Application of Rent from Re. letting. Upon each such re-letting described above, all rentals received by the Landlord from the re-letting shall be applied first to the payment of any indebtedness other than rent due hereunder from the Tenant to Landlord; second to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by Landlord and applied in payment of future rent on the same basis as listed herein and as the rentals may become due and payable hereunder. If sub-letting rentals received during any month after deduction for non-rent obligations of Tenant to Landlord as described above are less than that to be paid during that month by Tenant hereunder, Tenant shall pay the deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Tenant shall have no right to any excess rental.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Intracel Corp), Commercial Lease Agreement (Intracel Corp)