FOR THE PERIOD PRIOR TO CLOSING TO BE
REMITTED TO SELLER IF, AS, AND WHEN COLLECTED.
ADDITIONALLY, THERE SHALL BE NO
PRORATION OF ANY RENT THAT A TENANT UNDER A LEASE DELIVERS TO EITHER PURCHASER
OR SELLER THAT SUCH TENANT HAS IDENTIFIED, AT THE TIME OF SUCH DELIVERY, AS
CONSTITUTING PAYMENT OF RENT DUE FOR A MONTH OR OTHER PERIOD OF TIME PRIOR TO
CLOSING.
IF PURCHASER RECEIVES ANY SUCH DELINQUENT RENT, PURCHASER SHALL CAUSE
SUCH RENT TO BE REMITTED TO SELLER IF, AS, AND WHEN COLLECTED.
AT CLOSING,
SELLER SHALL DELIVER TO PURCHASER A SCHEDULE OF ALL SUCH DELINQUENT RENT.
PURCHASER SHALL INCLUDE THE AMOUNT OF DELINQUENT RENT IN THE FIRST BILLS
THEREAFTER SUBMITTED TO THE TENANTS IN QUESTION AFTER THE CLOSING, AND SHALL
CONTINUE TO DO SO FOR TWO (2) MONTHS THEREAFTER.
PURCHASER SHALL PROMPTLY
DELIVER TO SELLER A COPY OF EACH SUCH BILL SUBMITTED TO TENANTS.
AFTER SUCH TWO
(2) MONTH PERIOD, SELLER MAY PURSUE REMEDIES DIRECTLY AGAINST DELINQUENT
TENANTS, BUT MAY NOT SUE TO EVICT OR OTHERWISE DISPOSSESS SUCH TENANTS.
PURCHASER SHALL HAVE NO OBLIGATION TO INSTITUTE ANY LITIGATION OR INCUR ANY
OUT-OF-POCKET COSTS TO COLLECT ANY SUCH DELINQUENT RENT. EXCEPT AS OTHERWISE
EXPRESSLY SET FORTH IN THIS SECTION 4.3.2, ANY AMOUNTS OF DELINQUENT RENT
COLLECTED BY PURCHASER AFTER CLOSING SHALL BE APPLIED FIRST TO CHARGES AS ARE
DUE AND PAYABLE OR DELINQUENT FOR THE PERIOD FROM AND AFTER THE CLOSING DATE.
4.3.3
COSTS RELATING TO NEW LEASES.
ANY TENANT IMPROVEMENT COSTS,
LEASING COMMISSIONS OR OTHER LEASING COSTS PAID OR PAYABLE PURSUANT TO ANY NEW
LEASE (AS HEREINAFTER DEFINED) ENTERED INTO IN ACCORDANCE WITH SECTION 9.3.1
SHALL BE PRORATED OVER THE TERM OF SUCH NEW LEASE, WITH SELLER BEING RESPONSIBLE
FOR A PORTION OF SUCH COSTS AND COMMISSIONS BASED ON THE RATIO OF BASE RENT
PAYMENTS RECEIVED BY SELLER THROUGH THE CLOSING DATE TO THE TOTAL BASE RENT
PAYABLE OVER THE TERM OF SUCH NEW LEASE.
4.3.4
SECURITY DEPOSITS; UTILITY DEPOSITS.
PURCHASER SHALL RECEIVE A
CREDIT AT CLOSING IN THE AMOUNT OF ANY UNAPPLIED CASH SECURITY DEPOSITS UNDER
THE LEASES.
IN ADDITION, SELLER SHALL ASSIGN (TO THE EXTENT ASSIGNABLE) AND
DELIVER TO PURCHASER AT CLOSING ANY AND ALL LETTERS OF CREDIT AND OTHER
INSTRUMENTS HELD BY SELLER AS SECURITY DEPOSITS UNDER LEASES.
SELLER SHALL
RECEIVE A CREDIT AT CLOSING IN THE AMOUNT OF ALL REFUNDABLE CASH OR OTHER
DEPOSITS POSTED WITH UTILITY COMPANIES SERVICING THE PROPERTY WHICH ARE DULY
ASSIGNED TO PURCHASER AT CLOSING.
5
4.3.5
UTILITIES.
WATER, ELECTRIC, TELEPHONE AND ALL OTHER UTILITY AND
FUEL CHARGES, FUEL ON HAND (AT COST PLUS SALES TAX), AND ANY OTHER PAYMENTS TO
UTILITY COMPANIES SHALL BE PRORATED.
IF POSSIBLE, UTILITY PRORATIONS WILL BE
HANDLED BY FINAL METER READINGS ON THE CLOSING DATE.
IF FINAL READINGS ARE NOT
POSSIBLE, OR IF ANY SUCH CHARGES ARE NOT SEPARATELY METERED, SUCH CHARGES WILL
BE PRORATED BASED ON THE MOST RECENT PERIOD FOR WHICH COSTS ARE AVAILABLE.
4.3.6
SERVICE CONTRACTS.
AMOUNTS DUE AND PREPAYMENTS UNDER THE SERVICE
CONTRACTS ASSUMED BY PURCHASER