Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 7 contracts
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.), Real Estate Purchase Agreement (Griffin-American Healthcare REIT IV, Inc.), Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given to Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 2 contracts
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.), Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to If the Closing Date shall occur before rents and allocable to all other amounts payable by the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of (the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under "Rents") and all other income from the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to Property have actually been paid for the month in which the Closing occurs, then the apportionment of such Rents and other amounts and other income shall be upon the basis of such Rents and other amounts and other income accrued, regardless of whether actually received by Seller. Rents in arrears shall be paid to any rent due Seller by Buyer when and if collected by Buyer, such payment, if any, to occur every (30) days following the Closing. The first monies received by Buyer for the period from each Tenant after the Closing Date shall be applied first to current Rents and finally thereafter shall be applied to Rents in arrears. If Buyer is holding a security deposit as to any rent tenant who owes money to Seller, then upon expiration of that tenant's lease, Buyer shall apply the security deposit to the payment of any sum due Seller to the extent that security deposit is not otherwise applied to payment of sums due Buyer to the extent said sum may legally be offset against rents in default and the tenant otherwise entitled thereto does not otherwise instruct respecting same. Buyer shall use reasonable efforts but at the sole cost of Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after collect all sums in arrears as of the Closing Date through its own collection effortsdue to Seller, Seller may first apply such payments but shall not be required to rent due Seller for the period prior to the Closing Datecommence or prosecute any litigation or expend any funds.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Inland Diversified Real Estate Trust, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date through the month in which such payment was made, and finally to any rent due to Seller for the periods period prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection effortsefforts and the Tenants indicate that such payment is specifically for past-due amounts owed to Seller, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date. Subject to this subsection, if Seller receives any payment from a Tenant for rent due and payable for any period from and after the Closing Date, then Seller agrees to promptly endorse and forward such un-cashed check or payment to Buyer no later than the next business day.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Healthcare Trust of America, Inc.), Purchase and Sale Agreement (Healthcare Trust of America, Inc.)
Rents. Buyer will shall receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the monthClosing. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these said sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx sue to evict any evicx xny tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller use reasonable efforts after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx sue any tenants tenxxxs or exercise any legal remedies under the Tenant Leases Leases. Any portion of any rents collected subsequent to the Closing Date and properly allocable to periods prior to the Closing Date shall be paid, promptly after receipt, to Seller, but subject to all of the provisions of this Section hereof; and any portion thereof properly allocable to periods on or subsequent to incur any expense over and above its own regular collection expensesthe Closing Date shall be paid to Buyer. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Rents. Buyer Notwithstanding anything to the contrary in Section 16.3 above, rents under the Leases (collectively, “Rents”), shall be addressed in the manner set forth in this Section 16.4. Purchaser will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer Purchaser shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer Purchaser shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer Purchaser for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date. Additionally, Buyer shall receive a credit at Closing in the aggregate amount of the Lease Deposits.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Buyer will receive a credit at Closing Close of Escrow for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent, deferred rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Without limitation, Seller shall retain the right to collect and receive the Deferred Rent, as identified in Exhibit K. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant Leases which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent then due and owing to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClose of Escrow or otherwise due to Seller; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClose of Escrow.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by each Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given any Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and each Seller shall retain the right to collect any such rent provided such Seller does not xxx to evict any tenants Tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller the Sellers after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to any Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if any Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, such Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Buyer will receive a credit at the Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, paid and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants Tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Rents. Buyer will receive a credit at Closing the Close of Escrow for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenant until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leasesthe Lease. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant Leases Lease which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants Tenant or exercise any legal remedies under the Tenant Leases Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenant after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods period prior to Closing Datethe Close of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenant after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClose of Escrow. Buyer and Seller agree to promptly pay any and all amounts collected hereunder to the party to whom such amounts are owed in accordance with the provisions hereof. Notwithstanding anything herein to the contrary, if Seller pays a Must Cure Lien arising by, through or under Tenant, Seller shall retain all rights to collect such amount from Tenant.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing for all rents actually collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Rent and other charges under the Ground Lease shall be prorated at Closing with Buyer reimbursing Seller for any rent or charges paid prior to Closing but which are attributable to periods from and after the Closing Date. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date through the month in which such payment was made, and finally to any rent due to Seller for the periods period prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection effortsefforts and the Tenants indicate that such payment is specifically for past-due amounts owed to Seller, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date. Subject to this subsection, if Seller receives any payment from a Tenant for rent due and payable for any period from and after the Closing Date, then Seller agrees to promptly endorse and forward such un-cashed check or payment to Buyer no later than the next business day.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Healthcare Trust of America, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT IV, Inc.)
