Common use of Fixed Rents Clause in Contracts

Fixed Rents. (i) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by or on behalf of Contributee or Contributor after the Closing from tenants of all or any part of the Contributor Properties who owe Fixed Rents relating to periods prior to the Closing, shall be applied as follows: - first, in payment of Fixed Rents for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - second, in payment of Fixed Rents then due and payable for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third, in payment of Fixed Rents for the period prior to the month in which the Closing Date occurs. (iii) Each such amount, less any reasonable 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. In furtherance and not in limitation of the preceding provisions of this subsection (a), with respect to any tenant which has paid all Fixed Rents due and payable to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid Fixed Rents from such tenant attributable to a period following the Closing, then, subject to the netting of all adjustments under this Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents.

Appears in 1 contract

Samples: Contribution Agreement (Wellsford Real Properties Inc)

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Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties Property shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by the Buyer or on behalf of Contributee or Contributor the Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period (if any) after the month in which the Closing Date occurs through but not beyond the end of the then current month in which such amount is collected, and - (iii) third, in payment of Fixed Rents owed by such tenant for the period prior to the month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable 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. (b) The Buyer shall bill tenants who owe Fixed Xxxts for periods prior to the Closing on a monthly basis for a period of six consecutive months following the Closing Date and shall use good faith efforts to collect such past due Fixed Rents. In furtherance and not Any payment by a tenant in limitation an amount less than the full amount of the preceding provisions of this subsection (a), with respect to any tenant which has paid all Fixed Rents and Overage Rent (as defined below) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and thereafter to a period following Overage Rents (in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents10.2 below).

Appears in 1 contract

Samples: Purchase and Sale Agreement (HRPT Properties Trust)

Fixed Rents. Fixed rents (i) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants Tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Purchaser or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties Tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as followsapplied: - (i) first, in payment of Fixed Rents owed by such Tenant for the calendar month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - ; (ii) second, in payment of Fixed Rents then due and payable owed by such Tenant for the period (if any) after the calendar month in which the Closing Date occurs through the end of the calendar month in which such amount is collected; and (iii) third, and - thirdafter Fixed Rents for all current periods have been paid in full, in payment of Fixed Rents owed by such Tenant for the period prior to the calendar month preceding the calendar month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable costs of collection (including reasonable counsel attorneys' 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. In furtherance and not in limitation of the preceding provisions of this subsection (a)sentence, with respect to any tenant Tenant which has paid all Fixed Rents due and payable to for periods through the Closing DateClosing, if, prior to the Closing, Contributor Seller shall receive any prepaid Fixed Rents from such tenant a Tenant attributable to a period following the Closing, thenat the Closing, subject Seller shall pay over to the netting of all adjustments under this Section 4, Contributee shall be entitled to a payment equal to Purchaser the amount of such prepaid Fixed Rents.

Appears in 1 contract

Samples: Lease Agreement (New York Times Co)

Fixed Rents. (i1) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed RentsFIXED RENTS") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Premises shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Purchaser or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, Closing shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee pro rated as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period (if any) after periods subsequent to the month in which the Closing Date occurs through the end of the month and (iii) third, after Fixed Rents for all current periods have been paid in which such amount is collected, and - thirdfull, in payment of Fixed Rents owed by such tenant for the period periods prior to the month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable 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. (2) Purchaser shall bill tenants who owe Fixed Renxx xor periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that Purchaser shall have no obligation to commence any actions or proceedings to collect any such past due Fixed Rents. In furtherance and not in limitation Notwithstanding the foregoing, if Purchaser shall be unable to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of the preceding provisions of this subsection (aone or more lawsuits), with respect but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. Any payment by a tenant which has paid all in an amount less than the full amount of Fixed Rents and Overage Rents then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 8.1(a) above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and thereafter to a period following Overage Rents (in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents8.2(d) below).

