Common use of Rent Arrears Clause in Contracts

Rent Arrears. RENT ARREARS" for the purpose of this Paragraph shall mean Rentals (other than Percentage Rent) more than thirty (30) days past due plus Rentals (other than Percentage Rent) which are less than thirty (30) days past due if owed by a tenant which is more than thirty (30) days delinquent in the payment of Rentals applicable to the immediately prior month. With respect to any Rent Arrears arising under the Leases, Buyer shall pay to Seller on a Lease by Lease basis within the time described below any Rentals (other than Percentage Rent) actually collected that is applicable to the period preceding the Closing Date, less reasonable collection charges; provided, however, that it is hereby understood and agreed that any Rent Arrears collected by Buyer shall be applied first to unpaid Rentals accruing under the subject Lease after the Closing Date, and then, only after all such past due Rentals have been collected, to unpaid Rentals accruing under the subject Lease prior to the Closing Date; further provided, however, that with respect to delinquent Estimated Tenant Charges (as defined below), if any, under the subject Lease, in no event shall Seller receive payment in excess of the Shortfall (as defined below). Any sums owed to Seller pursuant to the foregoing shall be paid by ▇▇▇▇▇ to Seller by the tenth (10th) day of the first calendar month following the month in which payment is received by Buyer. Buyer shall deliver to Seller by the tenth (10th) day of the first full calendar month after the Closing Date and every month thereafter, a statement of the collection status of each Rent Arrears until the sooner of (i) collection of all ▇▇▇▇ ▇▇▇▇▇▇▇ and (ii) six (6) months after the Closing Date. If any Rent Arrears remain six (6) months after the Closing Date, Buyer shall deliver to Seller, within a reasonable time after request by Seller, a statement of the collection status of any remaining Rent Arrears.

Rent Arrears. RENT ARREARS" for the purpose of this Paragraph shall mean Rentals (other than Percentage Rent) more than thirty (30) days past due plus Rentals (other than Percentage Rent) which are less than thirty (30) days past due if owed by a tenant which is more than thirty (30) days delinquent in the payment of Rentals applicable The LANDLORD agrees to provide to the immediately prior monthAGENCY a current inventory of total rent arrears from the RENTAL PREMISES, including an inventory of RENT, rental unit size, and copies of all written leases and written tenancy/rental agreements related to the RENTAL PREMISES. With respect The AGENCY will pay Eligible Rent Arrears, not to any exceed a total of a. The LANDLORD shall credit the AGENCY’s payment toward the Tenant’s Eligible Rent Arrears. The LANDLORD shall not to charge the Tenant for or attempt to collect Eligible Rent Arrears arising under paid by the Leases, Buyer AGENCY. The LANDLORD shall pay to Seller on a Lease by Lease basis within provide written notice of receipt of the time described below any Rentals (other than Percentage Rent) actually collected that is applicable AGENCY’S payment to the period preceding Tenant and the Closing DateAGENCY within two business days of receipt of a fully executed Participation Agreement from the AGENCY. b. The LANDLORD shall not initiate eviction proceedings, less reasonable collection charges; providedincluding by filing a Notice to Quit, howeveragainst the tenant for nonpayment of rent or for no reason, through April 1, 2021. The LANDLORD also agrees not to proceed with any existing and/or pending eviction proceedings against LANDLORD’S Tenants relating to the RENTAL PREMISES, and agrees to dismiss any existing eviction proceedings against Tenants and reinstate the Tenant’s tenancy, if the tenancy was terminated. The LANDLORD agrees LANDLORD shall notify LANDLORD’S Tenants that it is hereby understood LANDLORD shall not initiate eviction proceeds through April 1, 2020, and agreed that LANDLORD shall not proceed with any Rent Arrears collected by Buyer existing/pending proceedings against Tenants, and provide Dismissal of any existing eviction proceedings to Tenants. LANDLORD agrees to provide said notice within two business days of receipt of a fully executed Participation Agreement from the AGENCY. c. For each Tenant assisted, the LANDLORD shall provide the following: i. A completed and signed Participation Agreement, which shall be applied first attached and incorporated into this Memorandum of Agreement, delivered to unpaid Rentals accruing under the subject Lease after the Closing DateAGENCY no later than December 28, and then, only after all such past due Rentals have been collected2020 by 4:00PM, to unpaid Rentals accruing under the subject Lease prior to the Closing Date; further provided, however, that with respect to delinquent Estimated Tenant Charges (as defined below), if any, under the subject Lease, in no event shall Seller receive payment in excess of the Shortfall (as defined below). Any sums owed to Seller pursuant to the foregoing shall be paid by following AGENCY office: ATTN: ▇▇▇▇▇ to Seller by the tenth (10th) day of the first calendar month following the month in which payment is received by Buyer. Buyer shall deliver to Seller by the tenth (10th) day of the first full calendar month after the Closing Date and every month thereafter, a statement of the collection status of each Rent Arrears until the sooner of (i) collection of all ▇▇▇▇ ▇▇▇▇▇▇▇▇ Housing Families ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ii. The LANDLORD’s W-9. iii. The Tenant’s current lease, and/or tenancy/rental agreement confirming the Rental amounts itemized in the Participation Agreement, and (ii) six (6) months after matching the Closing DateTenant, RENTAL PREMISES address and unit on the inventory provided by LANDLORD. iv. If any A Rent Arrears remain six (6) months after ledger confirming the Closing Date, Buyer shall deliver to Seller, within a reasonable time after request by Seller, a statement of amounts shown in the collection status of any remaining Rent ArrearsParticipation Agreement.

