DAMAGES AND, IN NO EVENT, SHALL SELLER SEEK TO EVICT ANY TENANTS IN ANY
ACTION TO COLLECT UNCOLLECTED RENTS.
PURCHASER AGREES TO COOPERATE WITH SELLER
AT NO MATERIAL COST OR LIABILITY TO PURCHASER IN CONNECTION WITH ALL EFFORTS BY
SELLER TO COLLECT SUCH UNCOLLECTED RENTS AND TO TAKE ALL REASONABLE STEPS AFTER
THE CLOSING DATE, AS MAY BE NECESSARY TO CARRY OUT THE INTENTION OF THE
FOREGOING; PROVIDED, HOWEVER, THAT PURCHASER'S OBLIGATION TO COOPERATE WITH
SELLER PURSUANT TO THIS SENTENCE SHALL NOT OBLIGATE PURCHASER TO TERMINATE ANY
TENANT LEASE WITH AN EXISTING TENANT OR EVICT ANY EXISTING TENANT FROM THE
PROPERTY.
AT CLOSING, PURCHASER SHALL RECEIVE A CREDIT AGAINST THE
PURCHASE PRICE IN AN AMOUNT EQUAL TO THE RECEIVED AND UNAPPLIED BALANCE OF ALL
CASH (OR CASH EQUIVALENT) TENANT DEPOSITS, INCLUDING, BUT NOT LIMITED TO,
SECURITY, DAMAGE, PET OR OTHER REFUNDABLE DEPOSITS PAID BY ANY OF THE TENANTS TO
SECURE THEIR RESPECTIVE OBLIGATIONS UNDER THE LEASES, TOGETHER, IN ALL CASES,
WITH ANY INTEREST PAYABLE TO THE TENANTS THEREUNDER AS MAY BE REQUIRED BY THEIR
RESPECTIVE TENANT LEASE OR STATE LAW (THE "TENANT SECURITY DEPOSIT BALANCE").
ANY CASH (OR CASH EQUIVALENTS) HELD BY SELLER WHICH CONSTITUTES THE TENANT
SECURITY DEPOSIT BALANCE SHALL BE RETAINED BY SELLER IN EXCHANGE FOR THE
FOREGOING CREDIT AGAINST THE PURCHASE PRICE AND SHALL NOT BE TRANSFERRED BY
SELLER PURSUANT TO THIS CONTRACT (OR ANY OF THE DOCUMENTS DELIVERED AT CLOSING),
BUT THE OBLIGATION WITH RESPECT TO THE TENANT SECURITY DEPOSIT BALANCE
NONETHELESS SHALL BE ASSUMED BY PURCHASER.
THE TENANT SECURITY DEPOSIT BALANCE
SHALL NOT INCLUDE ANY NON-REFUNDABLE DEPOSITS OR FEES PAID BY TENANTS TO SELLER,
EITHER PURSUANT TO THE LEASES OR OTHERWISE.
PURCHASER HEREBY AGREES THAT, FROM
AND AFTER THE CLOSING, PURCHASER SHALL HOLD ALL TENANT DEPOSITS ACTUALLY
RECEIVED FROM SELLER AT THE CLOSING (BY MEANS OF A CLOSING CREDIT) IN A TRUST
ACCOUNT IN ACCORDANCE WITH THE RESIDENTIAL LANDLORD TENANT ACT OF THE STATE OF
WASHINGTON (RCW 59.18.270), WHICH OBLIGATION WILL SURVIVE THE CLOSING.
5.4.7
LUMP SUM PAYMENTS.
NOTWITHSTANDING THE PROVISIONS OF SECTION 5.4,
IF SELLER SHALL RECEIVE DURING THE TERM OF THIS CONTRACT, OR SHALL HAVE RECEIVED
AT ANY TIME WITHIN THE TWELVE (12)-MONTH PERIOD PRECEDING THE EFFECTIVE DATE,
ANY LUMP SUM OR INSTALLMENT PAYMENT FROM ANY VENDOR OR SERVICE PROVIDER TO THE
PROPERTY WITH RESPECT TO A PROPERTY CONTRACT THAT WILL BE ASSIGNED TO PURCHASER
UNDER SECTION 3.6, INCLUDING BUT NOT LIMITED TO CABLE TELEVISION, HIGH-SPEED
INTERNET, UTILITY BILLING SERVICE, OR OTHER VENDORS OR SERVICE PROVIDERS, SUCH
PAYMENTS SHALL BE AMORTIZED ON A STRAIGHT-LINE BASIS OVER THE TERM COVERED BY
SUCH LUMP-SUM PAYMENT, EXCLUDING ANY UNEXERCISED EXTENSION OR RENEWAL PERIODS,
AND THE PORTION OF SUCH PAYMENT ATTRIBUTABLE TO THE PERIOD FROM AND AFTER
CLOSING, IF ANY, SHALL BE CREDITED TO PURCHASER AT THE CLOSING.
5.4.8
INSURANCE.
NO PRORATION SHALL BE MADE IN RELATION TO INSURANCE
PREMIUMS AND INSURANCE POLICIES WILL NOT BE ASSIGNED TO PURCHASER.
SELLER SHALL
HAVE THE RISK OF LOSS OF THE PROPERTY UNTIL 11:59 P.M. THE DAY PRIOR TO