Rents. Buyer will receive a credit at Closing the Close of Escrow for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenant until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants the Tenant or terminate any Tenant Leasesthe Lease. Buyer shall cooperate with Seller after the Closing Date Close, of Escrow to collect any rent under the Tenant Leases Lease which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants the Tenant or exercise any legal remedies under the Tenant Leases Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenant after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods period prior to Closing Datethe Close of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenant after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClose of Escrow.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Rents. Buyer will receive a credit at the Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, paid and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No Except as otherwise provided below, no credit shall be given to Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx sxx to evict any tenants or terminate any Tenant tenant Leases. Notwithstanding the immediately preceding sentence to the contrary, Buyer and Seller acknowledge and agree that The State of California (“State”) is a tenant of the Real Property and that the State pays its rental obligations in arrears. Accordingly, upon the Close of Escrow, Buyer shall credit Seller an amount equal to all accrued and unpaid rent under the State’s Lease for the month in which the Close of Escrow occurs. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx sxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods prior to Closing Datethe Close of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due Seller for the period periods prior to the Closing DateClose of Escrow.
Appears in 1 contract
Rents. Buyer will receive a credit at Closing Date for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller the Buyer for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing Date occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Rents. Buyer will receive a credit at Rent, percentage rent (if any), operating cost pass-throughs and other additional rent or charges payable to landlord under the Leases (collectively "Rent") and prepaid Rent under the Leases shall be apportioned as of the Closing for all rents collected by Seller prior Date, only to the Closing Date and allocable to the period from and after the Closing Date extent then paid, based upon on the actual number of days in the monthmonth or other applicable period during which the Closing occurs. No credit Unallocated security deposits then held by Seller shall be given Seller considered a credit due to Buyer for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Closing settlement purposes. Seller shall retain be entitled to invoice and collect from the right tenants after the Closing any Rent payable for periods prior to collect Closing, provided that Seller shall not be permitted to bring any such rent provided Seller does not xxx action to terminate any Lease or evict any tenants tenant. With respect to any Rent arrearages existing under the Leases or terminate operating cost pass-throughs billed by or paid to Buyer after Closing, Buyer promptly shall pay to Seller any Tenant Leases. amounts actually collected which are applicable to the period preceding the Closing Date; provided that, all such amounts collected by Buyer shall cooperate with or Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied first to Rent due for the month in which the Closing occurs, then to unpaid Rent that has accrued for any rent due to Buyer for the period month after the Closing Date month of Closing, and finally then to any rent due to Seller unpaid Rent that has accrued for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period month prior to the Closing Date. Buyer shall cooperate with Seller in recovering any Rent payable for periods prior to Closing by including such amounts in Buyer's monthly billing statements for no longer than six (6) months after the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase and Sale Agreement (Lumentum Holdings Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx seek to evict any tenants or tenants, terminate any Tenant Leases, exercise any remedies under a Lease or otherwise commence any legal proceedings against a tenant. Buyer shall cooperate with Seller after the Closing Date to collect any unpaid rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx sxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date month and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Datemonth; Buyer receive a credit for any free or partially abated rent under the Leases. With respect to delinquent rents and other amounts or rights of any kind respecting tenants who are no longer tenants of the Property as of the Closing, Seller shall retain all rights relating thereto.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital - Retail Centers of America, Inc.)
Rents. Buyer will receive a credit at Closing for all rents under Tenant Leases collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants the Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants Tenant or terminate any Tenant LeasesLease. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenant or exercise any legal remedies under the any Tenant Leases Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants any Tenant under any Tenant Lease after the Closing Date shall first be applied to the month in which the Closing occursoccurs (and Buyer shall pay Seller its pro rata share of rent collected for the month in which the Closing occurs within five (5) days after its receipt of same), then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants any Tenant under any Tenant Lease after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT IV, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All Unless the check indicates otherwise, all payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at the Closing for all rents collected by Seller Parent prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller Parent for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, paid and Seller Parent shall retain the right to collect any such rent provided Seller Parent does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller Parent after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer Seller (accruing to the benefit of Buyer) for the period after the Closing Date and finally to any rent due to Seller (accruing to the benefit of Parent) for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, (a) if Seller Parent collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller Parent may first apply such payments to rent due Seller (and accruing to the benefit of Parent) for the period prior to Closing, and (b) any amounts received after Closing on account of the Closing Datelease with Xxxxxx Capital Corp. (n/k/a Xxxxxx Products Corp.) shall be paid to Parent.
