Security Deposits; Prepaid Rents. All deposits, including, without limitation, all prepaid rentals, damage, community fees and reimbursements, and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under Leases, if and to the extent that such deposits are in either Seller’s actual possession or control and have not been otherwise applied by such Seller to any obligations of any Residents or Tenants under the Leases and any interest earned thereon which by law or the terms of the Leases could be required to be paid or refunded to Residents or Tenants, shall be assigned to Buyer and either delivered to Buyer or, at Buyer’s option, credited to Buyer against the Purchase Price, and upon the Closing Date, Buyer shall assume full responsibility for all security deposits to be refunded to the Residents and Tenants under the Leases (to the extent the same are required to be refunded by the terms of such Leases or applicable). To the extent that any free rent, abatements or other unexpired concessions under any Leases (collectively, “Abatements”) apply to any period after the Closing Date, Buyer shall be entitled to a credit against the Purchase Price for the amount of any such Abatements. In the event that any security deposits are in a form other than cash (the instrument constituting such security deposits shall be known as, the “Non-Cash Security Deposits”), the applicable Seller will, at Closing, cause Buyer to be named as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the Purchase Price for such Non-Cash Security Deposits. In the event that Buyer cannot be named the beneficiary under the Non-Cash Security Deposits as of the Closing Date, a cash escrow equal to the amount of the Non-Cash Security Deposit will be established at the Closing until the Non-Cash Security Deposits are reissued in Buyer’s name. Prior to such time of reissue, Buyer shall be entitled to draw from such cash escrow in the event the terms of the relevant lease entitle Buyer, as landlord, to draw on the Non-Cash Security Deposit.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under Leases, if and to the extent that such deposits are in Seller’s actual possession or control (or are required by the Leases to be held by Seller) and have not been otherwise applied by Seller to any obligations of any Tenants under the Leases, shall be credited against the Purchase Price, and upon the Closing, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenants under the Leases.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under Leases, if and to the extent that such deposits are in Seller’s actual possession or control and have not been otherwise applied by Seller to any obligations of any Tenants under the Leases, shall be credited against the Purchase Price, and upon the Close of Escrow, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenants under the Leases (to the extent the same are required to be refunded by the terms of such Leases or applicable); provided, however, that Buyer acknowledges that no Replacement Reserve escrows pursuant to Section 7 of the Leases shall be paid to or credited to Buyer at Closing, as said amounts shall be utilized for payments due under the Roof Contracts.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under the Lease, if and to the extent that such deposits are in Seller’s actual possession or control and have not been otherwise applied by Seller to any obligations of Tenant under the Lease, shall be credited against the Purchase Price, and upon the Close of Escrow, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenant under the Lease (to the extent the same are required to be refunded by the terms of the Lease or applicable). If any security deposits are in the form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), Seller will, at the Close of Escrow use commercially reasonable efforts to cause Buyer to be named as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the Purchase Price for such Non-Cash Security Deposits. If Buyer cannot be named the beneficiary under the Non-Cash Security Deposits as of the Close of Escrow, Seller shall, if necessary as a result of a default by Tenant under the Lease, cooperate with Buyer to make a demand to draw on the Non-Cash Security Deposit.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under Tenant Leases, if and to the extent that such deposits are in Parent’s or Seller’s actual possession or control immediately prior to the Closing and have not been otherwise applied by Seller to any obligations of any Tenants under the Tenant Leases, shall be credited against the Purchase Price, and upon the Closing, Buyer shall, through its ownership of Seller, assume full responsibility for all security deposits to be refunded to the Tenants under the Tenant Leases (to the extent the same are required to be refunded by the terms of such Tenant Leases). In the event that any security deposits are in the form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), after the Closing, Parent will cooperate with Buyer to have Buyer named as beneficiary under the Non-Cash Security Deposits, if necessary; provided that such cooperation shall be at no cost or expense to Seller. Buyer xxxx not receive a credit against the Purchase Price for the Non-Cash Security Deposits.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges for periods after the Current Month, and the current balance of the security deposits (including any portion thereof which may be designated as prepaid rent) under Tenant Leases, if and to the extent that such deposits are in Seller's actual possession and have not been otherwise applied by Seller to any obligations of any tenants under the Tenant Leases, shall be credited against the Purchase Price, and upon the closing of the transaction contemplated hereby, Buyer shall assume full responsibility for all security deposits to be refunded to the tenants under the Tenant Leases (to the extent the same are required to be refunded by the terms of such Tenant Leases or applicable).
Security Deposits; Prepaid Rents. Buyer shall be credited and Seller shall be debited with an amount equal to all prepaid rentals and other tenant charges and tenant security deposits (including any portion thereof which may be designated as prepaid rent) actually being held by Seller under the Leases, except to the extent that as of Close of Escrow Seller transfers to Buyer control of accounts holding tenant deposits, or letters of credit, certificates of deposit, or other forms of tenant deposits held in separately maintained accounts pursuant to the Leases. If any security deposits are in the form of Non-Cash Security Deposits, Seller will, upon the Close of Escrow cause Buyer to be named as beneficiary under the Non-Cash Security Deposits (and Buyer shall pay all assignment fees and other transfer costs in connection therewith).
Security Deposits; Prepaid Rents. All deposits, including, without limitation, all prepaid rentals, damage, and other Resident and Tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent or monthly fees) under Resident Agreements and Leases (collectively, “Deposits”), if and to the extent that such Deposits are in Seller’s possession or control and have not been otherwise applied by Seller to any obligations of any Residents or Tenants under the Resident Agreements or Leases and any interest earned thereon which by law or the terms of the Resident Agreements or Leases could be required to be paid or refunded to Residents or Tenants, shall be assigned to Buyer and either delivered to Buyer or, at Buyer’s option, credited to Buyer against the Purchase Price, and upon the Closing, Buyer shall assume full responsibility for all such Deposits.
Security Deposits; Prepaid Rents. Buyer shall receive a credit against the Purchase Price at Closing in an amount equal to all unapplied security or other deposits held by Seller under the Leases as of the Closing Date together with all amounts prepaid by tenants for periods on or after the Closing Date. Notwithstanding anything to the contrary contained in this Agreement, nothing herein, including without limitation the releases set forth in this Agreement, shall release Seller from liability for, or impose on Buyer any liability for, the return of any Deposits not actually credited to Buyer at Closing.
Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and Additional Rents for periods after the Current Month, and the current balance of the security deposits (including any portion thereof which may be designated as prepaid rent) under Tenant Leases, if and to the extent that such deposits are in Seller's actual possession and have not been otherwise applied by Seller to any obligations of any tenants under the Tenant Leases, shall be credited against the Purchase Price, and upon the closing of the transaction contemplated hereby, Buyer shall assume full responsibility for all security deposits to be refunded to the tenants under the Tenant Leases (to the extent the same are required to be refunded by the terms of such Tenant Leases or applicable law, whether or not Buyer received credit for the same pursuant to this subparagraph). Seller shall not apply or take for its own account any security deposit of any tenants under the Tenant Leases unless such application or taking is authorized by the terms of such Tenant Lease.
