Application of Rent Payments Sample Clauses

The Application of Rent Payments clause defines how a landlord will allocate any rent payments received from a tenant. Typically, this clause specifies the order in which payments are applied, such as first to outstanding fees, late charges, or other costs, and then to base rent. By establishing a clear hierarchy for payment application, this clause helps prevent disputes over unpaid balances and ensures that landlords can recover ancillary charges before applying funds to regular rent obligations.
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Application of Rent Payments. Trustor shall receive such Rent Payments and hold the Rent Payments, together with the right and license herein granted, as a trust fund to be applied, and Trustor hereby covenants to so apply them, as required by Beneficiary, first to the payment of taxes and assessments upon the Property before penalty or interest is due thereon; second to the costs of insurance, maintenance and repairs required by the terms of this Deed of Trust; third to satisfaction of all obligations under the Leases; and fourth to the payment of interest, principal and any other sums becoming due under the Note and Loan Documents, before using any part of the same for any other purposes; provided, however, that failure to make any payment due and payable under the Note and other Loan Documents shall not be excused by reason of Trustor's application of Rent Payments to the other items set forth above. Upon the conveyance by Trustor and its successors and assigns of Trustor's interest in the Property, all right, title, interest and powers granted under the license aforesaid shall automatically pass to and may be exercised by each subsequent owner.
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Application of Rent Payments. If any rent due Seller under the Existing Leases is not collected by Seller prior to the Time of Closing, the apportionment of rents under the Existing Leases shall be upon the basis of such rents actually received by Seller. Subsequent to the Closing, if any rents are actually received by Buyer for periods prior to the Closing, such amounts shall be first applied to the rents due to Buyer for periods occurring after the Closing and Buyer's reasonable expenses incurred in collecting any such amounts which may be delinquent, with the balance, if any, paid to Seller to the extent of any rents due to Seller for the period prior to the Closing. Buyer shall make a good faith effort to attempt to collect any rents due and owing at the Time of Closing for the benefit of Seller; provided, however, that Buyer shall not be required to expend any funds or institute any litigation in such collection efforts, and further provided that Buyer shall deduct from any rents so collected, all funds expended by Buyer (including without limitation, reasonable attorney's fees and court costs) in an attempt to collect same. In addition, Seller shall have the right, in its name or in Buyer's name, to take all steps reasonably necessary to collect any unpaid rent due to Seller, other than legal proceedings to evict any tenant or terminate any lease, which proceedings Seller shall not be entitled to commence or maintain without Buyer's written consent. Buyer agrees to cooperate with Seller in any such proceedings and to join in any such proceedings which are required to be brought in the name of the then current owner of the Premises, provided that Buyer shall incur no costs in connection therewith. The provisions of this Paragraph 13(c) shall survive the Closing.
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Application of Rent Payments. All payments of Rent that are received by the City from Lessee shall be applied first toward any accrued late payment interest, then to any other charges or fees stated in this Lease that are due and owing, then to any back Rent due and not yet paid, and then to the current Rent.
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Application of Rent Payments. If any tenant is in arrears in the payment of rent on the Closing Date, the Transferor Partnership shall distribute the right to receive such rent to the Transferor Partners immediately prior to Closing. The BRI Partnership shall act as agent for the Transferor Partners in collecting such rent. Rents received from such tenant after the Closing shall be applied in the following order of priority: (a) first to the month in which the Closing occurred; (b) then to any month or months following the month in which the Closing occurred until all unpaid rents have been paid in full; and (c) then to the period prior to the month in which the Closing occurred. After Closing, the BRI Partnership shall cause the Transferor Partnership to use reasonable efforts to collect delinquent rents attributable to the period prior to the month in which Closing occurred, provided such efforts shall not require the commencement of litigation against any such tenant. If rents or any portion thereof received by the Transferor Partners or the BRI Partnership after the Closing are payable to the other party by reason of this allocation or otherwise, the appropriate sum shall be paid to the other party within thirty (30) days from the receipt thereof, which obligation shall survive the Closing.
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Application of Rent Payments. All payments of Rent that are received by the City from Lessee shall be applied first toward any accrued late payment interest, then to any other charges or fees stated in this Lease that are due and owing, then to any back Rent due and not yet paid, and then to the current Rent.
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Application of Rent Payments. Tenant waives all rights that it may have under present or future law to designate the items to which any payments made by Tenant are to be credited. Tenant agrees that Landlord may apply any payments made by Tenant to such items as Landlord sees fit, irrespective of any designation or request by Tenant as to the items to which such payments should be credited.
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Application of Rent Payments. Subtenant waives any right it may have under present or future law to designate the items to which any payments made by Subtenant are to be credited. Sublandlord may apply any payments made by Subtenant to such items as Sublandlord sees fit, irrespective of any designation or request by Subtenant as to the items to which such payments should be credited.
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Application of Rent Payments. All monies paid by Tenant to Landlord shall be applied in the following order to such amounts then due and owing to Landlord pursuant to this Lease: (1) any unpaid Operating Costs, (2) to any utilities paid by Landlord on Tenant’s behalf, (3) interest on any amounts due and owing to Landlord, (4) reasonable attorney fees and cost incurred by Landlord, (5) late fees, (6) other amounts owed to or paid or incurred by Landlord on Tenant’s behalf (including but not limited to repairs, maintenance, taxes or insurance), and (7) then to Base Rent.
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Related to Application of Rent Payments

