Apportionment of rent, reconciliation of service charge and arrears—sale contract clause
Apportionment of rent, reconciliation of service charge and arrears—sale contract clause

The following Property guidance note provides comprehensive and up to date legal information covering:

  • Apportionment of rent, reconciliation of service charge and arrears—sale contract clause
  • Schedule 1Occupational Leases
  • Schedule 2Assignment of arrears

  1. 1

    Definitions

  2. Arrears

    1. the amounts due from the Tenants up to and including Completion but which have not been received by the Seller or its agents as cleared funds before Completion;

    Completion

    1. the date that the Transfer of the Property to the Buyer is actually completed and references in the Standard Conditions to 'actual completion' are to be read accordingly;

    Completion Date

    1. [insert date];

    Occupational Leases

    1. the leases[, licences] and supplemental documents listed in Schedule 1 and any other supplemental document entered into by the Seller in connection with the management of the Property between today and Completion [in accordance with the terms of this Agreement];

    Standard Conditions

    1. the Standard Commercial Property Conditions (Second Edition) and references to 'Part 1 Conditions' and 'Part 2 Conditions' are to the conditions so designated within the Standard Conditions;

    Tenants

    1. any person in occupation under the Occupational Leases;

    VAT

    1. value added tax payable by virtue of Value Added Tax Act 1994 or any similar tax levied in addition to or by way of replacement for VAT.

  3. 2

    Interpretation

    1. 2.1

      Words and phrases defined in the Standard Conditions have the same meaning in this Agreement, unless they have been defined.

    2. 2.2

      Clause headings are for reference only and