UNCOLLECTED RENTS AND TO TAKE REASONABLE ACTIONS TO COLLECT
UNCOLLECTED RENTS AND SHALL TURN OVER THE SAME TO SELLER PROMPTLY AFTER SUCH
COLLECTION.
AFTER THE CLOSING, SELLER SHALL HAVE NO RIGHT TO DEMAND PAYMENT OF
AND TO COLLECT UNCOLLECTED RENTS (EXCEPT TO THE EXTENT PURCHASER HAS COLLECTED
SUCH UNCOLLECTED RENTS BUT HAS NOT PAID THE SAME TO SELLER).
(B)
ON THE CLOSING DATE, 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 EXISTING IN SELLER'S ACCOUNTS AS
OF THE CLOSING DATE, INCLUDING, BUT NOT LIMITED TO, SECURITY, DAMAGE OR OTHER
REFUNDABLE DEPOSITS OR REQUIRED TO BE 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 AGREEMENT (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.
(C)
WITH RESPECT TO UTILITY CHARGES AND OTHER OPERATING COST
PASS-THROUGHS ("UTILITY COSTS"), WHICH ARE PASSED THROUGH AND PAYABLE BY TENANTS
UNDER THE TENANT LEASES FOR A PROPERTY, THERE SHALL BE NO PRORATIONS OR CREDITS
AT CLOSING.
ANY AND ALL PAYMENTS FOR THE AFOREMENTIONED ITEMS RECEIVED BY
PURCHASER AFTER THE CLOSING SHALL BE RETAINED BY PURCHASER REGARDLESS OF WHEN
THEY WERE BILLED (OR SHOULD HAVE BEEN BILLED) BY SELLER.
ANY AND ALL PAYMENTS
FOR UTILITY COSTS RECEIVED BY SELLER PRIOR TO THE CLOSING, EVEN FOR A PERIOD
APPLICABLE SUBSEQUENT TO THE CLOSING DATE, SHALL BE RETAINED BY SELLER.
SELLER
SHALL HAVE THE RIGHT TO CONTINUE TO BILL TENANTS FOR UTILITY COSTS THROUGH THE
CLOSING DATE, BUT ONLY IN THE ORDINARY COURSE OF SELLER'S BUSINESS (PROVIDED
THAT SELLER SHALL BE ENTITLED TO SUBMIT BILLS FOR UTILITY COSTS TO TENANTS
THROUGH THE END OF JULY, BUT AT NO TIME THEREAFTER).
AFTER THE CLOSING DATE,
SELLER'S RIGHT TO COLLECT SUCH SUMS FOR UTILITY COSTS (INCLUDING THOSE
PREVIOUSLY BILLED FOR BUT UNCOLLECTED AS OF THE CLOSING DATE) SHALL CEASE,
PROVIDED THAT PURCHASER AGREES TO TAKE REASONABLE ACTIONS TO COLLECT SUCH
UTILITY COSTS SUMS AND SHALL TURN OVER THE SAME TO SELLER PROMPTLY AFTER SUCH
COLLECTION.
IN ADDITION, UPON THE TERMINATION OF A TENANT'S TENANCY AT A
PROPERTY, PURCHASER AGREES TO BILL SUCH TENANT FOR ANY OUTSTANDING UTILITY COSTS
INCURRED BUT NOT PAID DURING SELLER'S OWNERSHIP OF THE PROPERTY (REGARDLESS OF
WHETHER BILLED TO SUCH TENANT BY SELLER PRIOR TO CLOSING), AS SUCH BILL WILL BE
PROVIDED