Common use of Delinquent Rent Payments Clause in Contracts

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 xxxx 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. 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 xxxx bxxx 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.