Delinquent Rent definition
Delinquent Rent means any of the Rents or other amounts that, under the terms of the applicable Lease, are to be paid by the Tenants on or prior to the Closing Date, but which have not been received in good funds by Seller on or prior to the Closing Date.
Delinquent Rent shall have the meaning ascribed in Section 7.1.4.
Delinquent Rent means any Rent that, under the terms of the applicable Resident Contract, was more than 30 days past due as of the Closing Date or which has not been received in good funds by Seller on or prior to the Closing Date. Delinquent Rent shall not be accrued or prorated at Closing. Any Delinquent Rent that is applicable to Seller’s period of ownership that is received by Buyer after the Closing Date shall be paid to Seller in accordance with the terms hereof; provided, however, that all Rent collected by Buyer after the Closing Date shall be applied first to payment of all Rent due Buyer from the applicable Resident, then to Rent attributable to the month in which the Closing occurs (and prorated with respect to each parties period of ownership) and then after any deduction allowed by this subsection for collection costs, to all Delinquent Rent due to Seller. Seller shall have the right to use whatever means Seller determines prior to Closing to collect Delinquent Rent including, without limitation, commencing collection actions against Residents owing Delinquent Rent. Following Closing, Buyer shall use good faith commercially reasonable efforts to collect any Delinquent Rent. If Buyer commences any action or proceeding against any Resident and as a result thereof collects any Delinquent Rent which Buyer is required to remit to Seller, Buyer shall be entitled to deduct and retain a portion of the amount collected which is equal to the prorata share of the reasonable third party expenses incurred by Buyer in connection with the collection of any such Delinquent Rent. For a period of 120 days following the Closing, Buyer shall not waive any Delinquent Rent or modify or amend any Resident Contract so as to reduce the Delinquent Rent owed by the Resident for any period in which Seller is entitled to receive such Delinquent Rent, without first obtaining Seller’s written consent (which consent shall not be unreasonably withheld or conditioned).
Examples of Delinquent Rent in a sentence
If Delinquent Rent or any portion thereof received by Seller or Purchaser after the Closing are due and payable to the other party by reason of this allocation, the appropriate sum, less a proportionate share of any reasonable attorneys' fees and costs and expenses expended in connection with the collection thereof, shall be promptly paid to the other party.
If Delinquent Rent is in arrears for a period prior to the calendar month in which the Closing occurs, then rents collected by Purchaser shall first be applied to current rent and then to Delinquent Rent.
Delinquent Rent (including delinquent Additional Rent) shall not be prorated at Closing and shall be paid by Purchaser to the applicable Seller if, as and when actually collected by Purchaser after the Closing, it being understood and agreed that Purchaser shall use commercially reasonable efforts to collect Delinquent Rent on behalf of each Seller.
Purchaser shall deliver Seller's pro rata share within 10 days of Purchaser's receipt of that Delinquent Rent.
If, as of the Closing Date, any rent is in arrears ("Delinquent Rent") for the calendar month in which the Closing occurs, then the first rent collected by Purchaser will be delivered to Seller for the Delinquent Rent.
More Definitions of Delinquent Rent
Delinquent Rent means any Rent not timely paid under the Leases.
Delinquent Rent means any of the Rents or other amounts that, under the terms of the applicable Lease, are to be paid by the Tenants on or prior to the Closing Date, but which have not been received in good funds by the applicable Seller on or prior to the Closing Date.
Delinquent Rent means all rent due and payable with respect to any Property as of the Proration Date and applicable, on an accrual basis, to any period of time preceding the Proration Date including, but not limited to, checks received after the Proration Date, but prior to the Closing Date. Delinquent Rent payable by any tenant who has Delinquent Rent that, as of the Proration Date, is more than thirty (30) days delinquent shall not be prorated and shall, at Closing, become the property of Buyer. At Closing, Seller shall receive a credit for the Delinquent Rent in an amount equal to eighty percent (80%) of the Delinquent Rent payable by any tenant that, as of the Proration Date, is not more than thirty (30) days delinquent.
Delinquent Rent means any Rent that, under the terms of the applicable Lease, is past due as of the Closing Date, and which has not been received in good funds by Seller on or prior to the Closing Date. Delinquent Rent shall not be accrued or prorated at Closing. Any Delinquent Rent that is received by Buyer after the Closing Date shall be paid to Seller; provided, however, that all Rent (including, without limitation, Delinquent Rent) collected after the Closing Date shall be applied first to payment of all Rent due Buyer from the applicable Tenant and second to all Delinquent Rent due to Seller. Following Closing, Buyer shall use good faith commercially reasonable efforts to collect any Delinquent Rent, provided that Buyer shall not be required to incur any material cost, to commence any legal proceedings, or to terminate any Lease. If Buyer commences any action or proceeding against any Tenant and as a result thereof collects any Delinquent Rent which Buyer is required to remit to Seller, Buyer shall be entitled to deduct and retain a portion of the amount collected which is equal to the pro rata share of the reasonable third party expenses incurred by Buyer in connection with the collection of any such Delinquent Rent. This subsection 4.2(e) shall survive for one hundred eighty (180) days following the Closing.
Delinquent Rent means Rent which is due and payable by a Space Tenant on or before the Proration Date but has not been paid by the Proration Date.
Delinquent Rent. Base rent is due on the first day of each and every month during the term of this Lease. If the rent is not paid within five (5) calendar days of the due date, the Lessor and Lessee both agree that the Lessor shall incur additional cost which shall be charged as additional rent. The parties agree that after the five (5) day grace period has run, the Lessee shall be obligated to pay the Lessor as additional rent, 5% of the outstanding base rent currently due. AN ADDITIONAL FIVE PERCENT (5%) OF THE TOTAL AMOUNT DUE IS DUE AND PAYABLE IF THE FULL AMOUNT DUE HAS NOT BEEN PAID BY THE FIFTEENTH (15TH) OF THE SAME MONTH. The parties agree that after thirty (30) days, the Lessee agrees that the default provisions of the agreement shall be fully enforced due to Lessee's breach of Lease. Failure to pay this additional rent or late charges shall constitute a default of this Lease by Lessee.
Delinquent Rent means Rent paid by a tenant after Closing who was listed on the Closing Delinquency Schedule.