Appears in 1 contract
Samples: Merger Agreement (Grubb & Ellis Co)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these such sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT III, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent or other amounts provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent or other amounts due under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Rents. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenant until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants the Tenant or terminate any the Tenant LeasesLease. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases Lease which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants the Tenant or exercise any legal remedies under the Tenant Leases Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants tenant after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenant after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Griffin-American Healthcare REIT IV, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and which are allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing the Close of Escrow for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenant until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leasesthe Lease. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant Leases Lease which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants Tenant or exercise any legal remedies under the Tenant Leases Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenant after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods period prior to Closing Datethe Close of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenant after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClose of Escrow. Buyer and Seller agree to promptly pay any and all amounts collected hereunder to the party to whom such amounts are owed in accordance with the provisions hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing DateClosing; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing DateClosing; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClosing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents (other than CAM Charges) collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants the Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases Leases, which has have accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenant, or exercise any legal remedies under the Tenant Leases any Lease or to incur any expense over and above its own regular collection expenses. All payments collected from tenants the Tenants, after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods period prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants, after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Buyer will receive a credit at Closing the Close of Escrow for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant Leases which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods period prior to Closing Datethe Close of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing DateClose of Escrow.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent and, if a legal action has been commenced by Seller before the close of Escrow, Seller may continue to pursue such legal action, provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after the Closing Date through its own collection efforts, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date.
Appears in 1 contract
Samples: Real Estate Purchase Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Rents. Rent and other charges under the Ground Lease and the Condominium shall be prorated at Closing with Buyer reimbursing Seller and Erly, as applicable, for any rent or charges paid prior to Closing but which are attributable to periods from and after the Closing Date. Buyer will receive a credit at Closing for all rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date through the month in which such payment was made, and finally to any rent due to Seller for the periods period prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date through its own collection effortsefforts and the Tenants indicate that such payment is specifically for past-due amounts owed to Seller, Seller may first apply such payments to rent due Seller for the period prior to the Closing Date. Subject to this subsection, if Seller receives any payment from a Tenant for rent due and payable for any period from and after the Closing Date, then Seller agrees to promptly endorse and forward such un-cashed check or payment to Buyer no later than the next business day.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Healthcare Trust of America, Inc.)
Rents. Buyer will receive a credit at Closing closing for all rents collected by Seller prior to the Closing Date Close of Escrow and allocable to the period from and after the Closing Date Close of Escrow based upon the actual number of days in the month. No credit shall be given the Seller for accrued and unpaid rent or any other non-current sums due from tenants Tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date Close of Escrow to collect any rent under the Tenant Leases which has accrued as of the Closing DateClose of Escrow; provided, however, Buyer shall not be obligated to xxx any tenants Tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants Tenants after the Closing Date Close of Escrow shall first be applied to the month in which the Closing Close of Escrow occurs, then to any rent due to Buyer for the period after the Closing Date Close of Escrow and finally to any rent due to Seller for the periods period prior to Closing DateClose of Escrow; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants Tenants after the Closing Date Close of Escrow through its own collection efforts, Seller may first apply such payments to rent due the Seller for the period prior to the Closing DateClose of Escrow.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Rents. Buyer will receive a credit at Closing for all All collected rents collected by Seller prior to the Closing Date and allocable to the period from and after the Closing Date based upon the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent or any other non-current sums due from tenants until these sums are paid, and Seller shall retain the right to collect any such rent provided Seller does not xxx to evict any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the Tenant Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to xxx any tenants or exercise any legal remedies under the Tenant Leases or to incur any expense over and above its own regular collection expenses. All payments collected from tenants after the Closing Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer for the period after the Closing Date and finally to any rent due to Seller for the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments from tenants after under the Closing Date through its own collection efforts, Leases shall be prorated between Seller may first apply such payments to rent due Seller for and Purchaser as of midnight on the period day prior to the Closing Date. Seller shall be entitled to all rents, charges, and other revenue of any kind attributable to any period under the Leases to but not including the Closing Date. Purchaser shall be entitled to all rents (including any additional rent and any accrued tax and operating expense reimbursements and escalations), charges and other revenue of any kind attributable to any period under the Leases on and after the Closing Date. Rents or other reimbursements due landlord under the Leases not collected as of the Closing Date shall not be prorated at the time of Closing, but Purchaser shall make a good faith effort to collect the same on Seller’s behalf and to tender the same to Seller upon receipt (which obligation of Purchaser shall survive the Closing and shall not be merged in the Deed). Purchaser shall not have an exclusive right to collect the sums due Seller under the Leases and Seller hereby retains its rights to pursue any tenant under the Leases for sums due Seller for periods attributable to Seller’s ownership of the Parking Garage. Seller’s rights under the immediately-preceding sentence shall survive the Closing and shall not be merged in the Deed. Purchaser shall receive a credit against the Purchase Price for pre-paid rentals held by Seller covering the period post-Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement