Common use of Collections and Payments Clause in Contracts

Collections and Payments. Subject to the prorations to be made pursuant to this Section 8 , after the Closing Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing; provided, however, if any Tenant sends payments to Seller after the Closing, Seller shall deposit such payments to its bank account, and promptly after such payment has cleared, pay to Buyer any portion of such payment to which Buyer is entitled under the provisions of this Section 8 . Buyer shall use reasonable efforts consistent with prudent business practices (but shall not be required to initiate legal proceedings and/or to evict any Tenant) to collect rents or other amounts payable under the Leases that were delinquent as of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from the Closing Date through the end of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease.

Collections and Payments. Subject to the prorations to be made pursuant to this Section 8 8, after the Closing Buyer shall collect all revenues and pay all expenses with respect to the Property, even if such revenues and expenses relate to periods before the Closing; provided, however, if . If any Tenant sends payments to Seller after the Closing, Seller shall deposit promptly forward such payments checks to its bank accountBuyer. For a period of six (6) months after the Closing Date, and promptly after such payment has cleared, pay to Buyer any portion of such payment to which Buyer is entitled under the provisions of this Section 8 . Buyer shall use reasonable efforts consistent with prudent business practices (but shall not be required without the obligation to initiate institute legal proceedings and/or to evict any Tenantaction) to collect rents or other amounts payable under the Leases that were delinquent as of the Closing Date or that relate to a period before the Closing. To the extent such delinquent rents and other amounts are collected by Buyer, Buyer may deduct from the amount owed to Seller an amount equal to the out-of-pocket third-party collection costs (including attorneys’ fees and costs) actually incurred by Buyer in collecting such rents and other amounts due to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Tenant which owed rent that was delinquent as of the Closing Date or that relates to any period prior to the Closing Date shall be applied first, to such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods from and after the Closing Date through the end of the month in which such payment is made, in such order as Buyer may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such Tenant’s unpaid monetary obligations under the applicable Lease with respect to any periods before the Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Buyer for application against such Tenant’s future obligations under the applicable Lease. Prior to the Closing, Seller shall send to the Tenants final reconciliation of Additional Rents for the 2015 calendar year. If, as of the Closing, any Tenant owes payments to Seller pursuant to the reconciliation of Additional Rents for the 2015 calendar year, the same shall be handled in the manner provided for collection of delinquent rents as provided above in this Section 8.1(b). If, as of the Closing, Seller owes payments to any Tenant(s) pursuant to the reconciliation of Additional Rents for the 2015 calendar year, Seller shall provide a credit to Buyer for the total amount so owed, and Buyer shall assume the obligation to refund the amounts owing to the applicable Tenant(s) or to credit the same against the future rent obligations of such Tenant(s). From and after the Closing Date, Seller shall have no further right to collect any such rents and other sums from Tenants.