Delinquent Rent Payments Sample Clauses
The Delinquent Rent Payments clause establishes the procedures and consequences when a tenant fails to pay rent on time. Typically, this clause outlines the grace period allowed for late payments, any late fees that may be charged, and the steps the landlord may take if the rent remains unpaid, such as issuing notices or beginning eviction proceedings. Its core function is to incentivize timely rent payments and provide a clear framework for addressing late or missed payments, thereby protecting the landlord’s financial interests and ensuring predictability in the rental relationship.
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Delinquent Rent Payments. If any installment of Base Rent or Additional Rent is not paid within five (5) days of when due (whether such Additional Rent is being paid on an installment or other basis), then such unpaid installment of Rent will bear interest five (5) days from the date such installment of Rent became due to the date of the payment thereof by Tenant at a rate (the “Default Rate”) equal to the lesser of (a) five percent (5%) annually over the prime rate of interest announced, from time to time, by Bank of America, N.A., or if at any time Bank of America, N.A. or its successor in interest does not announce its prime rate of interest, then the prime rate of interest published from time to time in The Wall Street Journal, Eastern Edition, in the section entitled “Money Rates” (the “Prime Rate”), or (b) the maximum interest rate then allowed by Applicable Laws. If Tenant fails to pay any such installment of Rent within five (5) days of the date when such installment was due, Tenant will also pay to Landlord a late payment charge equal to five percent (5%) of the amount of such installment of Rent. Any interest or late payment charges paid by Tenant will not relieve Tenant from its obligation to pay any other amounts due under this Section 3 or any other provision of this Lease. Such interest and late payment charges will constitute Additional Rent due with the next monthly installment of Base Rent and, where applicable, Additional Rent. If Landlord does not ▇▇▇▇ Tenant for such interest or such late payment charges at the time of their respective accruals, such fact will not constitute Landlord’s waiver of its right to accumulate such interest and charges and to invoice Tenant on a periodic basis, nor will Landlord’s acceptance of any payment from, or by Landlord’s furnishing services to, a party other than Tenant constitute Landlord’s waiver of its right to such interest and charges or to any other amount owed or that becomes payable to it hereunder.
Delinquent Rent Payments. In the event that payments to the Lessor for rent or other fees or charges are not received by the Lessor on or before the eighth day following the due date, Lessee shall pay a late rental charge of Two Percent (2.0%) of the rent amount due for that month. All rent and other payments which are past due more than thirty (30) days shall accrue simple interest at the rate of eighteen percent (18.0%) annually or (b) the maximum percentage rate allowed by law, whichever is less.
Delinquent Rent Payments. If Tenant does not pay any installment of Rent within five (5) days after the date the payment is due, Tenant will pay Landlord, as Additional Rent, a late payment charge equal to five percent (5%) of the amount of the delinquent payment. Further, in addition to such late charge and not in lieu thereof, if Tenant does not pay any installment of Rent within thirty (30) days after the date the payment is due, Tenant will pay Landlord, as Additional Rent, interest on the delinquent payment calculated at the lesser of (i) ten percent (10%) per annum or (ii) the maximum rate allowable by applicable law (the “Interest Rate”) from the date when the payment is due through the date the payment is made. Landlord’s right to such compensation for Tenant’s delinquency is in addition to all of Landlord’s rights and remedies under this Lease, at law or in equity.
Delinquent Rent Payments. Any installment of rent, or any additional rent, which is not received by Landlord within five (5) days after the same becomes due and payable, and receipt of written notice of such nonpayment, shall obligate Tenant to pay, as additional rent, a late fee equal to the amount owed with a late payment fee of five percent (5%) of the outstanding balance, plus for each and every month or part thereof that such rent remains unpaid, an interest cost of prime plus eight percent (8%) but in no event higher than the interest rate permitted by law, said additional rent to be payable with the next monthly installment of rent. In addition, if the Tenant defaults in the making of any payment or the doing of any act herein required to be made or done by Tenant, then the Landlord may, but shall not be required to, make such payment or do such act, and the amount of the expense thereof, if made or done by Landlord, shall be paid by Tenant to Landlord together with a late payment fee of five (5%) of the outstanding balance, plus for each and every month or part thereof that such amount remains unpaid, an interest cost of prime plus eight percent (8%) but in no event higher than the interest rate permitted by law, which amount shall constitute additional rent hereunder due and payable with the next monthly installment of rent. The provisions of this Paragraph shall not be deemed to affect Landlord's right to pursue any of its remedies under Article 20 hereof.
