Post-Closing Receipts. In the event that any rentals for any of the Leases remain unpaid at the Closing Date, Purchaser shall use reasonable efforts after the Closing Date to collect such rentals and promptly deliver all rentals so collected ("Post-Closing Receipts") to Seller; provided, however, that Purchaser shall not be required to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant's legal right to possession has been terminated prior to the end of the Inspection Period, Seller retains all rights to any delinquent rent from such tenant, including the right to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant is delinquent in the payment of rent by more than 60 days as of the end of the Inspection Period, but such tenant's legal right to possession has not been terminated, all such delinquent rent received by Purchaser after Closing shall belong to Purchaser. All other delinquent rentals received by Purchaser prior to November 30, 1997 shall be applied first to amounts owing Seller, and then to pay any current obligations of the tenant(s) in question, and Seller waives the right to institute any legal actions as a means of attempting to collect such rentals. Seller retains the right to conduct an audit, at reasonable times and upon reasonable notice, but not after December 31, 1997, of Purchaser's books and records to verify the accuracy of the Post-Closing Receipts reconciliation statement and upon the verification of additional funds owing to Seller, Purchaser shall pay to Seller said additional Post-Closing Receipts and the cost of performing Seller's audit. Paragraph 12.2 of this Agreement shall survive the Closing and the delivery and recording of the Deed.
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Samples: Agreement of Sale (Balcor Equity Pension Investors Ii), Agreement of Sale (Balcor Equity Pension Investors Iii), Agreement of Sale (Balcor Equity Pension Investors Iv)
Post-Closing Receipts. In the event that any rentals for any of the Leases remain unpaid at the Closing Date, Purchaser shall use reasonable efforts after the Closing Date to collect such rentals and promptly deliver all rentals so collected ("Post-Closing Receipts") to Seller; provided, however, that Purchaser shall not be required to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant's legal right to possession has been terminated prior to the end of the Inspection Period, Seller retains all rights to any delinquent rent from such tenant, including the right to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant is delinquent in the payment of rent by more than 60 days as of the end of the Inspection Period, but such tenant's legal right to possession has not been terminated, all such delinquent rent received by Purchaser after Closing shall belong to Purchaser. All other delinquent rentals received by Purchaser prior to November 30, 1997 shall be applied first to amounts owing Seller, and then to pay any current obligations of the tenant(s) in question, and Seller waives the right to institute any legal actions as a means of attempting to collect such rentals. Seller retains the right to conduct an audit, at reasonable times and upon reasonable notice, but not after December 31, 1997, of Purchaser's books and records to verify the accuracy of the Post-Closing Receipts reconciliation statement and upon the verification of additional funds owing to Seller, Purchaser shall pay to Seller said additional Post-Closing Receipts and the cost of performing Seller's audit. Paragraph 12.2 of this Agreement shall survive the Closing and the delivery and recording of the DeedSale.
Appears in 1 contract
Post-Closing Receipts. In the event that any rentals for any of the Leases remain unpaid at the Closing Date, Purchaser shall use reasonable efforts after the Closing Date to collect such rentals and promptly deliver all rentals so collected ("Post-Closing Receipts") to Seller; provided, however, that Purchaser shall not be required to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant's legal right to possession has been terminated prior to the end of the Inspection Period, Seller retains all rights to any delinquent rent from such tenant, including the right to institute any legal actions as a means of attempting to collect such rentals. In the event that any tenant is delinquent in the payment of rent by more than 60 days as of the end of the Inspection Period, but such tenant's legal right to possession has not been terminated, all such delinquent rent received by Purchaser after Closing shall belong to Purchaser. All other delinquent rentals received by Purchaser prior to November 30, 1997 shall be applied first to amounts owing Seller, and then to pay any current obligations of the tenant(s) in question, and Seller waives the right to institute any legal actions as a means of attempting to collect such rentals. Seller retains the right to conduct an audit, at reasonable times and upon reasonable notice, but not after December 31, 1997, of Purchaser's books and records to verify the accuracy of the Post-Closing Receipts reconciliation statement and upon the verification of additional funds owing to Seller, Purchaser shall pay to Seller said additional Post-Closing Receipts and the cost of performing Seller's audit. Paragraph 12.2 of this Agreement shall survive the Closing and the delivery and recording of the Deeddeed.
Appears in 1 contract
Samples: Agreement of Sale (Balcor Equity Pension Investors Iii)
