Common use of Rents and Security Deposits Clause in Contracts

Rents and Security Deposits. All rents under the Leases and all rents or fees for storage units or parking spaces, including monthly pet rent (but expressly excluding any one-time nonrefundable pet fees) (collectively, “Rents”), security deposits (except as hereinafter provided), key deposits and other tenant deposits and charges. Seller shall deliver or provide a credit in an amount equal to all prepaid Rents for periods after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing in accordance with the terms of the applicable Lease) to Buyer on the Closing Date. Rents that are delinquent (or payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date. Any Rents collected by the Buyer or the Seller after the Closing from any Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, to delinquent rentals, if any, which became due after the Closing, and (iv) then to delinquent rentals, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided. The Buyer shall xxxx Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount. The Seller shall have the right, upon prior written notice to the Buyer, to pursue Tenants to collect such delinquencies but shall not be able to institute litigation to collect such amounts, without the prior written consent of the Buyer in Buyer's sole discretion, provided, the Buyer agrees to reasonably cooperate with the Seller in connection with such collection (at no cost or expense to the Buyer). Notwithstanding the foregoing, in no event shall Seller have the right to terminate or attempt to terminate any Lease or evict or attempt to evict any Tenant.

Rents and Security Deposits. All rents under the Leases and all rents or fees for storage units or parking spaces, including monthly pet rent (but expressly excluding any one-time nonrefundable pet fees) (collectively, “Rents”), security deposits (except as hereinafter provided), key deposits and other tenant deposits and charges. Seller shall deliver or provide a credit in an amount equal to all prepaid Rents for periods after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing in accordance with the terms of the applicable Lease) to Buyer on the Closing Date. Rents that are delinquent (or payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date. Any Rents collected by the Buyer or the Seller after the Closing from any Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, to delinquent rentals, if any, which became due after the Closing, and (iv) then to delinquent rentals, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided. The Buyer shall xxxx Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount. The Seller shall have the right, upon prior written notice to the Buyer, to pursue Tenants to collect such delinquencies but shall not be able to institute litigation to collect such amounts, without the prior written consent of the Buyer in Buyer's sole discretion, provided, the Buyer agrees to reasonably cooperate with the Seller in connection with such collection (at no cost or expense to the Buyer). Notwithstanding the foregoing, in no event shall Seller have the right to terminate or attempt to terminate any Lease or evict or attempt to evict any Tenant. 38 Section 8.3. Water Rates, etc. Water rates, water meter charges, sewer rents and vault charges, if any (other than any such charges, rates or rents which are payable directly to the utility company or municipality by Tenants of the Property pursuant to such Tenants' Leases, for which no adjustment shall be made), shall be adjusted and prorated on the basis of the fiscal period for which assessed. If there is a water meter, or meters, on the Properties, the Seller agrees that they shall at the Closing furnish a reading of same to a date not more than 30 days prior to the Closing and the unfixed meter charges and the unfixed sewer rent thereon for the time intervening from the date of the last reading shall be apportioned on the basis of such last reading, and shall be appropriately readjusted after the Closing on the basis of the next subsequent bills. Unmetered water charges shall be apportioned on the basis of the charges therefor for the same period of the preceding calendar year, but applying the current rate thereto. Section 8.4.

Rents and Security Deposits. All rents Expense Contributions shall be prorated on an cash basis up to and including the Proration Date. When actual Expense Contributions due for the year in which Closing occurs are known, Purchaser shall xxxx, within thirty (30) days of such determination, the tenants under the Leases for the additional amount, if any, owed by such tenants as a result of non-payment or underpayment of such tenants’ share of Expense Contributions for the year to which such Expense Contributions apply under the Leases. Upon collection of such additional amount the same shall be prorated between Seller and Purchaser, and Purchaser shall pay Seller all rents or fees amounts due Seller for storage units or parking spacesthe period up to and including the Proration Date. If Expense Contributions collected by Seller for the period up to and including the Proration Date exceed actual Expense Contributions due for such period, including monthly pet rent (but expressly excluding any one-time nonrefundable pet fees) (collectively, “Rents”), security deposits (except as hereinafter provided), key deposits and other tenant deposits and charges. then Seller shall deliver or provide a credit in pay to Purchaser an amount equal to all prepaid Rents the excess of Expense Contributions collected over actual Expense Contributions for periods such period as soon as reasonably practical after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and such Expense Contributions are not applied or forfeited prior to the Closing in accordance with the terms of the applicable Lease) to Buyer on the Closing Dateknown. Rents that are delinquent (or payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date. Any Rents collected by the Buyer or the Seller after the Closing from any Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, to delinquent rentals, if any, which became due after the Closing, and (iv) then to delinquent rentals, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided. The Buyer shall xxxx Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount. The Seller shall have the right, upon prior ten (10) days written notice notice, to inspect the books and records of the Subject Property to verify that Purchaser is remitting to Seller all amounts to be remitted to Seller according to the Buyerterms of this Agreement. Unapplied security deposits in the possession of Seller and any interest accrued thereon which is required to be paid to any tenant shall be credited to Purchaser at Closing. If, as of the Proration Date, any tenant under any lease (other than a Purchaser Lease) is delinquent in the payment of rent (base rent, additional rent or otherwise) billed but unpaid as of the Proration Date, then no proration shall be made at Closing of such delinquent amount, and (i) Purchaser shall use good faith efforts (but without the obligation to pursue Tenants incur any costs or expenses) to collect any such delinquencies but shall not be able to institute litigation to collect such delinquent amounts, without the prior written consent of the Buyer in Buyer's sole discretion, provided, the Buyer agrees to reasonably cooperate with the Seller in connection with such collection (at no cost or expense to the Buyer). Notwithstanding the foregoing, but in no event shall Purchaser be liable for any unpaid rent, and (ii) Seller also shall have the right to terminate proceed against the tenant for collection of such past due amounts, which proceedings may include instituting litigation for damages, but not eviction from or attempt dispossession of the leased premises or termination of any Lease. Any delinquent amounts received (whether by Seller or Purchaser) shall be distributed in the following order of priority: (i) first, to terminate any Lease the party that collects such amounts, to the extent of its reasonable costs of collection and enforcement; then (ii) second, to Purchaser for amounts due or evict accrued from the tenant after the Proration Date, then (iii) third, the balance to Seller for amounts due or attempt accrued from the tenant on or prior to evict any Tenantthe Proration Date, provided the same has not previously been credited to Seller as provided above. Seller shall promptly deliver to Purchaser all rents received by Seller after the Closing Date, which rents shall be applied in accordance with this Agreement.