Rent Arrears. RENT ARREARS" Seller shall deliver or provide a credit in an amount equal to all prepaid fixed rents for periods after the purpose of this Paragraph Closing Date and all refundable cash security deposits under the Leases to Buyer on the Closing Date. Seller shall mean Rentals (other than Percentage Rent) more than thirty (30) days past due plus Rentals (other than Percentage Rent) which also transfer to Buyer any security deposits that are less than thirty (30) days past due if owed by a tenant which is more than thirty (30) days delinquent held in the form of letters of credit (the “SD Letters of Credit”) if the same are transferable, at Seller’s cost (including Seller’s payment of Rentals any third party transfer fees and expenses). If any SD Letters of Credit is not transferable, Seller shall request and use commercially reasonable efforts to cause the applicable tenant obligated under such SD Letter of Credit to cause new letters of credit to be issued in favor of Buyer in replacement thereof and in the immediately prior month. With respect to any Rent Arrears arising under the Leasesevent such a new letter of credit is not issued in favor of Buyer by Closing, Buyer shall pay pursue such replacement after Closing and Seller shall take all reasonable action, as directed by Buyer and at Seller’s expense, in connection with the presentment of such SD Letter of Credit for payment if and as permitted under the terms of the applicable Lease. Fixed rents for the month of Closing that are delinquent (or payable but unpaid) as of the Closing Date shall be prorated on the Closing Date as if they had been received by Seller prior to Closing, except in the case of the fixed rents payable by the U.S. Postal Service, which shall not be prorated until actually received. Any such rents collected by Buyer or Seller on a Lease by Lease basis within after the Closing shall be applied (i) first, in payment of current rentals due to Buyer at the time described below any Rentals (other than Percentage Rent) actually collected that is applicable to the period preceding the Closing Date, less reasonable collection chargesof receipt; provided, however, that it is hereby understood and agreed that any Rent Arrears rents collected by Buyer or Seller after the Closing from the U.S. Postal Service which are applicable to the month in which the Closing occurs shall be applied first to unpaid Rentals accruing under the subject Lease payment of such rents; (ii) second, to delinquent rentals, if any, which become due and payable after the Closing DateClosing, and then, only after all such past due Rentals have been collected, to unpaid Rentals accruing under the subject Lease prior to the Closing Date; further provided, however, that with respect any year-end or similar reconciliation payment shall be allocated as provided in Section 10.6 below, (iii) third, in payment of rents owed by the applicable tenant for the month in which the Closing occurs, and (iv) then to delinquent Estimated Tenant Charges (as defined below)rentals, if any, under which became due prior to the subject Leasemonth of Closing. Buyer shall ▇▇▇▇ tenants who owe fixed rents for periods prior to the Closing on a monthly basis for a period of ninety (90) days following the Closing and use commercially reasonable efforts to attempt to collect such past due fixed rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount. Seller shall have the right, upon prior written notice to Buyer, to pursue tenants to collect such delinquencies but shall not be entitled to institute litigation to collect such amounts without the prior written consent of Buyer in Buyer’s sole discretion; provided, Buyer agrees to reasonably cooperate with Seller in connection with such collection (at no cost or expense to Buyer). Notwithstanding the foregoing, in no event shall Seller receive payment in excess of have the Shortfall (as defined below). Any sums owed right to Seller pursuant terminate or attempt to the foregoing shall be paid by ▇▇▇▇▇ terminate any Lease or evict or attempt to Seller by the tenth (10th) day of the first calendar month evict any tenant following the month in which payment is received by Buyer. Buyer shall deliver to Seller by the tenth (10th) day of the first full calendar month after the Closing Date and every month thereafter, a statement of the collection status of each Rent Arrears until the sooner of (i) collection of all ▇▇▇▇ ▇▇▇▇▇▇▇ and (ii) six (6) months after the Closing Date. If any Rent Arrears remain six (6) months after the Closing Date, Buyer shall deliver to Seller, within a reasonable time after request by Seller, a statement of the collection status of any remaining Rent ArrearsClosing.