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants Tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Purchaser or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties Tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as followsapplied: - (i) first, in payment of Fixed Rents owed by such Tenant for the calendar month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - ; (ii) second, in payment of Fixed Rents then due and payable owed by such Tenant for the calendar month prior to the calendar month in which the Closing Date occurs; (iii) third, in payment of Fixed Rents owed by such Tenant for the period (if any) after the calendar month in which the Closing Date occurs through the end of the calendar month in which such amount is collected; and (iv) fourth, and - thirdafter Fixed Rents for all current periods have been paid in full, in payment of Fixed Rents owed by such Tenant for the period prior to the calendar month preceding the calendar month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable costs of collection (including reasonable counsel attorneys' 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. In furtherance and not in limitation of the preceding provisions of this subsection (a)sentence, with respect to any tenant Tenant which has paid all Fixed Rents due and payable to for periods through the Closing DateClosing, if, prior to the Closing, Contributor Seller shall receive any prepaid Fixed Rents from such tenant a Tenant attributable to a period following the Closing, thenat the Closing, subject Seller shall pay over to the netting of all adjustments under this Section 4, Contributee shall be entitled to a payment equal to Purchaser the amount of such prepaid Fixed Rents. (b) Purchaser shall xxxx Tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that -------- ------- Purchaser shall have no obligation to commence any actions or proceedings to collect any such past due Fixed Rents. Notwithstanding the foregoing, if Purchaser is unable to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue such Tenants to collect Fixed Rent delinquencies (including, without limitation, the prosecution of one or more lawsuits), but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such Tenants. Any payment by a Tenant in an amount less than the full amount of Fixed Rents and "Overage Rent" (as such term is defined in Section 13.1.2(a)) then due and owing by such Tenant, shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 13.1.1(a) above) to the extent of all such Fixed Rents then due and owing by such Tenant, and thereafter to Overage Rent (in the order of priority as to time periods as is set forth in Section 13.1.2).

Appears in 1 contract

Samples: Sale Agreement (Sl Green Realty Corp)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties Property shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by the Buyer or on behalf of Contributee or Contributor the Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period prior to the month in which the Closing Date occurs but not with respect to any period more than 60 days prior to the Closing Date, (iii) third, after Fixed Rents for all prior periods have been paid in full, in payment of Fixed Rents owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third(iv) fourth, in payment of Fixed Rents owed by such tenant for the period periods more than 60 days prior to the month in which the Closing Date occurs. (iii) Date. Each such amount, less any reasonable 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. (b) The Buyer shall xxxx tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due Fixed Rents. In furtherance and Notwithstanding the foregoing, if the Buyer shall be unable to collect such past due Fixed Rents, the Seller shall have the right, with the prior approval of Buyer, not in limitation to be unreasonably withheld, delayed or conditioned, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of the preceding provisions of this subsection (aone or more lawsuits), with respect but the Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. Any payment by a tenant which has paid all in an amount less than the full amount of Fixed Rents and Overage Rent (as defined below) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and thereafter to a period following Overage Rents (in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents10.2 below).

Appears in 1 contract

Samples: Purchase and Sale Agreement (Shopco Regional Malls Lp)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties Property shall be adjusted and prorated on an and if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Buyer or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the month prior to the month in which the Closing Date occurs but not more than 30 days prior to the Closing Date (iii) third, in payment of Fixed Rents owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third(iv) fourth, in payment of any other Fixed Rents owed by such tenant for the period periods more than thirty (30) days prior to the month in which the Closing Date occurs. (iii) Date. Each such amount, less any reasonable 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. In furtherance and not in limitation of the preceding provisions of this subsection (a), with respect to any tenant which has paid all Fixed Rents due and payable to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid Fixed Rents from such tenant attributable to a period following the Closing, then, subject to the netting of all adjustments under this Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents.

