Proration of Rents. Seller shall pay or cause to be paid to Buyer, at Closing, the amount of the Security Deposits and prepaid rents paid to Seller by Tenants as of the proration date specified in Section 19. The prorations of prepaid rent shall be computed on a monthly basis based upon the actual number of days in the calendar month. Except as hereinafter provided, no proration shall be made for rents delinquent as of the Closing Date ("Delinquent Rents"). At Closing, Buyer shall pay Seller an amount which is equal to ninety percent (90%) of Delinquent Rents of Non-Defaulting Tenants which are delinquent thirty (30) days or less. As used herein, Non-Defaulting Tenants means tenants who are not more than thirty (30) days delinquent in the payment of rent as of the Closing Date. Any Delinquent Rents collected after Closing shall belong exclusively to Buyer and all rights to pursue collection of such amounts shall vest solely in Buyer. As used herein, "Delinquent Rents" shall not include any late charges or fees.
Proration of Rents. Purchaser will receive a credit on the Closing Statement for the prorated amount (as of 11:59 p.m. of the day immediately preceding the Closing Date) of all Rents for the Property which were previously paid to or collected by Seller and which are collectible for the month of Closing. Purchaser and Seller hereby agree that amounts collected after Closing shall be applied upon their receipt in the following order of priority: (1) Rents for the month of Closing, (2) past-due Rents owed to Purchaser, and (3) past-due Rents owed to Seller. Seller hereby retains the right to collect any sums due Seller from Tenants under the Leases or the right to pursue any Tenant under the Leases for any sums due such Seller for periods attributable to Seller’s ownership (other than the month of Closing), provided, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention of commence or pursue any legal proceedings; and (ii) shall not be permitted to commence or pursue any legal proceedings against any Tenant seeking eviction of such Tenant or the termination of such Tenant’s Lease. Purchaser may, by written notice to Seller within then (10) days of receipt of Seller’s notice of intent to institute collection remedies or proceedings, restrict Seller from collecting such delinquent rentals, but only if Purchaser first pays Seller such delinquent rentals in exchange for Seller’s assignment to Purchaser of all of Seller’s rights and causes of action with respect thereto. The provisions of this Section 5(e) will survive the Closing Date for one year.
Proration of Rents. In the event that, by virtue of the timing of the Commencement Date or Expiration Date or for any other reason, a Rent period results that is not a complete calendar month or calendar year with respect to Base Rent or any Tenant's Proportionate Share, respectively, the amounts payable for such lesser period shall be prorated as follows:
(a) As to Base Rent, prorated on the basis of the number of days during the month this Lease was in effect in relation to the total number of days in such month; and
(b) As to Tenant's Proportionate Share of those Operating Costs which exceed Landlord's Share of Operating Costs, prorated on the basis of the number of days during the year this Lease was in effect in relation to the total number of days in such year.
Proration of Rents. Purchaser will receive a credit on the Closing Statement for the prorated amount (as of 11:59 p.m. Spartanburg time of the day immediately preceding the Closing Date) of all Rents and late fees, if any, for the Property which were previously paid to or collected by Seller. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has not been received on or before the Closing Date. From and after Closing, Purchaser shall have the exclusive right to collect the entire amount of the Rents for the month of Closing from any Tenants. Seller shall have the exclusive right to collect any sums due Seller from any Tenants under the Leases for periods attributable to Seller’s ownership of the Property; provided, however, that Seller shall have no right to require Purchaser to declare a Lease default or to institute any collection proceedings or any right to place liens upon the Property in an attempt to collect Delinquent Rents. In the event that Purchaser receives any Rents in excess of the Rent amount then due and payable to Purchaser by the Tenant (and which are not expressly designated by such Tenant as payment of Rents for a future period), Purchaser shall promptly pay such amounts over the Seller to the extent of any uncollected Delinquent Rents then due to Seller by such Tenant. The provisions of this Section 5(e) will survive the Closing Date for one year.
Proration of Rents. Records and Audits.
Proration of Rents. Rents and operating expenses (including utilities and the Service Contracts) shall be prorated by the parties as of the Closing Date. All prepaid rentals and security deposits shall be delivered and paid to Buyer as of the Closing Date, or Buyer shall receive a credit against the Purchase Price for any such security deposits and prepaid rentals not paid by any Seller on the Closing Date, at Buyer’s option.
Proration of Rents. Rental payments under REO Property leases shall be prorated between Seller and Purchaser as of the Cut-off Date.
Proration of Rents. The proration of rents derived from the Existing Leases shall be prorated as of the day prior to the Closing Date, with Seller being entitled to all such rent paid or owned to Seller prior to the Closing Date, and Buyer being entitled to all rent accruing on
Proration of Rents. The proration of rents derived from the Existing Leases, if any, shall be prorated as of the day prior to the Commencement Date (as defined in the Existing Leases), with Seller being entitled to all such rent paid or owned to Seller prior to the Commencement Date (as defined in the Existing Leases) and Buyer being entitled to all rent accruing on and after the Commencement Date (as defined in the Existing Leases).
Proration of Rents. Agent agrees to prorate the first month's rent collected from Tenant should Tenant move in on any other day than the first day of the month. If Tenant's occupancy of the Unit occurs after the 20th of the month, the prorated amount plus the next month's rent shall be collected on or before the first day of occupancy.
