Common use of Rents, Other Income and Operating Expenses Clause in Contracts

Rents, Other Income and Operating Expenses. Prepaid Contracts assumed by Buyer, rents (exclusive of Delinquent Rents [as hereinafter defined]), all revenues under all space leases, coin-operated laundry machines, parking rents, licenses, security agreements and all other fees and miscellaneous income, excluding any lump sum payments made at the beginning of a Contract term, arising out of the operation of the Property shall be prorated as of the Close of Escrow. If, as of the Close of Escrow, any rent is in arrears (“Delinquent Rent”) for the calendar month in which the Close of Escrow occurs, then to the extent that the Buyer receives rents under those particular Leases with Delinquent Rent, Buyer shall render an accounting to Seller with respect thereto, and the amount of such receipts shall be applied in the following order of priority: i) first, to the reasonable costs of collection as such Delinquent Rents including reasonable attorney’s fees incurred by Buyer; ii) second, to the calendar month in which such collection occurs if any receivables are outstanding under that lease; iii) third, to the calendar month in which the Closing occurs; iv) fourth, to any delinquent amounts still owed to Seller for the period prior to the Closing Date. Buyer shall have no liability for Delinquent Rents, but agrees to use commercially reasonable efforts to collect the Delinquent Rents for a period of sixty (60) days and to deliver to Seller its pro rata share of Delinquent Rent within seventy (70)

Rents, Other Income and Operating Expenses. Prepaid Contracts assumed by Buyer, rents (exclusive of Delinquent Rents [(as hereinafter defined])), free rent concessions, all revenues under all space leases, coin-operated laundry machines, parking rents, licenses, security agreements and all other fees and miscellaneous income, excluding any lump sum payments made at the beginning of a Contract term, income arising out of the operation of the Property shall be prorated as of the Close of Escrow. If, as of the Close of Escrow, any rent is in arrears (hereinafter “Delinquent Rent”) for the calendar month in which the Close of Escrow occurs, then to the extent that the Buyer receives rents under those particular Leases with Delinquent Rent, Buyer shall render an accounting to Seller with respect thereto, and the amount of such receipts shall be applied in the following order of priority: i) first, to the reasonable costs of collection as such Delinquent Rents including reasonable attorney’s fees incurred by Buyer; ii) second, to the calendar month in which such collection Closing occurs if or for any receivables are outstanding under that lease; iii) third, period prior to the calendar month in which the Closing occurs; iv) fourth, then rents collected by Buyer shall first be applied to any delinquent amounts still owed current rent and then to Seller for the period prior to the Closing DateDelinquent Rent. Buyer shall have no liability for Delinquent Rents, but agrees to use commercially reasonable efforts to collect the Delinquent Rents for a period of sixty (60) days and to deliver to Seller its pro rata share of Delinquent Rent within seventy ten (7010) days of Buyer’s receipt of that Delinquent Rent. Buyer covenants and agrees that after the Closing, it will use reasonable efforts to attempt to collect and deliver to Seller all rights and other payments that were due and payable under the Leases prior to the Closing; provided, however, that Buyer will have no obligation to retain attorneys or expend any sums of money to collect any Delinquent Rent. Actual and reasonable third-party costs incurred in collecting rents owed to Seller shall be deducted from rents payable to Seller (on a pro rata basis to the extent such costs are also incurred to collect rents payable to Buyer). After the Closing, Seller shall not pursue any tenant for Delinquent Rent. This Section shall survive the Closing and delivery and recording of the Deed.

Rents, Other Income and Operating Expenses. Prepaid Contracts assumed by Buyer, rents (exclusive of Delinquent Rents [as hereinafter defined]), and all other revenues under the Ground Lease, the Building Lease and all space leases, coin-operated laundry machines, parking rents, licensesLeases, security agreements and all other fees and miscellaneous income, excluding any lump sum payments made at the beginning of a Contract term, income arising out of the operation of the Property Property, as and when received, shall be prorated as of the Close Closing Date. If any rents (including operating expense payments or rents payable by tenants under Leases which are expressed as a fixed percentage or percentages of Escrowthe receipts of sales of the tenant are payable or accruable under the Leases on the basis of estimates or formulae and are subject to adjustment after the Closing Date (collectively, “Reconciliation Rents”)), such rents shall be apportioned at the Closing to the extent collected on the basis of the then current charges or accruals, as applicable, and shall be subject to reapportionment on the basis of the amounts as finally determined to be owing under the Leases and as finally collected. If, as of the Close of Escrow, any rent is in arrears (“Delinquent Rent”) for then the calendar month in which rent collected by Owners on or after the Close Closing shall first be applied to all rents due at the time of Escrow occurs, then such collection with respect to the period after the Closing Date with the balance payable to Sellers to the extent that the Buyer receives rents under those particular Leases with of Delinquent Rent, Buyer shall render an accounting Rent apportioned to Seller with respect thereto, and the amount Sellers as of such receipts shall be applied in the following order of priority: i) first, to the reasonable costs of collection as such Delinquent Rents including reasonable attorney’s fees incurred by Buyer; ii) second, to the calendar month in which such collection occurs if any receivables are outstanding under that lease; iii) third, to the calendar month in which the Closing occurs; iv) fourth, to any delinquent amounts still owed to Seller for the period prior to the Closing Date. Buyer Purchasers shall have no liability for Delinquent Rents, but agrees to use commercially reasonable efforts to collect the Delinquent Rents for a period of sixty (60) days and cause Owners to deliver to Seller Sellers its pro rata share of Delinquent Rent within seventy ten (7010) days of Owners’ receipt of such Delinquent Rent. Purchasers covenant and agrees that after the Closing, it will cause Owners to use commercially reasonable efforts to attempt to collect all Delinquent Rent and other payments that were due and payable under the Leases prior to the Closing; provided, however, that Purchasers shall have no obligation hereunder to cause Owners to commence any action or proceeding to collect such Delinquent Rent or to evict any tenant (by summary proceedings or otherwise). Actual and reasonable third-party costs incurred in collecting rents owed prior to the Closing Date shall be deducted from rents payable to Sellers (on a pro rata basis to the extent such costs are also incurred to collect rents payable to Purchasers).