Common use of Lease Security Deposits and Rents Clause in Contracts

Lease Security Deposits and Rents. Seller shall pay to Purchaser, as a credit against the Purchase Price, the amount of any cash security deposits actually received by Seller pursuant to the Leases and not yet refunded to tenants. All rents, common area charges, real estate taxes and other costs or charges paid by tenants under the Leases shall be prorated as of the Apportionment Time, to the extent actually collected by Seller. With respect to any rent or charges that is delinquent at Closing, Seller shall have the right to pursue all rights and remedies against the tenants to recover such delinquencies; provided, however, that Seller shall not be entitled to dispossess such tenants. Purchaser shall promptly remit to Seller any rent or payments for any charges received by Purchaser subsequent to Closing which are attributable to periods prior to Closing, to the extent such rent or payments were not credited to Seller at Closing; provided, however, that such amounts received from tenants after Closing will first be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full; it being acknowledged that rent payable pursuant to the Lease with the District of Columbia is paid in arrears and the amount payable pursuant to any such Lease for the month in which Closing occurs shall be apportioned by Seller and Purchaser upon receipt of such rent after the Closing. With respect to any security deposits which are other than cash, Seller shall deliver to Purchaser at the Closing the original documentation related thereto with such transfer documentation as may be necessary, and prior to the time on which any letter of credit is finally transferred, Seller shall, at Purchaser’s request, make draws thereon if permitted pursuant to a Lease, and remit the proceeds to Purchaser.

Lease Security Deposits and Rents. Seller shall pay to PurchaserAll rents, as a credit against the Purchase Price, the amount of any cash security deposits actually received by Seller pursuant to the Leases and not yet refunded to tenants. All percentage rents, common area charges, real estate taxes and other costs or charges paid by tenants under the Leases Tenancies shall be prorated as of the Apportionment Time, to the extent actually collected by Seller. With respect to any rent or charges that is delinquent at From and after the Closing, Seller shall have the right to not pursue all any rights and or remedies against the tenants to recover such any rent, operating expense or other delinquencies; provided, howeverand without limitation of the foregoing, that Seller shall not be entitled seek to dispossess such tenants, disturb their possession of the Premises or seek any involuntary bankruptcy of any tenant. Purchaser Buyer shall promptly remit to Seller Seller, less the cost of collection, any rent or payments for any charges received by Purchaser Xxxxx subsequent to Closing which are attributable to periods prior to Closing, to the extent such rent or payments were not credited to Seller at Closing; provided, further, however, that such amounts received from tenants after Closing will first be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full; it being acknowledged that rent payable pursuant to the Lease with the District of Columbia is paid in arrears and the amount payable pursuant to any such Lease for the month in which Closing occurs shall be apportioned by Seller and Purchaser upon receipt of such rent after the Closing. With respect to any security deposits which are other than cash, Seller shall deliver to Purchaser Buyer at the Closing the original documentation related thereto with such transfer and assignment documentation as may be necessarynecessary (executed by all necessary third parties and with all fees paid by Seller), and including without limitation, the original letter of credit, if applicable. Further, as a condition of Closing, Security Deposits (cash or otherwise) shall be credited to and/or delivered to Buyer at Closing in the required amount under each respective tenant’s lease, notwithstanding any charge made against such Security Deposit by Seller prior to the time on which any letter of credit is finally transferred, Seller shall, at Purchaser’s request, make draws thereon if permitted pursuant to a Lease, and remit the proceeds to PurchaserEffective Date.

