Rental Income. Rental income from the Property shall be prorated as of 11:59 pm the day prior to the Closing Date. Non-delinquent rents shall be prorated as of 11:59 pm the day prior to the Closing Date. Rents delinquent as of such time, but collected later, shall be prorated as of 11:59 pm the day prior to the Closing Date when collected. Rents collected after the Closing Date from tenants whose rental was delinquent at the Closing Date shall be deemed to apply first to the current rental due at the time of payment and second to rentals which were delinquent at the Closing Date. Rents collected after the Closing Date to which Seller is entitled shall be promptly paid to Seller. For a period of sixty (60) days after the Closing Date, Buyer shall use reasonable efforts to collect all rents which are delinquent as of the Closing Date with no obligation to incur any expenses or commence litigation to collect such rents. Commencing as of sixty one (61) days after the Closing Date, Seller may use reasonable efforts, including litigation, to collect any rents delinquent as of the Closing Date which are still uncollected; provided, however, in exercising its remedies against tenants as outlined in this Section, Seller shall not evict any tenant of the Property or otherwise unreasonably interfere with Buyer’s or Property Owner's operation of the Property. With respect to security deposits, if any, that have not been applied to defaults pursuant to the terms of the Leases, Buyer shall receive credit therefor at Closing. Any leasing commissions with respect to the Leases shall be the sole responsibility of Seller, and shall be paid or discharged fully at or prior to Closing.
Rental Income. (1) The Exchange is not a rental program and therefore Members are not permitted to receive rental income for the use of Keys or Reservations made. Nor can a Member transfer, trade or sell Reservations for value. Receiving rental income, or transferring Keys or Reservations, in circumvention of the terms and conditions of the Club, subjects the Member to forfeiture of Membership, Keys and credits in a Member account. THIRDHOME reserves the right to withhold any and all Exchange Fees paid in connection with any activity deemed to be in circumvention of these terms and conditions.
(2) Host Members are not permitted to charge or require security deposits from a Guest Member in connection with a Reservation under any circumstances.
(3) THIRDHOME retains the right to terminate Membership and withhold any and all Keys if a Member obtains or attempts to obtain any form of rent or unauthorized charge not clearly stated in a property description on the THIRDHOME website.
Rental Income. All amounts received as rent or other income by either party under a Tower Lease shall be prorated as of the applicable Closing Date hereunder, with Seller being credited for rent or income attributable to the period prior to such Closing Date, and Purchaser being credited for rent or income attributable to the period on or after such Closing Date. If amounts are received by either party that are owed to the other party in accordance with the foregoing, the receiving party shall remit or direct the recipient to remit such amounts promptly to the party to whom such amounts are owed, provided that amounts received which were not specifically designated as applicable to the period prior to such Closing Date shall first belong to Purchaser as current rents due after such Closing Date and thereafter amounts received shall be remitted to Seller in payment of delinquent rent accrued prior to such Closing Date. If amounts which relate to the period after such Closing Date are received by Seller after such Closing Date, Seller shall remit such amounts promptly to Purchaser. Each party hereby expressly agrees to cooperate with the other party, in connection with any future efforts by the other party to collect rents and other income accruing or arising in favor of the party seeking to collect such rents and income, at such party's expense.
Rental Income. All figures quoted are gross amounts before commission, VAT and any other deductions. We recommend that all amounts quoted above be negotiated based on individual applications.
Rental Income. Rental income, net of depreciation specific to a member’s property as defined in the Occupancy Agreement (“Member’s Property”) will be allocated to that Member’s capital account and, at the sole discretion of the Board of Managers, distributed to that member at least quarterly. The Company shall record depreciation specific to the Member’s Property on the Company’s tax return and allocate the rental income net of the Member’s Property depreciation solely to that respective Member without affecting the remaining Member’s reportable net income from operations.
Rental Income. Subject to the applicable restrictions in the Existing Real Estate Documents as in effect on the date hereof, the Company shall cause each of its Subsidiaries to promptly distribute to the Company all available cash (net of customary reserves) received by the Subsidiaries from rental properties.
Rental Income. Rental income under operating leases is recognized in the statement of profit or loss and other comprehensive income on a straight-line basis over the term of the lease. Lease incentives granted are recognized as an integral part of the total rental income. Contingent rentals are recognized as income in the accounting period in which they are earned.
Rental Income. The Seller must verify the Borrower has a two-year history of managing rental properties and a two-year history of receipt of the income from this source. Verification may include a letter from an accountant or a two-year Mortgage history of timely payments for rental properties on the Borrower’s credit report. Stated rental income generated from the Borrower’s second home or 1-unit Primary Residence may not be used to qualify the Borrower.
Rental Income. (A) The Agent/Attorney-in-fact shall pay the Owner 65% gross rental proceeds (“Distributable Income”) during the term of this Agreement. Resort expenses, maintenance and repair charges specific to the Owner’s property shall be deducted from the distributable income.
(B) Owner recognizes that Agent/Attorney-in-fact incurs rental expenses associated with managing the property. At times, rental expenses may exceed the 35% of gross rental proceeds available, leaving the Agent/Attorney-in-fact to fund any shortfall. If required to limit losses to Agent/Attorney-in-fact under this Agreement, Owner agrees the Agent/Attorney-in-fact can terminate this Agreement with thirty (30) days prior written notice. Owner acknowledges that the provisions of this section are given in consideration of Agent/Attorney-in-fact’s agreement to the provision of Section 5 (A) above.
(C) Owner recognizes that the Agent/Attorney-in-fact will place advanced deposits and security deposits from contracted Vacation Renters into an interest bearing escrow account. Owner acknowledges that all earned interest will be the property of the Agent/Attorney-in-fact. Neither the Owner, nor the Vacation Renter, will be entitled to any of the earned interest. All advanced deposits and security deposits made into the escrow account will be held at the Carolina First bank located at 0000 Xxxxxxxx Xxx, Xxxx Xxxx, X.X.
Rental Income. 1. Manager will retain 20% of the Gross Rental Income for Unit rentals generated by or through Manager. THIS FEE SHALL BE DUE Manager. Owner may rent to "Friends of Owner" and pay to Manager EITHER 1. 20% of the Gross Rental Income of rental rate charged to "Friends of Owner" OR b) 20% of the Minimum Nightly Rental Rate for each night of the stay.
2. Owner may allow friends to stay up to 30 days without charging the Manager commission. In this case the cleaning fee would still be due by Owner or Friend of Owner.
