Common use of Proration of Rents Clause in Contracts

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. Seller Sellers shall pay or cause to be paid to ------------------- Buyer, in cash at Closing, the amount of the Security Deposits and prepaid rents paid to Seller Sellers by Tenants as of the proration date specified in Section 1922. 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 Sellers 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. Seller Sellers shall pay or cause to be paid to Buyer, in cash at Closing, the amount of the Security Deposits and prepaid rents paid to Seller Sellers by Tenants as of the proration date Proration Date specified in Section 1922. 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 Sellers 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.