Lease Security Deposits and Rents. Purchaser shall receive from Seller shall pay to Purchaser, as a credit against the Purchase Price, Price in the amount of any refundable cash security deposits actually received by Seller paid pursuant to the Leases and not yet refunded to tenants. After Closing, Purchaser shall be responsible for maintaining as security deposits the aggregate amount so credited to Purchaser in accordance with the provisions of the Leases relevant thereto. All rents, common area charges, real estate taxes rents and other costs or charges paid by tenants similar payments under the Leases actually received by Seller prior to the Closing Date and applicable to any period of time after Closing shall be prorated as of 12:01 a.m. on the Apportionment TimeClosing Date (together with any applicable state or local tax thereon). If any such rents and other income are actually received by Purchaser or Seller after the Closing, all such amounts shall first _be applied to the extent actually collected reasonable out-of-pocket costs of collection of the party receiving the same, then to post-closing rents due to Purchaser that are past due (and, in the case of any amounts received by Seller, immediately paid by Seller to Purchaser to be so applied), and the balance shall be immediately paid by Purchaser to Seller. With respect Purchaser shall make a good faith effort and attempt to collect any rent such rents and other amounts and other income not apportioned at the Closing for the benefit of Seller, provided, however, that Purchaser shall not be required to expend any funds, terminate any lease or charges that is any tenant's occupancy, or institute any litigation in its collection efforts. If any delinquent at rents remain outstanding ninety (90) days after Closing, then Seller shall have the right to pursue all rights and remedies against the tenants to recover collect such delinquenciesdelinquent rents directly from a tenant by any legal means; provided, however, that Seller shall not be entitled have no right to dispossess (x) terminate any Lease or any tenant's occupancy under any Lease in connection therewith, or (y) take any action against any tenant so long as such tenants. Purchaser shall promptly remit to Seller any rent or payments for any charges received by Purchaser subsequent to Closing which are attributable to periods prior to Closing, to the extent such rent or payments were not credited to Seller at Closing; provided, however, that such amounts received from tenants after Closing will first be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full; it being acknowledged that rent payable pursuant to the Lease with the District of Columbia is paid in arrears and the amount payable pursuant to any such Lease for the month in which Closing occurs shall be apportioned by Seller and Purchaser upon receipt of such rent after the Closing. With respect to any security deposits which are other than cash, Seller shall deliver to Purchaser tenant remains a tenant at the Closing the original documentation related thereto with such transfer documentation as may be necessary, and prior to the time on which any letter of credit is finally transferred, Seller shall, at Purchaser’s request, make draws thereon if permitted pursuant to a Lease, and remit the proceeds to PurchaserProperty.

Lease Security Deposits and Rents. Seller shall pay to PurchaserAll rents, as a credit against the Purchase Price, the amount of any cash security deposits actually received by Seller pursuant to the Leases and not yet refunded to tenants. All percentage rents, common area charges, real estate taxes and other costs or charges paid by tenants under the Leases Tenancies shall be prorated as of the Apportionment Time, to the extent actually collected by Seller. With respect to any rent or charges that is delinquent at From and after the Closing, Seller shall have the right to not pursue all any rights and or remedies against the tenants to recover such any rent, operating expense or other delinquencies; provided, howeverand without limitation of the foregoing, that Seller shall not be entitled seek to dispossess such tenants, disturb their possession of the Premises or seek any involuntary bankruptcy of any tenant. Purchaser Buyer shall promptly remit to Seller Seller, less the cost of collection, any rent or payments for any charges received by Purchaser Buyer subsequent to Closing which are attributable to periods prior to Closing, to the extent such rent or payments were not credited to Seller at Closing; provided, further, however, that such amounts received from tenants after Closing will first be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full; it being acknowledged that rent payable pursuant to the Lease with the District of Columbia is paid in arrears and the amount payable pursuant to any such Lease for the month in which Closing occurs shall be apportioned by Seller and Purchaser upon receipt of such rent after the Closing. With respect to any security deposits which are other than cash, Seller shall deliver to Purchaser Buyer at the Closing the original documentation related thereto with such transfer and assignment documentation as may be necessarynecessary (executed by all necessary third parties and with all fees paid by Seller), and including without limitation, the original letter of credit, if applicable. Further, as a condition of Closing, Security Deposits (cash or otherwise) shall be credited to and/or delivered to Buyer at Closing in the required amount under each respective tenant’s lease, notwithstanding any charge made against such Security Deposit by Seller prior to the time on which any letter of credit is finally transferred, Seller shall, at Purchaser’s request, make draws thereon if permitted pursuant to a Lease, and remit the proceeds to PurchaserEffective Date.