Rent Arrears definition

Rent Arrears means rent that is owing after the date for the payment of the rent under a commercial lease;

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Rent Arrears for the purpose of this Paragraph shall mean Rentals (other than Percentage Rent) more than thirty (30) days past due plus Rentals (other than Percentage Rent) which are less than thirty (30) days past due if owed by a tenant which is more than thirty (30) days delinquent in the payment of Rentals applicable to the immediately prior month. With respect to any Rent Arrears arising under the Leases, Buyer shall pay to Seller on a Lease by Lease basis within the time described below any Rentals (other than Percentage Rent) actually collected that is applicable to the period preceding the Closing Date, less reasonable collection charges; provided, however, that it is hereby understood and agreed that any Rent Arrears collected by Buyer shall be applied first to unpaid Rentals accruing under the subject Lease after the Closing Date, and then, only after all such past due Rentals have been collected, to unpaid Rentals accruing under the subject Lease prior to the Closing Date; further provided, however, that with respect to delinquent Estimated Tenant Charges (as defined below), if any, under the subject Lease, in no event shall Seller receive payment in excess of the Shortfall (as defined below). Any sums owed to Seller pursuant to the foregoing shall be paid by ▇▇▇▇▇ to Seller by the tenth (10th) day of the first calendar month following the month in which payment is received by Buyer. Buyer shall deliver to Seller by the tenth (10th) day of the first full calendar month after the Closing Date and every month thereafter, a statement of the collection status of each Rent Arrears until the sooner of (i) collection of all ▇▇▇▇ ▇▇▇▇▇▇▇ and (ii) six (6) months after the Closing Date. If any Rent Arrears remain six (6) months after the Closing Date, Buyer shall deliver to Seller, within a reasonable time after request by Seller, a statement of the collection status of any remaining Rent Arrears.

Rent Arrears means any arrears of the annual rent payable by the Tenant under the Tenancy Documents but unpaid at the Date of Actual Completion, whether or not demanded.

Examples of Rent Arrears in a sentence

• A calculation of the amount of Rent Arrears is attached to this agreement and incorporated herein.

• Any failure to pay rent without permission will be treated as an accrual of rent arrears and will be addressed through Opendoor Homes Rent Arrears Collection Procedure.

• This agreement between the Participant and (“Landlord”) describes how the Participant will pay the Rent Arrears by paying an additional payment of $ (“Additional Payment”), to the Landlord each month.

• Contributor shall not have the right to ▇▇▇ or otherwise attempt to collect the same from any such Tenant after the Closing unless the Tenant is no longer a lessee at the Property; provided, however, that Contributor shall have the right to seek collection, without filing a lawsuit, of any Rent Arrears owing to Contributor from any Tenant after Closing.

• Purchaser shall deliver to Seller by the twentieth (20th) day of the first full calendar month after the Closing and every month thereafter through the twelfth (12th) month following the Closing, a statement of the collection status of each Rent Arrear until the collection of all Rent Arrears.

• Concurrent with ▇▇▇▇▇'s receipt of Seller's reconciliation statement, Seller shall pay to Buyer the aggregate amount of all Pre-closing Overpayments less any Rent Arrears (other than those then subject to dispute by the Tenant) that remain payable by the Tenants who are subject to the Pre-closing Overpayment.

• For one (1) year following the Closing, Seller shall have the right, upon reasonable notice, but no more often than once in such twelve (12) month period, to audit Purchaser’s books and records to verify the amount of Rent Arrears which has actually been collected by Purchaser.

• Should Seller take the action permitted in either item (x) or (y), Purchaser shall be relieved of and shall have no obligation to pursue the applicable Rent Arrears.

• If any Rent Arrears remain six (6) months after the Closing Date, Buyer shall deliver to Seller, within a reasonable time after request by Seller, a statement of the collection status of any remaining Rent Arrears.

• Buyer shall deliver to Seller by the tenth (10th) day of the first full calendar month after the Closing Date and every month thereafter, a statement of the collection status of each Rent Arrears until the sooner of (i) collection of all ▇▇▇▇ ▇▇▇▇▇▇▇ and (ii) six (6) months after the Closing Date.

More Definitions of Rent Arrears

Rent Arrears has the meaning ascribed to such term in Section 10.5(a).

Rent Arrears means one or more rental payments under the Tenancy Agreement that are not paid by the Tenant when they fall due.

Rent Arrears means rental payments in arrears.