Common use of Post-Closing Collections Clause in Contracts

Post-Closing Collections. After Closing, Buyer shall make a good faith effort to collect any Rents or other revenues not collected as of the Closing Date on Seller’s behalf and to tender the same to Seller upon receipt by sending delinquency notices (which shall be deemed to constitute Buyer’s good faith efforts) to tenants for delinquent rents owned by such tenants to the extent Seller has provided Buyer with the amounts owing by such tenants prior to the Closing, provided that Buyer shall not be required to declare a default against any tenants under the Leases for such delinquent rental obligations. All Rents collected by Buyer on or after the Closing Date shall first be applied to all amounts due under the applicable Lease at the time of collection (i.e., current Rents and sums due Buyer as the current owner and landlord) with the balance (if any) payable to Seller, but only to the extent of amounts delinquent and actually due Seller. Buyer shall not have an exclusive right to collect the sums due Seller under the Leases or other revenue due Seller and Seller hereby retains its rights to pursue claims against any tenant under the Leases or other party for sums due with respect to periods prior to the Closing Date (including, without limitation, any percentage rent that may be due with respect to any period of time prior to Closing, regardless of when the same is to be paid to the owner of the Property pursuant to the terms of the applicable Lease); provided, however, that with respect to any legal proceedings against any tenant under a Lease, Seller (a) shall be required to notify Buyer in writing of its intention to commence or pursue such legal proceedings; (b) shall only be permitted to commence or pursue any legal proceedings after the date which is four (4) months after Closing; and (c) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying Lease. The terms of this Section 6.1.3 shall survive the Closing and not be merged therein.

Post-Closing Collections. After Closing, Buyer shall make a good faith effort to collect any Rents or other revenues not collected as of the Closing Date on Seller’s behalf and to tender the same to Seller upon receipt by sending delinquency notices (which shall be deemed to constitute Buyer’s good faith efforts) to tenants for delinquent rents owned by such tenants to the extent Seller has provided Buyer with the amounts owing by such tenants prior to the Closingreceipt; provided, provided however, that Buyer shall not be required to declare a default against any tenants under the Leases for such delinquent rental obligations. All all Rents collected by Buyer on or after the Closing Date shall first be applied to all amounts due under the applicable Lease at the time of collection (i.e., current Rents and sums due Buyer as the current owner and landlord) with the balance (if any) payable to Seller, but only to the extent of amounts delinquent and actually due Seller. Buyer shall not have an exclusive right to collect the sums due Seller under the Leases or other revenue due Seller with respect to the period prior to Closing, and Seller hereby retains its rights to pursue claims against any tenant under the Leases or other party for sums due with respect to periods prior to the Closing Date (including, without limitation, any percentage rent that may be due with respect to any period of time prior to Closing, regardless of when the same is to be paid to the owner of the Property pursuant to the terms of the applicable Lease); provided, however, that with respect to any legal proceedings against any tenant under a Lease, Seller (a) shall be required to notify Buyer in writing of its intention to commence or pursue such legal proceedings; (b) shall only be permitted to commence or pursue any legal proceedings after the date which is four three (43) months after Closing; and (c) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying Lease. The terms of this Section 6.1.3 shall survive the Closing and not be merged therein.

Post-Closing Collections. After Closing, Buyer shall make a good faith effort to collect any Rents or other revenues not collected as of the Closing Date on Seller’s behalf and to tender the same to Seller upon receipt receipt, net of the costs of collection, which are designated by sending delinquency notices (which shall be deemed the tenant as payment for or are attributable to constitute Buyer’s good faith efforts) to tenants delinquent rentals for delinquent rents owned by such tenants to the extent Seller has provided Buyer with the amounts owing by such tenants rental periods occurring prior to the Closing, provided that Buyer shall not be required to declare a default against any tenants under the Leases for such delinquent rental obligations. All Rents collected by Buyer on or after the Closing Date shall first be applied to all amounts due under the applicable Lease at the time of collection (i.e., current Rents and sums due Buyer as the current owner and landlord) with the balance (if any) payable to Seller, but only to the extent of amounts delinquent and actually due SellerDate. Buyer shall not have an exclusive right to collect the sums due Seller under the Leases Rents or other revenue due Seller and Seller hereby retains its rights to pursue claims against any tenant under the Leases or other party for sums due with respect to periods prior to the Closing Date (including, without limitation, any percentage rent that may be due with respect to any period of time prior to Closing, regardless of when the same is to be paid to the owner of the Property pursuant to the terms of the applicable Lease)Date; provided, however, that with respect to any legal proceedings against any tenant under a Lease, Seller (a) shall be required to notify Buyer in writing of its intention to commence or pursue such legal proceedings; (b) shall only be permitted to commence or pursue any legal proceedings after the date which is four ninety (490) months days after Closingthe Closing Date; and (c) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying Lease. All Rents collected by Buyer or Seller after the Closing shall first be applied to all amounts due under the applicable Lease for the period of time beginning on the Closing Date (i.e., current Rents and sums due Buyer as the current owner and landlord during its period of ownership) with the balance (if any) payable to Seller for the period of time prior to the Closing Date, but only to the extent of amounts delinquent and actually due Seller. The terms of this Section 6.1.3 5.1.2 shall survive the Closing and not be merged therein.