Common use of Rents and Lease Related Income Clause in Contracts

Rents and Lease Related Income. All rents and other fees and charges payable under the Lease(s) in effect as of Closing, and all other items of income, and all items of expense, with respect to the Property, whether or not the foregoing are due, have been billed, or have been collected as of the date of Closing, shall be prorated between Seller and Buyer as of the date of Closing. If any of said rents, fees, charges or other items of income have not been collected or are past due at the time of Closing for a period not in excess of three (3) month(s), Buyer, at its cost, agrees to use good faith efforts to collect such sums on Seller’s behalf (with all sums collected by Buyer to be applied first to current rents) and shall remit same to Seller promptly following collection, but in no event shall Buyer be obligated to institute legal proceedings to collect the same. With respect to any arrearages in such rents, charges, fees, or incomes for a period in excess of three (3) month(s), Seller hereby irrevocably waives its right to seek payment of such sums from the tenants. Buyer shall receive a credit at Closing for the amount of the security deposits held by Seller under the Lease(s) and all rent under the Lease(s) paid more than one month in advance.