Common use of Rent Arrearages Clause in Contracts

Rent Arrearages. Delinquent rent and Tenant Charges shall be prorated between Buyer and Seller as of and through the Closing Date upon receipt by Buyer. Buyer shall have the right, but not the obligation, to collect any delinquent or other rental and reimbursable Tenant Charges and other expense arrearages attributable to the period prior to the Closing, provided that Buyer agrees to send invoices to Tenants for delinquent rent on a monthly basis for three (3) months following the Closing Date. With respect to any rent or Tenant Charges arrears arising under any of the Leases, Seller shall have the right to attempt to collect such pre-closing delinquent rental obligations (including without limitation, all Tenant Charges) and Buyer will cooperate with Seller in such regard, at no cost to Buyer, provided that Buyer shall not be required to declare a default against such tenants under such Leases for such pre-closing delinquent rental obligations (including without limitation, all taxes and Tenant Charges). Notwithstanding the foregoing, after the Closing Seller shall not bring an action against any tenant under any of the Leases while such tenants are tenants of any portion of the Property. After deduction of Buyer's actual out-of-pocket costs of collection (including reasonable attorneys' fees) Buyer shall promptly account to Seller and shall immediately reimburse Seller for all delinquent rent and Tenant Charges received by Buyer and attributable to the period prior to the Closing Date. Buyer shall remit any amounts to which Seller is entitled in accordance with this Section 7.2 to Seller immediately upon receipt. If either Buyer or Seller receives any revenues attributable to the period during which it is not the owner of the Property, said party shall promptly forward such amounts to the other party (if such revenues are only partially attributable to the period during which said party is not the owner of the Property, the amount paid to the other party shall be based upon proration as of the Closing Date as set forth above). The provisions of this Section 7.2 shall survive the Closing.

Rent Arrearages. Delinquent rent and Rents collected or received from a Tenant Charges shall be prorated between Buyer and Seller as of and through the Closing Date upon receipt by Buyer. Buyer shall have the rightwhich, but not the obligation, to collect any delinquent or other rental and reimbursable Tenant Charges and other expense arrearages attributable to the period prior to the Closing, provided that Buyer agrees to send invoices to Tenants for delinquent rent on a monthly basis for three (3) months following the Closing Date. With respect to any rent or Tenant Charges arrears arising under any of the Leases, Seller shall have the right to attempt to collect such pre-closing delinquent rental obligations (including without limitation, all Tenant Charges) and Buyer will cooperate with Seller in such regard, at no cost to Buyer, provided that Buyer shall not be required to declare a default against such tenants under such Leases for such pre-closing delinquent rental obligations (including without limitation, all taxes and Tenant Charges). Notwithstanding the foregoing, after the Closing Seller shall not bring an action against any tenant under any of the Leases while such tenants are tenants of any portion of the Property. After deduction of Buyer's actual out-of-pocket costs of collection (including reasonable attorneys' fees) Buyer shall promptly account to Seller and shall immediately reimburse Seller for all delinquent rent and Tenant Charges received by Buyer and attributable to the period prior to the Closing Date. Buyer shall remit any amounts to which Seller is entitled in accordance with this Section 7.2 to Seller immediately upon receipt. If either Buyer or Seller receives any revenues attributable to the period during which it is not the owner of the Property, said party shall promptly forward such amounts to the other party (if such revenues are only partially attributable to the period during which said party is not the owner of the Property, the amount paid to the other party shall be based upon proration as of the Closing Date, was in arrears in the payment of Rents, shall be applied as follows: (i) in the case of Rents received from a Tenant which, at the Cutoff Date, was not more than two (2) months in arrears in the payment of Rents, the Rents so collected shall be applied first to such arrears and then to any other amounts which may then be due after the Cutoff Date; and (ii) in the case of Rents received from a Tenant which, at the Cutoff Date, was more than two (2) months in arrears in the payment of Rents, the Rents so collected shall first be applied to any amounts due after the Cutoff Date as set forth above)and any balance remaining shall be applied to the arrears. All costs and expenses incurred by the Owner Entities in bringing any action or proceeding to collect Rent Arrearages from any Tenant who is delinquent on the Closing Date shall, to the extent of the Partnership's (or the applicable Subsidiary's) share thereof under the KRF3 Tenancy-in-Common Agreement and the Operating Agreements, be borne by the Partnership and the KRF3/KR5 Transferor in proportion to the collected amounts (or the share thereof) to which each may be entitled hereunder and the KRF3/KR5 Transferor's portion may be deducted from the Apportionment Amount. The provisions KRF3/KR5 Transferor shall have no right with respect to Rent Arrearages collected after the Final Adjustment Date; provided, however, if an Owner Entity shall institute a legal action or litigation to collect any portion of this Section 7.2 such Rent Arrearages after the Closing Date and prior to the Final Adjustment Date, the KRF3/KR5 Transferor shall survive retain the Closingright to receive its share of such Rent Arrearages, net of litigation costs and expenses, if collected.