  • Collection of Rent In any case where State has a cause of action for damages, State shall have the privilege of splitting the cause to permit the institution of a separate suit for rent due hereunder, and neither institution of any suit, nor the subsequent entry of judgment shall bar State from bringing another suit for rent; it being the purpose of this provision to provide that the forbearance on the part of State in any suit or entry of judgment for any part of the rent reserved under this Contract, to sue for, or to include in, any suit and judgment the rent then due, shall not serve as defense against, nor prejudice a subsequent action for, rent or other obligations due under the Contract. The claims for rent may be regarded by State, if it so elects, as separate claims capable of being assigned separately.

  • Payment of Rent If the tenant is required to pre-pay rent in advance it should be selected. This is common with tenants with no or bad credit history. Section XIII.

  • Rent Payments ▇▇▇▇▇▇ agrees to pay rent to the Landlord during the term of this Lease in equal monthly installments of $975, which shall be paid on or before the first day of the month. ▇▇▇▇▇▇ agrees that if rent is not paid in full on or before 1st day of the month, Tenant will pay a late charge of $97.50 as allowed by applicable Georgia law.The prorated rent from the commencement of this Lease to the first day of the following month is $975, which amount shall be paid at the execution of this Lease. ▇▇▇▇▇▇ agrees that rent shall be paid in lawful money of the United States via the ▇▇▇▇▇ Residents App. Rent payments shall be made payable to and mailed or delivered to the following address: P.O. Box 17942 Atlanta, GA 30316. All notices from Tenant to Landlord under this Lease and applicable Georgia law shall be delivered to the above address. ▇▇▇▇▇▇ agrees that rent will be deemed paid only once Landlord or Landlord’s agent receives the rent monies, either by mail or by delivery to the above address. If there are multiple Tenants signed to this Lease, all such Tenants are jointly, severally and individually bound by, and liable under, the terms and conditions of this Lease. A judgment entered against one Tenant shall be no bar to an action against other Tenants.

  • Calculation of Rent All calculation of Rent payable hereunder shall be computed based on the actual number of days elapsed over a year of three hundred sixty (360) days or, to the extent such Rent is based on the Prime Lending Rate, three hundred sixty-five (365) (or three hundred sixty-six (366), as applicable) days.

  • Collection of Rents Upon the occurrence of an Event of Default, the license granted to Mortgagor to collect the Rents shall be automatically and immediately revoked, without further notice to or demand upon Mortgagor. Mortgagee may, but shall not be obligated to, exercise any or all of the rights and remedies provided in Section 697.07 of the Florida Statutes and perform any or all obligations of the landlord under any or all of the Leases, and Mortgagee may, but shall not be obligated to, exercise and enforce any or all of Mortgagor’s rights under the Leases. Without limiting the generality of the foregoing, Mortgagee may notify the tenants under the Leases that all Rents are to be paid to Mortgagee, and following such notice all Rents shall be paid directly to Mortgagee and not to Mortgagor or any other Person other than as directed by Mortgagee, ▇▇ ▇▇▇▇g understood that a demand by Mortgagee on any tenant under the Leases for the payment of Rent shall be sufficient to warrant payment by such tenant of Rent to Mortgagee without the necessity of further consent by Mortgagor. Mortgagor hereby irrevocably authorizes and directs the tenants under the Leases to pay all Rents to Mortgagee instead of to Mortgagor, upon receipt of written notice from Mortgagee, without the necessity of any inquiry of Mortgagor ▇▇▇ ▇▇▇▇out the necessity of determining the existence or non-existence of an Event of Default. Mortgagor hereby appoints Mortgagee as Mortgagor’▇ ▇▇▇▇▇▇ey-in-fact with full power of substitution, which appointment shall take effect upon the occurrence of an Event of Default and is coupled with an interest and is irrevocable prior to the full and final payment and performance of the Obligations, in Mortgagor’▇ ▇▇▇▇ ▇r in Mortgagee’s name: (a) to endorse all checks and other instruments received in payment of Rents and to deposit the same in any account selected by Mortgagee; (b) to give receipts and releases in relation thereto; (c) to institute, prosecute and/or settle actions for the recovery of Rents; (d) to modify the terms of any Leases including terms relating to the Rents payable thereunder; (e) to cancel any Leases; (f) to enter into new Leases; and (g) to do all other acts and things with respect to the Leases and Rents which Mortgagee may deem necessary or desirable to protect the security for the Obligations. Any Rents received shall be applied first to pay all Expenses and next in reduction of the other Obligations. Mortgagor shall pay, on demand, to Mortgagee, the amount of any deficiency between (i) the Rents received by Mortgagee, and (ii) all Expenses incurred together with interest thereon as provided in the Loan Agreement and the other Loan Documents.