Rent Ready Condition Clause Samples

Rent Ready Condition. If any apartment unit is vacated seven days or more prior to Closing, then, prior to Closing, Seller shall use commercially reasonable diligence to return such unit to rentable condition in accordance with Seller’s customary cleaning, painting, and repair standards for vacant units (the condition of such an apartment unit after cleaning is referred to herein as a “Rent Ready Condition”). To the extent any such units are not in a Rent Ready Condition by Closing, the Purchase Price shall be credited in an amount equal to $500 for each unit that is not in a Rent Ready Condition.

Rent Ready Condition. Owner agrees to do the following upon vacating the property: a) Leave utilities ON (and thermostat set at 55°October through April to prevent freeze damage) while property is vacant. b) Have smoke alarms installed on each floor or for the existing smoke alarms to be in good working order, to be tested and have fresh batteries and meet other requirements per your local jurisdiction. COLDWELL BANKER recommends the installation of a Carbon Monoxide detector in all properties with gas heat, oil heat, propane heat, or gas fixtures. c) Owner agrees to supply the utility companies with permission slips authorizing them to ▇▇▇▇ ▇▇▇▇▇, c/o Coldwell Banker (i.e. water/sewer). d) Professionally service gas/oil furnaces.

Rent Ready Condition. Seller shall cause all apartments that are vacant as of five (5) business days prior to Closing to be placed in Rent Ready Condition (as hereinafter defined) on or before Closing substantially in accordance with Seller’s market practice. Not more than two (2) business days prior to Closing, a representative of Purchaser and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether such unoccupied rental units are in “rent ready” condition. As used herein, “‘rent ready’ condition” means Seller’s historical management practices and procedures, as of the Date of this Agreement, with regards to preparing residential units for occupancy by tenants.

Rent Ready Condition. Management expects that all properties that enter our portfolio to be "Rent Ready". However, Management may assist in the first make-ready to remedy any items that are not to Agent' s standards and or needs completed prior to marketing/renting. This administrative service is billed at 10% of each invoice for coordinating with the vendors, scheduling, overseeing and paying for the work that is performed.

Rent Ready Condition. To the extent that any occupied apartment units at the Property become vacant at least five (5) days prior to the Closing Date (the “Rent-Ready Date”), Seller shall cause all such units to be put in Rent-Ready Condition prior to Closing. If any units are not in Rent Ready Condition by the Closing Date, Purchaser shall receive a credit against the Purchase Price equal to $750.00 for every such unit. For purposes of this Section 8.7, “Rent Ready Condition” shall mean the condition in which Seller currently delivers vacant units to new tenants at the Property in Seller’s ordinary course of business and operations, freshly painted and cleaned, with all appliances, fixtures, and equipment therein in good working order.

Rent Ready Condition. Seller shall place apartment units within the apartment project on the Apartment Land that are now vacant or that become vacant for more than seven (7) days prior to Closing into rent-ready condition on or before the Closing Date in accordance with Seller’s current management standards for its apartment properties as though no sale of the Property were contemplated; provided, however, with respect to those apartment units vacated during the seven (7) day period ending on the Closing Date, Seller shall either (i) place each such unit in rent ready condition or (ii) provide Purchaser at Closing with the credit described in the immediately following sentence. With respect to any vacant apartment units not in “rent-ready” condition on the Closing Date, Seller shall provide Purchaser, as part of the prorations set forth in Section 4(e) above, with a credit at Closing of Five Hundred and No/100 Dollars ($500.00) for each such apartment unit which is not in “rent-ready” condition on the Closing Date. For purposes hereof, “rent-ready” condition shall mean those rental units at the Property which are unoccupied but are in fact fully equipped (including all appliances) and ready for immediate occupancy as reasonably determined in accordance with Seller’s or its property manager’s current business practices. In the event any errors in the amount of such credit are discovered following Closing, the parties shall make any refunds, credits or other payments necessary to correct such errors in accordance with the terms of, and within the time period set forth in, Section 4(e)(vi) above, which obligation shall survive Closing. For the avoidance of doubt, in no event shall Seller be obligated to place any apartment units in rent ready condition following the Closing Date.

Rent Ready Condition. For any apartment unit that is vacated on or before the date that is five (5) Business Days prior to Closing that is not in Rent Ready Condition as of the date of Closing, Seller shall credit Buyer $800 for the cost and expenses to put the unit in Rent Ready Condition. “Rent Ready Condition” shall mean an apartment unit within the Property having cleaned carpets, newly painted walls, working kitchen appliances (and water heaters and HVAC), and no material damage to the doors, walls, ceilings, fixtures, floors or windows, such that the apartment unit is in a condition (consistent with the standards of similar units in the Property) for immediate rental and occupancy.

Rent Ready Condition. Seller agrees that (a) prior to Closing all vacant Tenant Units at the Property (which have been vacant for at least five (5) days prior to Closing) will be in Rent-Ready Condition, or (b) Purchaser shall receive a credit against the Purchase Price in an amount equal to the product of (i) the number of vacant Tenant Units which are not in Rent-Ready Condition 5 days prior to Closing (which have been vacant for at least five (5) days prior to Closing), and (ii) $600.00.

Rent Ready Condition. Seller shall cause any unit in the Property which becomes vacant six (6) (or more) days prior to Closing and which remains vacant as of the Closing Date to satisfy the following requirements: (i) be clean; (ii) have been repainted since the date that the prior tenant vacated; (iii) have appliances in good working order; (iv) have carpeting replaced or cleaned, if appropriate; and (v) otherwise to be in "rent-ready" condition. Purchaser shall be entitled to a credit at Closing in the amount of $750 for each such vacant unit that does not satisfy the foregoing requirements.