Common use of Ground Lease Rent Clause in Contracts

Ground Lease Rent. If the Property is subject to a Ground Lease where a Seller pays rent, then at the Closing (a) if such Ground Lease rents are payable after the Closing Date for a period before the Closing Date, the Sellers shall pay to the Buyer on the Closing Date an amount equal to the amount of such Ground Lease rents allocated to the period before the Closing Date, prorated on a per diem basis, and (b) if such Ground Lease rents were paid before the Closing Date for a period from and after the Closing Date, the Buyer shall pay to the Sellers an amount equal to the amount of such Ground Lease rents reasonably allocated to the period from, including and after the Closing Date, prorated on a per diem basis.

Ground Lease Rent. If the Property is subject to a Ground Lease where a Seller pays rent, then at the applicable Closing (a) if such Ground Lease rents are payable after the applicable Closing Date for a period before the applicable Closing Date, the Sellers shall pay to the Buyer on the applicable Closing Date an amount equal to the amount of such Ground Lease rents allocated to the period before the applicable Closing Date, prorated on a per diem basis, and (b) if such Ground Lease rents were paid before the applicable Closing Date for a period from and after the applicable Closing Date, the Buyer shall pay to the Sellers an amount equal to the amount of such Ground Lease rents reasonably allocated to the period from, including and after the applicable Closing Date, prorated on a per diem basis.