Rents and Security Deposits. All (a) Rents allocable to the period prior to Closing shall be the property of Seller and rents allocable to the period after Closing shall be the property of Buyer. Rents and expense escalations or other reimbursements due to Seller as landlord under the Leases and all rents or fees for storage units or parking spaces, including monthly pet rent (but expressly excluding any one-time nonrefundable pet fees) (collectively, “Rents”), security deposits (except as hereinafter provided), key deposits and other tenant deposits and charges. Seller shall deliver or provide a credit in an amount equal actually collected prior to all prepaid Rents for periods after the Closing Date and all refundable cash security deposits (attributable to the extent the foregoing were made by tenants under the Leases both Seller's and are not applied or forfeited prior to the Closing in accordance with the terms Buyer's period of the applicable Lease) to Buyer on ownership shall be prorated as of the Closing Date. Rents that Uncollected rents and expense escalations or other reimbursements due Seller under the Leases shall not be prorated at the time of Closing and Seller shall have the right to take all necessary and appropriate action to collect all such rents and expenses. Such collection efforts may include the bringing of lawsuits by Seller to collect such rents and expenses. If any Lease contains obligations on the part of any tenant for tax, escalation, percentage, or overage payments and the same are delinquent (or not yet payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date. Any Rents , and if Seller's portion of same is collected by the Buyer, then Buyer or the Seller after the Closing from any Tenant who owes Rents for periods prior shall promptly remit such amounts to the ClosingSeller, less actual third party collection costs, if any. Buyer shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, good faith exercise commercially reasonable efforts to delinquent rentalscollect all past due rents and expenses, if any, which became due after on Seller's behalf and any such amounts so collected shall be received in trust for Seller and Buyer shall tender the Closingsame to Seller upon receipt, and (iv) then to delinquent rentalsless actual third party collection costs, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided. The Buyer shall xxxx Tenants who owe Rents for periods prior not be required to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt file suit or institute other collection procedure to collect such past sums on Seller's behalf, and provided further that all rents, escalations and other reimbursements due Rentsunder the Leases, but collected by Buyer on or after the Closing Date shall be applied (unless the tenant otherwise specifies in writing) first to all amounts due under the Leases to Seller which are delinquent thirty (30) days or less at the time of Closing, second, to amounts owed to Buyer since the Closing, and third, to amounts owed to Seller which are more than thirty (30) days delinquent at the time of Closing. Buyer shall not be obligated to engage a collection agency or take legal action have an exclusive right to collect such amount. The the sums due Seller shall have under the right, upon prior written notice to the Buyer, Leases; and Seller hereby retains all its rights to pursue Tenants any tenant under the Leases for sums due Seller for periods attributable to collect such delinquencies but shall not be able to institute litigation to collect such amounts, without the prior written consent Seller's ownership of the Property. Buyer in Buyer's sole discretionshall receive a credit against the Purchase Price for (i) all security deposits, providedwhich shall be assigned to Buyer at Closing, plus any interest due thereon as required by the Buyer agrees to reasonably cooperate with particular lease or applicable law; and (ii) pre-paid rentals held by Seller under the Seller in connection with such collection (at no cost or expense to the Buyer). Notwithstanding the foregoing, in no event shall Seller have the right to terminate or attempt to terminate any Lease or evict or attempt to evict any TenantLeases.