Common use of Fixed Rents and Additional Rents Clause in Contracts

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases in connection with their occupancy of the Properties shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs, (ii) second, in payment of current Rents at the time of receipt, (iii) third, to delinquent Rents, if any, which became due after the Closing and (iv) fourth, then to delinquent Rents, if any, which became due prior to the Closing. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, (iii) so-called “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and (iv) any general excise taxes collected from the tenants.

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together collectively referred to herein as “Rents”) paid or payable by tenants under the Space Leases Tenants in connection with their occupancy of the Properties shall be adjusted and prorated on an if, as and when collected basis. Neither Seller nor Buyer shall receive credit at Closing for any payment of Rents or Additional Rents due but not paid as of the Closing. Any Rents collected by Buyer Seller, the Venture or Seller any Owner Entity after the Closing from any tenant Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant Tenant for the month in which the Closing occurs, (ii) second, in payment of current Rents rentals at the time of receipt, (iii) third, to delinquent Rentsrentals, if any, which became due after the Closing Closing, and (iv) fourth, then to delinquent Rentsrentals, if any, which became due and payable prior to the Closing. Each such amountSuch Rent, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean any other amounts payable under any Space Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent” or “overages rent”), (ii) so-called common area maintenance or “CAM” charges, (iii) so-so called “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and otherwise, (iv) marketing, media and promotional charges and (v) other reimbursements payable by any general excise taxes collected from such Tenant. Seller shall be responsible for any liabilities arising out of or in connection with any rent audits, including without limitation such audits as set forth on Schedule 3.3(c)(vi) attached hereto, relating to the tenantsperiod prior to the Closing.

Fixed Rents and Additional Rents. All (ai) Fixed fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases in connection with their occupancy of the Properties shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs), (ii) second, in payment of current Rents at the time of receipt, (iii) third, to delinquent Rents, if any, which became due after the Closing and (iv) fourth, then to delinquent Rents, if any, which became due prior to the Closing. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease for (i) “percentage rent” or the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as the “percentage rentPercentage Rent”), (ii) so-called common area maintenance or “CAM” charges, (iii) so-called Additional Rent (as hereinafter defined; together with Fixed Rents and Percentage Rents, collectively, “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and Rents”), (iv) security deposits (except as hereinafter provided) and (v) other tenant charges, in each case paid or payable to tenants under the Space Leases in connection with such tenants’ occupancy of the Asset, shall be prorated. Seller shall deliver or provide a credit in an amount equal to all prepaid rentals for periods from and after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Space Leases and are not applied or forfeited prior to the Closing) as set forth on Schedule 10.1, to Buyer on the Closing Date. Seller shall also deliver to Buyer any general excise taxes original security deposits that are held in the form of letters of credit (the “SD Letters of Credit”) if the same are transferable, at Buyer’s sole cost (including Buyer’s payment of any third party transfer fees and expenses). If any of the SD Letters of Credit is not transferable, Seller shall request the tenants obligated under such SD Letters of Credit to cause new letters of credit to be issued in favor of Buyer in replacement thereof. In the event any such new letter of credit is not issued in favor of Buyer by the Closing, Buyer shall diligently pursue such replacement after the Closing, and Seller shall take all reasonable action, as directed by Buyer and at Buyer’s sole expense, in connection with the presentment of such SD Letters of Credit for payment as permitted under the terms of the applicable Space Lease. In consideration of Seller’s agreement in the immediately preceding sentence, Buyer shall indemnify, defend and hold Seller harmless from any liability, damage, loss, cost or expense to the extent resulting from an alleged wrongful drawing upon any of the SD Letters of Credit after the Closing. A list of the unapplied tenant security deposits held by Seller under the Space Leases as of the Effective Date is set forth on Schedule 10.1. Rents that are delinquent (or payable but unpaid) as of the Adjustment Point shall not be prorated on such time. Rather, Buyer and Seller shall cause any such delinquent Rent (or payable but unpaid Rent) to be prorated on an if, as, and when collected from basis in accordance with the tenantsterms of this Section 10.

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases in connection with their occupancy of the Properties Property shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs, provided such payment is received no later than the tenth day of the next succeeding calendar month, (ii) second, in payment of current Rents at then owed by such tenant for any period after the time of receiptClosing occurs, and (iii) third, to delinquent Rents, if any, which became due after the Closing and (iv) fourth, in payment of any remaining Rents then to delinquent Rents, if any, which became due prior to the Closingowed by such tenant. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so-called “escalation rent” or additional rent based upon increases in such tenant’s share of real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and (iv) any general excise taxes collected from the tenantsotherwise.

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases Tenants in connection with their occupancy of the Properties Property shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by the Buyer or the Seller after the Closing from any tenant who a Tenant if such Tenant owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs, (ii) second, in payment of current Rents at owed by such tenant for the time of receiptmonth after the month in which the Closing occurs, (iii) third, in payment of Rents owed by such tenant for the month immediately prior to delinquent Rents, if any, the month in which became due after the Closing and Date occurs, (iv) fourth, then to delinquent Rentsin payment of Rents due and owed by such tenant, if any, for any period after the month in which became due the Closing Date occurs, and (v) fifth, in payment of any remaining Rents owed by such tenant for any period prior to the Closingmonth in which the Closing occurs. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease the Leases for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so-called “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and (iv) otherwise. As to any general excise taxes collected from Additional Rent in respect of an accounting period that shall have expired prior to the tenantsClosing but which is payable after the Closing, the Buyer shall pay the entire amount over to the Seller upon the Buyer’s receipt thereof.

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases in connection with their occupancy of the Properties Property shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs, (ii) second, in payment of current Rents at the time of receipt, (iii) third, to delinquent Rents, if any, which became due after the Closing Closing, and (iv) fourth, then to delinquent Rents, if any, which became due prior to the Closing. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, (iii) so-so called “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇p▇▇▇▇▇’▇ wages or otherwise and (iviii) any general excise taxes collected from the tenants. As to any Additional Rent in respect of an accounting period that shall have expired prior to the Closing but which is payable and paid to Buyer after the Closing, Buyer shall pay the paid amount over to Seller upon B▇▇▇▇’s receipt thereof.

Fixed Rents and Additional Rents. (a) Fixed rents (collectively, “Fixed Rents”) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents being together referred to herein as “Rents”) paid or payable by tenants under the Space Leases in connection with their occupancy of the Properties Property shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such tenant for the month in which the Closing occurs, (ii) second, in payment of current Rents at the time of receipt, (iii) third, to delinquent Rents, if any, which became due after the Closing and (iv) fourth, then to delinquent Rents, if any, which became due and payable prior to the Closing. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other party the portion thereof to which it is so entitled. For the purposes of this provision, the term “Additional Rent” shall mean amounts payable under any Space Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so-called so‑called “escalation rent” or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or ▇▇▇▇▇▇’▇ wages or otherwise and (iv) otherwise. Subject to the terms of this Agreement, as to any general excise taxes collected from Additional Rent in respect of an accounting period that shall have expired prior to the tenants.Closing but which is payable after the Closing, Buyer shall pay the entire amount over to Seller upon Buyer’s receipt thereof. 010396-1155-11787-13934730