Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between the Buyer and the Seller. The Buyer shall receive a credit for all cash security deposits held by the Seller under the Tenant Leases and the Buyer thereafter shall be obligated to refund or apply such deposits in accordance with the terms of such Tenant Leases.
Appears in 5 contracts
Samples: Agreement of Purchase and Sale (Strategic Hotels & Resorts, Inc), Agreement of Purchase and Sale (Interstate Hotels & Resorts Inc), Agreement of Purchase and Sale (Interstate Hotels & Resorts Inc)
Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between the Buyer and the Seller. The Buyer shall receive a credit for all cash security deposits held by the Seller under the Tenant Leases and transferred to the Buyer thereafter shall be obligated hereunder (to refund or apply the extent such security deposits in accordance with are not otherwise physically transferred to the terms of such Tenant LeasesBuyer).
Appears in 5 contracts
Samples: Assignment and Assumption Agreement, Assignment and Assumption Agreement (Carey Watermark Investors Inc), Assignment and Assumption Agreement (Carey Watermark Investors Inc)
Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable paid under the Tenant Leases shall be prorated as of the Cut-Off Time between the Buyer Purchaser and the Seller. The Buyer Purchaser shall receive a credit for all cash security deposits held by the Seller under the Tenant Leases which are not transferred to Purchaser, and the Buyer Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of such Tenant Leases.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Pebblebrook Hotel Trust), Purchase and Sale Agreement (Pebblebrook Hotel Trust)
Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of the Cut-Off Time between the Buyer Purchaser and the Seller. The Buyer Purchaser shall receive a credit for all cash security deposits held by the Seller under the Tenant Leases which are transferred to Purchaser, and the Buyer Purchaser thereafter shall be obligated to refund or apply such deposits in accordance with the terms of such Tenant Leases.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Xenia Hotels & Resorts, Inc.), Purchase and Sale Agreement (Chesapeake Lodging Trust)