Delinquent Rent Payments. If any part of the rent is due and in arrears for five (5) days, a fee of $30.00 for additional rent will be charged. No demand for rent, either in writing or oral is required. If any part of the rent is due and in arrears for fifteen
Delinquent Rent Payments. If Tenant does not pay any installment of Base Rent or any other payment due under this Lease within ten (10) business days after written notice from Landlord to Tenant stating that the same is past due and owing, Tenant will pay Landlord interest on any delinquent payment calculated at the Interest Rate from the date when the payment is due through the date the payment is made. Landlord's right to receive such interest and the Late Fee (as hereinafter defined) for the delinquency is in addition to all of Landlord's rights and remedies under this Lease, at law or in equity. Interest shall begin to accrue on the date that Tenant fails to pay such amounts when due. In addition, if Landlord delivers written notice of default to Tenant with respect to more than two (2) failures by Tenant to pay when due any installment of Base Rent or any other payment due under this Lease in any twelve (12) month period, then for any additional failure by Tenant to pay any installment of Base Rent or any other payment when due under this Lease in such twelve (12) month period, Tenant shall pay a late fee equal to two percent (2%) of each such delinquent payment (the “Late Fee”), which shall be due and payable to Landlord immediately after demand therefor.
Delinquent Rent Payments. All rent and other payments which are past due more than five (5) days shall accrue simple interest at the rate of (i) eight percent (8.0%) annually, or (ii) the maximum percentage rate allowed by law, whichever is less. Notwithstanding anything to the contrary in this Article 3.04, if at the time performance of the provisions set forth in this Article 3.04 becomes due, the interest to be paid in accordance with this Article 3.04 exceeds the limits on the payment of interest established by law, then the amount of interest to be paid shall be reduced to the maximum limit allowed by law; furthermore, if, from any circumstances, City should ever receive as interest an amount that would exceed the highest lawful rate, the amount that would be excessive interest shall be applied to the payment of rent owing pursuant to the provisions of this Lease Agreement and not to the payment of interest.
Delinquent Rent Payments. If the rent is not received in its entirety within four (4) days of the due date, the resident is subject to a charge of fifty dollars ($50.00) late charge plus an additional five dollars ($5.00) per day. Failure by the owner to enforce this provision in any one month shall not prevent the owner from subsequently enforcing the same. Delivery via USPS or other modes are at resident’s risk. Payments should be received at our office by the first of the month.
Delinquent Rent Payments. If the OWNER fails to receive TENANT’s monthly rent payment on or before the close of business on the fifth (5th) day after the due date, the TENANT will pay an additional sum of TWENTY-FIVE DOLLARS ($25.00) which will be paid along with the rent. Should the rent payment be delinquent for more than three (3) either consecutive or non-consecutive times during the lease period, the OWNER has the right to proceed under the TERMINATION paragraph (33) below to terminate the lease.
Delinquent Rent Payments. In addition to Lessors’ remedies for Lessee’s failure to timely pay rent described under paragraph 8(a), if any payment of Rent is not paid within fifteen (15) days after the due date, then such past-due payment will bear interest at the lesser of (i) the maximum non-usurious rate of interest or (ii) Prime Rate plus two percent (2%) per annum calculated from the fifteenth (15th) day after the due date until paid. In addition to the late payment interest charge, a late charge of Five Thousand and No/100 Dollars ($5,000) shall be added to each Rent payment not paid within fifteen (15) days after the due date. In no event shall such late payment interest charge and late payment charge (total of both) exceed the maximum allowed by the then current laws of the State of Mississippi and, in the event such charges (total of both) exceed such maximum allowed by the then current laws of the State of Mississippi, then the maximum late fee as allowed by the then current law of the State of Mississippi shall be due and payable. The late payment interest charge and late payment charge are to compensate the Lessors for the additional costs incurred in collecting the Rent and/or for liquidated damages and are not a penalty. The term “Prime Rate” means the prime rate reported (on the business day closest to the relevant day) by the Wall Street Journal, or its successors, in its Money Rates chart in the Money & Investing section (or such successor section). If the Wall Street Journal, or its successor, is not longer published, then the prime rate reported by the largest (measured by assets) bank based in the United States will be the Prime Rate. The parties agree the late payment interest charge and late payment charge do not create a Lender and Debtor relationship between the parties and do not constitute a finance charge.