Appears in 1 contract

Samples: Option Agreement (Prime Group Realty Trust)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Premises shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to collected by Purchaser or Seller after the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) Closing from any tenant who owes Fixed Rents for periods prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by or on behalf of Contributee or Contributor after the Closing from tenants of all or any part of the Contributor Properties who owe Fixed Rents relating to periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee pro rated as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third, in payment of Fixed Rents for the period prior subsequent to the month in which the Closing Date occurs. , (iii) third, in payment of Fixed Rents owed by such tenant for the month preceding the month in which the Closing Date occurs, (iv) fourth, in payment of Fixed Rents owed by such tenant for periods subsequent to the month following the month in which the Closing Date occurs and (v) after Fixed Rents for all current periods have been paid in full, in payment of Fixed Rents owed by such tenant for periods prior to the month preceding the month in which the Closing Date occurs. Each such amount, less any reasonable costs of collection (including reasonable counsel fees) reasonably allocable thereto, amount 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. (b) Purchaser shall xxxx tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date (the “Purchaser Collection Period”) and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that Purchaser shall have no obligation to commence any actions or proceedings to collect any such past due Fixed Rents. In furtherance and not in limitation Notwithstanding the foregoing, if Purchaser shall be unable during the Purchaser Collection Period to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of the preceding provisions of this subsection (aone or more lawsuits), with respect but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. (c) Any payment by a tenant which has paid all in an amount less than the full amount of Fixed Rents and Overage Rents (hereinafter defined) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 8.1(a) above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and second to a period following Overage Rents, in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents8.2(d) below.

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed RentsFIXED RENTS") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Premises shall be adjusted and prorated on an if, as and when collected basis. For purposes At Closing, there shall be an adjustment in Purchaser's favor in an amount equal to Fixed Rent received from tenants who are current in the payment of this subsection (a)Fixed Rent, any to the extent such Fixed Rents with respect apply to periods subsequent to Closing. Fixed Rents collected by Purchaser or Seller after the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) Closing from any tenant who owes Fixed Rents for periods prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by or on behalf of Contributee or Contributor after the Closing from tenants of all or any part of the Contributor Properties who owe Fixed Rents relating to periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee pro rated as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period (if any) after periods subsequent to the month in which the Closing Date occurs through the end of the month and (iii) third, after Fixed Rents for all current periods have been paid in which such amount is collected, and - thirdfull, in payment of Fixed Rents for the period periods prior to the month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable costs of collection (including reasonable counsel fees) reasonably allocable thereto, amount 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. (b) Purchaser shall xxxx tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date (the "PURCHASER COLLECTION PERIOD") and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that Purchaser shall have no obligation to commence any actions or proceedings to collect any such past due Fixed Rents. In furtherance and not in limitation Notwithstanding the foregoing, if Purchaser shall be unable during the Purchaser Collection Period to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of the preceding provisions of this subsection (aone or more lawsuits), with respect but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. (c) Any payment by a tenant which has paid all in an amount less than the full amount of Fixed Rents and Overage Rents then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 8.1(a) above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and second to a period following Overage Rents, in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents8.2(d) below.

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

Fixed Rents. (i) a Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties Property shall be adjusted and prorated on an and if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by the Buyer or on behalf of Contributee or Contributor a Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the month prior to the month in which the Closing Date occurs but not more than 30 days prior to the Closing Date (iii) third, in payment of Fixed Rents owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third(iv) fourth, in payment of any other Fixed Rents owed by such tenant for the period periods more than thirty (30) days prior to the month in which the Closing Date occurs. (iii) Date. Each such amount, less any reasonable 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. In furtherance and not in limitation of the preceding provisions of this subsection . (a), with respect to any tenant which has paid all b The Buyer shall xxxx tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due and payable Fixed Rents (related to periods of time prior to the Closing Date). Notwithstanding the foregoing, ifif the Buyer shall be unable to collect such past due Fixed Rents within six (6) months after the Closing Date, any Seller shall have the right, upon prior written notice to the ClosingBuyer, Contributor to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of one or more lawsuits for delinquencies in amounts of not more than $100,000 with Buyer's prior reasonable consent, which consent shall receive any prepaid Fixed Rents from such tenant attributable to a period following not be unreasonably withheld) but the Closing, then, subject to the netting of all adjustments under this Section 4, Contributee Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. Any payment by a payment equal tenant in an amount less than the full amount of Fixed Rents and Overage Rent (as defined below) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth above) to the amount extent of all such prepaid Fixed RentsRents then due and payable by such tenant, and thereafter to Overage Rents (in the order of priority as to time periods as is set forth in Section 11.2 below). (c Notwithstanding the foregoing, Sellers will consider using any alternative reasonable proposals offered by Buyer with respect to determining the adjustment in the collection of any arrearages or delinquencies in fixed rent, which proposals are designed to achieve the same economic effect as the formulas provided above.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Prime Group Realty Trust)