Rent Arrearages. Delinquent rent and Rents collected or received from a Tenant Charges shall be prorated between Buyer and Seller as of and through the Closing Date upon receipt by Buyer. Buyer shall have the rightwhich, but not the obligation, to collect any delinquent or other rental and reimbursable Tenant Charges and other expense arrearages attributable to the period prior to the Closing, provided that Buyer agrees to send invoices to Tenants for delinquent rent on a monthly basis for three (3) months following the Closing Date. With respect to any rent or Tenant Charges arrears arising under any of the Leases, Seller shall have the right to attempt to collect such pre-closing delinquent rental obligations (including without limitation, all Tenant Charges) and Buyer will cooperate with Seller in such regard, at no cost to Buyer, provided that Buyer shall not be required to declare a default against such tenants under such Leases for such pre-closing delinquent rental obligations (including without limitation, all taxes and Tenant Charges). Notwithstanding the foregoing, after the Closing Seller shall not bring an action against any tenant under any of the Leases while such tenants are tenants of any portion of the Property. After deduction of Buyer's actual out-of-pocket costs of collection (including reasonable attorneys' fees) Buyer shall promptly account to Seller and shall immediately reimburse Seller for all delinquent rent and Tenant Charges received by Buyer and attributable to the period prior to the Closing Date. Buyer shall remit any amounts to which Seller is entitled in accordance with this Section 7.2 to Seller immediately upon receipt. If either Buyer or Seller receives any revenues attributable to the period during which it is not the owner of the Property, said party shall promptly forward such amounts to the other party (if such revenues are only partially attributable to the period during which said party is not the owner of the Property, the amount paid to the other party shall be based upon proration as of the Closing Date, was in arrears in the payment of Rents, shall be applied as follows: (i) in the case of Rents received from a Tenant which, as at the Cutoff Date, was not more than two (2) months in arrears in the payment of Rents, the Rents so collected shall be applied first to such arrears and then to any other amounts which may then be due after the Cutoff Date; and (ii) in the case of Rents received from a Tenant which, as at the Cutoff Date, was more than two (2) months in arrears in the payment of Rents, the Rents so collected shall first be applied to any amounts due after the Cutoff Date as set forth above)and any balance remaining shall be applied to the arrears. All costs and expenses incurred by the Owner Entities in bringing any action or proceeding to collect Rent Arrearages from any Tenant who is delinquent on the Closing Date shall, to the extent of the Partnership's (or the applicable Subsidiary's) share thereof under the KRF3 Tenancy-in-Common Agreement and the Century Operating Agreement, be borne by the Partnership and the KRF3/KR5 Transferor in proportion to the collected amounts (or the share thereof) to which each may be entitled hereunder and the KRF3/KR5 Transferor's portion may be deducted from the amounts otherwise to be remitted to the KRF3/KR5 Transferor. The provisions KRF3/KR5 Transferor shall have no right with respect to Rent Arrearages collected after the Final Adjustment Date; PROVIDED, HOWEVER, if an Owner Entity shall institute a legal action or litigation to collect any portion of this Section 7.2 such Rent Arrearages after the Closing Date and prior to the Final Adjustment Date, the KRF3/KR5 Transferor shall survive retain the Closingright to receive its share of such Rent Arrearages, net of litigation costs and expenses, if collected.

Rent Arrearages. Delinquent rent and Rents collected or received from a Tenant Charges shall be prorated between Buyer and Seller as of and through the Closing Date upon receipt by Buyer. Buyer shall have the rightwhich, but not the obligation, to collect any delinquent or other rental and reimbursable Tenant Charges and other expense arrearages attributable to the period prior to the Closing, provided that Buyer agrees to send invoices to Tenants for delinquent rent on a monthly basis for three (3) months following the Closing Date. With respect to any rent or Tenant Charges arrears arising under any of the Leases, Seller shall have the right to attempt to collect such pre-closing delinquent rental obligations (including without limitation, all Tenant Charges) and Buyer will cooperate with Seller in such regard, at no cost to Buyer, provided that Buyer shall not be required to declare a default against such tenants under such Leases for such pre-closing delinquent rental obligations (including without limitation, all taxes and Tenant Charges). Notwithstanding the foregoing, after the Closing Seller shall not bring an action against any tenant under any of the Leases while such tenants are tenants of any portion of the Property. After deduction of Buyer's actual out-of-pocket costs of collection (including reasonable attorneys' fees) Buyer shall promptly account to Seller and shall immediately reimburse Seller for all delinquent rent and Tenant Charges received by Buyer and attributable to the period prior to the Closing Date. Buyer shall remit any amounts to which Seller is entitled in accordance with this Section 7.2 to Seller immediately upon receipt. If either Buyer or Seller receives any revenues attributable to the period during which it is not the owner of the Property, said party shall promptly forward such amounts to the other party (if such revenues are only partially attributable to the period during which said party is not the owner of the Property, the amount paid to the other party shall be based upon proration as of the Closing Date, was in arrears in the payment of Rents, shall be applied as follows: (i) in the case of Rents received from a Tenant which, at the Cutoff Date, was not more than two (2) months in arrears in the payment of Rents, the Rents so collected shall be applied first to such arrears and then to any other amounts which may then be due after the Cutoff Date; and (ii) in the case of Rents received from a Tenant which, at the Cutoff Date, was more than two (2) months in arrears in the payment of Rents, the Rents so collected shall first be applied to any amounts due after the Cutoff Date as set forth above)and any balance remaining shall be applied to the arrears. All costs and expenses incurred by McNab in bringing any action or proceeding to collect Rent Arrearages from any Tenant who is delinquent on the Closing Date shall be borne by the Transferees and the Transferors in proportion to the collected amounts (or the share thereof) to which each may be entitled hereunder and the Transferors' portion may be deducted from the Apportionment Amount. The provisions Transferors shall have no right with respect to Rent Arrearages collected after the Final Adjustment Date; provided, however, if McNab shall institute a legal action or litigation to collect any portion of this Section 7.2 such Rent Arrearages after the Closing Date and prior to the Final Adjustment Date, the Transferors shall survive retain the Closingright to receive its share of such Rent Arrearages, net of litigation costs and expenses, if collected.