Resident Deposits. At the Closing, the Purchaser shall receive a credit for the amount of all Resident Deposits or, if required by Law, the segregated accounts containing such Resident Deposits or the amounts therein shall be transferred to the Purchaser.
Resident Deposits. The amount of any refundable deposits held (and not yet applied) by Seller or Existing Operator as of the Closing Date, pursuant to the terms of any Resident Agreements, shall be a credit to the cash to be paid by Purchaser at the Closing, or paid as otherwise directed by Purchaser.
Resident Deposits. All tenant or Resident security deposits in Sunrise’s possession relating to a Facility, as reflected on a final Rent Roll delivered to the Joint Venture (and interest thereon if required by law or contract to be earned thereon) and not theretofore applied to Resident or tenant obligations under the Resident Agreements or leases for such Facility, shall be transferred or credited to the Joint Venture at the Closing for such Facility or placed in escrow if required by law. As of the Closing for a Facility, the Joint Venture shall assume Sunrise’s obligations related to tenant or Resident security deposits at such Facility. The Joint Venture will indemnify, defend, and hold Sunrise harmless from and against all demands and claims made by Residents or tenants arising out of the transfer or disposition of any tenant or Resident security deposits transferred to the Joint Venture and will reimburse Sunrise for any reasonable expenses (including all reasonable attorneys’ fees) incurred or that may be incurred by Sunrise as a result of any such claims or demands by Residents or tenants. Sunrise will indemnify, defend and hold the Joint Venture and its Members harmless from and against all demands and claims made by tenants arising out of any tenant or Resident security deposits not transferred to the Joint Venture and its Members and will reimburse the Joint Venture for any reasonable expenses (including all reasonable attorneys’ fees) incurred or that may be incurred by the Joint Venture and its Members as a result of any such claims or demands by Residents or tenants.
Resident Deposits. At Closing Seller shall provide Buyer with an accounting of all security deposits or other refundable deposits received from (i) current or prospective residents of the Facilities and (ii) residents that have departed the Facilities within thirty (30) days prior to Closing (to the extent Seller requests Buyer to be responsible for refunding such residents and transfers the applicable deposits to Buyer), that have not yet been refunded to such residents as of the Closing Date (the “Resident Deposits”). Such accounting shall set forth the names of the residents or prospective residents for whom such funds are held, the amounts held on behalf of each resident or prospective resident and the Seller’s warranty that the accounting is true, correct and complete. On the Closing Date Seller shall transfer the Resident Deposits to the bank accounts designated by Buyer and Buyer shall assume the financial and custodial obligations with respect thereto. Notwithstanding the foregoing, Seller will indemnify and hold Buyer harmless from all liabilities, claims and demands in the event the amount of the Resident Deposits transferred to the Buyer’s bank account did not represent the full amount of such Resident Deposits then or thereafter shown to have been delivered to Seller by the current residents or prospective residents of the Facilities.
Resident Deposits. All deposits or advances of any kind or nature from any Resident. Resident Pre-paid Rent: All rental amounts paid in advance of the date when such payment is due by any Resident. Second Down Payment: the sum of Three Hundred Thousand and No/100 Dollars ($300,000.00).
Resident Deposits. The Emeritus Entities represent that there are ------------------ no traditional security deposits posted by residents of the Facilities with the Emeritus Entities. In some instances, the Emeritus Entities collects move-in fees from residents, which fees are deemed earned on their payment by the resident to the Emeritus Entities. Under limited circumstances, such as the death of the resident or if the resident's physician determines that the resident needs care not offered by the Emeritus Entities within the first ninety (90) days after the resident moves into the Facility, the Emeritus Entities will refund a pro-rated portion of one-half of the move-in fee. New Operator and the Emeritus Entities shall not prorate the move-in fees at Closing. The Emeritus Entities shall be responsible for paying directly to a resident any refund of a move-in fee that may be owed to such resident post-Closing under the terms of the residency agreement between an Emeritus Entity and the resident.
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Resident Deposits. Tenant represents and warrants to Assignee that it is holding the security deposits with respect to the residents of the Facility described in Exhibit C and that it shall transfer the same to Assignee on the Transfer Date, along with a statement signed by each resident confirming the accuracy of the amount being transferred by Tenant to Assignee on the Transfer Date, unless Assignee waives the requirement for such a statement based on the results of its own audit of the resident security deposits.
Resident Deposits. Tenant represents and warrants to Assignee that it is not currently holding any security deposits with respect to the residents of the Facility.
Resident Deposits. All deposits or advances of any kind or nature from any resident of any Facility.