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Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed RentsFIXED RENTS") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Premises shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Purchaser or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, Closing shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third, in payment of Fixed Rents for the period prior to preceding the month in which the Closing Date occurs. , (iii) third, in payment of Fixed Rents owed by such tenant for the period following the month in which Closing Date occurs and (iv) fourth, after Fixed Rents for all current periods have been paid in full, in payment of Fixed Rents owed by such tenant for the period prior to the month preceding the month in which the Closing Date occurs. Each such amount, less any reasonable 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. In furtherance and not . (b) Any payment by a tenant in limitation an amount less than the full amount of the preceding provisions of this subsection (a), with respect to any tenant which has paid all Fixed Rents and Overage Rents then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 8.1(a) above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and thereafter to a period following Overage Rents (in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents8.2(d) below).

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants Tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by Purchaser or on behalf of Contributee or Contributor Seller after the Closing from tenants of all or any part of the Contributor Properties Tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as followsapplied: - (i) first, in payment of Fixed Rents owed by such Tenant for the calendar month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - ; (ii) second, in payment of Fixed Rents then due and payable owed by such Tenant for the calendar month prior to the calendar month in which the Closing Date occurs; (iii) third, in payment of Fixed Rents owed by such Tenant for the period (if any) after the calendar month in which the Closing Date occurs through the end of the calendar month in which such amount is collected; and (iv) fourth, and - thirdafter Fixed Rents for all current periods have been paid in full, in payment of Fixed Rents owed by such Tenant for the period prior to the calendar month preceding the calendar month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable costs of collection (including reasonable counsel attorneys' 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. In furtherance and not in limitation of the preceding provisions of this subsection (a)sentence, with respect to any tenant Tenant which has paid all Fixed Rents due and payable to for periods through the Closing DateClosing, if, prior to the Closing, Contributor Seller shall receive any prepaid Fixed Rents from such tenant a Tenant attributable to a period following the Closing, thenat the Closing, subject Seller shall pay over to the netting of all adjustments under this Section 4, Contributee shall be entitled to a payment equal to Purchaser the amount of such prepaid Fixed Rents. (b) Purchaser shall bxxx Tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that -------- ------- Puractions or proceedings to collect any such past due Fixed Rents. Notwithstanding the foregoing, if Purchaser is unable to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue such Tenants to collect Fixed Rent delinquencies (including, without limitation, the prosecution of one or more lawsuits), but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such Tenants. Any payment by a Tenant in an amount less than the full amount of Fixed Rents and "Overage Rent" (as such term is defined in Section 13.1.2(a)) then due and owing by such Tenant, shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 13.1.1(a) above) to the extent of all such Fixed Rents then due and owing by such Tenant, and thereafter to Overage Rent (in the order of priority as to time periods as is set forth in Section 13.1.2).

Appears in 1 contract

Samples: Agreement of Sale and Purchase (Sl Green Realty Corp)

Fixed Rents. (i) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Rents shall be adjusted and prorated apportioned on an if, as and when collected basis. For purposes of this subsection . (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan DocumentsA) If prior to the relevant Closing Date shall be deemed Date, the relevant Seller has received fixed rents from any tenant attributable to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and periods after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by or on behalf of Contributee or Contributor after the Closing from tenants of Adjustment Time and such tenant has paid all or any part of the Contributor Properties who owe Fixed Rents relating to fixed rents and additional rents due under its Tenant Lease for all periods prior to the ClosingAdjustment Time, the relevant Buyer shall be entitled to a credit for the amount of such prepaid fixed rents attributable to periods after the Adjustment Time. (B) Any fixed rents collected by the relevant Buyer or the relevant Seller on or after the relevant Closing Date from any tenant who owes fixed rents for periods prior to the Adjustment Time shall be applied as followsin the following order of priority: - (1) first, in payment of Fixed Rents fixed rents due (or to become due within ten days of such payment) and owing to the relevant Buyer by such tenant for all periods after the month in which the Closing Date occurs, to be apportioned between Contributor Adjustment Time; and Contributee as of the Closing Date, - (2) second, in payment of Fixed Rents then due and payable fixed rents owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third, in payment of Fixed Rents for the any period prior to the month in which the Closing Date occurs. (iii) Adjustment Time. Each such amount, less any reasonable costs of collection (including reasonable counsel fees) reasonably allocable thereto, amount shall be adjusted and prorated apportioned as provided above, and the party (the relevant Buyer or the relevant Seller) who receives such amount shall promptly pay over to the other party the portion thereof to which it the other party is so entitled. In furtherance and not in limitation of . (C) The relevant Seller shall have the preceding provisions of this subsection (a)right, with respect to any tenant which has paid all Fixed Rents due and payable upon prior notice to the Closing Daterelevant Buyer, ifto pursue such tenants who owe past due fixed rents, prior including the right to bring actions or proceedings against any tenants for the Closingcollection of such past due rents, Contributor but shall receive any prepaid Fixed Rents from such tenant attributable to a period following the Closing, then, subject to the netting of all adjustments under this Section 4, Contributee shall not be entitled to evict such tenants by summary proceedings or otherwise. (D) Any payment by a payment equal tenant in an amount less than the full amount of fixed rents and additional rents then due (or to become due within ten days of such payment) and owing by such tenant shall be applied in the following order of priority: (1) first, to fixed rents owed by such tenant to be adjusted, apportioned and paid as provided in Section 2.08(b)(i)(B) and (2) then, to the amount of additional rents owed by such prepaid Fixed Rentstenant to be adjusted, apportioned and paid as provided in Section 2.08(b)(ii)(B).

Appears in 1 contract

Samples: Asset Purchase Agreement (Weeks Corp)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed RentsFIXED RENTS") paid or payable by tenants under the Space Leases in connection with their occupancy of all or any portion of the Contributor Properties Property shall be adjusted and prorated on an and if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by the Buyer or on behalf of Contributee or Contributor a Seller after the Closing from tenants of all or any part of the Contributor Properties tenant who owe owes Fixed Rents relating to for periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the month prior to the month in which the Closing Date occurs but not more than 30 days prior to the Closing Date of which the Property for which such rent is collected is conveyed to Buyer (iii) third, in payment of Fixed Rents owed by such tenant for the period (if any) after the month in which the Closing Date occurs through the end of the month in which such amount is collected, and - third(iv) fourth, in payment of any other Fixed Rents owed by such tenant for the period periods more than thirty (30) days prior to the month in which the Closing Date occurs. (iii) Date. Each such amount, less any reasonable 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. In furtherance and not in limitation of the preceding provisions of this subsection . (a), with respect to any tenant which has paid all b) The Buyer shall xxxx tenants who owe Fixed Rents for periods prior to the Closing on a monthly basis for a period of six consecutive months following the Closing Date and shall use commercially reasonable efforts to collect such past due and payable Fixed Rents (related to periods of time prior to the Closing Date). Notwithstanding the foregoing, ifif the Buyer shall be unable to collect such past due Fixed Rents within six (6) months after the Closing Date, the Seller shall have the right, upon prior written notice to the ClosingBuyer, Contributor to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of one or more lawsuits for delinquencies in amounts of not more than $100,000 with Buyer's prior reasonable consent, which consent shall receive any prepaid Fixed Rents from such tenant attributable to a period following not be unreasonably withheld) but the Closing, then, subject to the netting of all adjustments under this Section 4, Contributee Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. Any payment by a payment equal tenant in an amount less than the full amount of Fixed Rents and Overage Rent (as defined below) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth above) to the amount extent of all such prepaid Fixed RentsRents then due and payable by such tenant, and thereafter to Overage Rents (in the order of priority as to time periods as is set forth in Section 11.2 below). (c) Notwithstanding the foregoing, Seller will consider using any alternative reasonable proposals offered by Buyer with respect to determining the adjustment in the collection of any arrearages or delinquencies in fixed rent, which proposals are designed to achieve the same economic effect as the formulas provided above.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Prime Group Realty Trust)

Fixed Rents. (ia) Fixed rents, base rents, minimum rents or basic rentals payable in fixed installments for stated periods (collectively, "Fixed Rents") paid or payable by tenants under the Leases in connection with their occupancy of all or any portion of the Contributor Properties Premises shall be adjusted and prorated on an if, as and when collected basis. For purposes of this subsection (a), any Fixed Rents with respect to collected by Purchaser or Seller after the Nomura Properties which have been deposited into the Deposit Account (as such term is defined in the Nomura Loan Documents) Closing from any tenant who owes Fixed Rents for periods prior to the Closing Date shall be deemed to have been received by or on behalf of Contributor, and any such Fixed Rents which have been deposited into the Deposit Account from and after the Closing shall be deemed to have been received by or on behalf of Contributee. (ii) Any Fixed Rents collected by or on behalf of Contributee or Contributor after the Closing from tenants of all or any part of the Contributor Properties who owe Fixed Rents relating to periods prior to the Closing, shall be applied as follows: - (i) first, in payment of Fixed Rents owed by such tenant for the month in which the Closing Date occurs, to be apportioned between Contributor and Contributee pro rated as of the Closing Date, - (ii) second, in payment of Fixed Rents then due and payable owed by such tenant for the period month preceding the month in which the Closing Date occurs, (if anyiii) after third, in payment of Fixed Rents owed by such tenant for periods subsequent to the month in which the Closing Date occurs through the end of the month and (iv) after Fixed Rents for all current periods have been paid in which such amount is collected, and - thirdfull, in payment of Fixed Rents owed by such tenant for the period periods prior to the month preceding the month in which the Closing Date occurs. (iii) . Each such amount, less any reasonable costs of collection (including reasonable counsel fees) reasonably allocable thereto, amount 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. (b) Purchaser shall bill tenants who owe Fixed Rexxx for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following the Closing Date (the "Purchaser Collection Period") and shall use commercially reasonable efforts to collect such past due Fixed Rents; provided, however, that Purchaser shall have no obligation to commence any actions or proceedings to collect any such past due Fixed Rents. In furtherance and not in limitation Notwithstanding the foregoing, if Purchaser shall be unable during the Purchaser Collection Period to collect such past due Fixed Rents, Seller shall have the right, upon prior written notice to Purchaser, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of the preceding provisions of this subsection (aone or more lawsuits), with respect but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. (c) Any payment by a tenant which has paid all in an amount less than the full amount of Fixed Rents and Overage Rents (hereinafter defined) then due and payable by such tenant shall be applied first to Fixed Rents (in the order of priority as to time periods as is set forth in Section 8.1(a) above) to the Closing Date, if, prior to the Closing, Contributor shall receive any prepaid extent of all such Fixed Rents from then due and payable by such tenant attributable tenant, and second to a period following Overage Rents, in the Closing, then, subject order of priority as to the netting of all adjustments under this time periods as is set forth in Section 4, Contributee shall be entitled to a payment equal to the amount of such prepaid Fixed Rents8.2(d) below.

Appears in 1 contract

Samples: Sale Purchase Agreement (Wellsford Real Properties Inc)

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