject to Section 6(g) below, Seller shall be entitled to fixed, minimum and base rents which are due or past due or not yet due but accrued under the terms of the Leases, prorated to 11:59 p.m. of the day prior to the Closing, regardless of when such payments are actually made. At Closing, rents for the month of Closing will be prorated as provided below. “Delinquent Amounts”, as defined in Section 6(j) below, shall be handled in the manner provided in Section 6(j) below). All scheduled payments of fixed, minimum or base rents received by Seller or Purchaser for the month of Closing shall be prorated based upon the number of days in that month occurring before the Closing. If, as of the Closing, any scheduled payment of fixed, minimum or base rents has not been paid by a tenant for the month of Closing (such amount being referred to as the “Current Unpaid Rent” for such tenant), than any subsequent payments made by such tenant after Closing shall first be applied to (but only to the extent of) the Current Unpaid Rent for such tenant. If after the Closing, Seller receives any payment from a tenant with Current Unpaid Rent, Seller shall be entitled to retain from any such payment the amount of the Current Unpaid Rent for such tenant (with the balance of any such payment being treated as a “Delinquent Amount” and disposed of pursuant to the provisions of Section 6(j) below, or if Purchaser receives any such payment from a tenant with Current Unpaid Rent, Purchaser shall promptly remit to Seller from any such payment the amount of the Current Unpaid Rent for such tenant (with the balance of any such payment being treated as a “Delinquent Amount” and disposed of pursuant to the provisions of Section 6(j) below.