Common use of Lease Rentals and Expenses Clause in Contracts

Lease Rentals and Expenses. Subject to the provisions of this Section, Rent (as defined below) shall be prorated as of the Closing. Seller shall be entitled to all Rents attributable to any period prior to and including the day on which the Closing occurs, and Buyer shall be entitled to all Rent attributable to any period after the day on which the Closing occurs. "RENT" as used herein shall mean the fixed monthly rents and escalation rents and any tax and operating cost reimbursements due from the tenant under the Lease. Tax reimbursements include, but are not limited to, real property tax reimbursements. Pursuant to the terms of the Lease, rent is paid monthly, in arrears. At Closing, Seller shall be entitled to, and receive a credit for all accrued but unpaid Rent and which right to collect same shall be assigned to Buyer. In addition, in the event Seller shall have paid any tax reimbursements which remain due and unpaid by the tenant under the Lease, Seller shall receive at Closing a credit for any such tax reimbursement and which right to collect same shall be assigned to Buyer at Closing. Seller's and Buyer's rights and obligations under this section shall survive the Closing.