Common use of Delinquent Rental Payments Clause in Contracts

Delinquent Rental Payments. Any installment of Basic Rent or Additional Rent or any other charges payable by Tenant under the provisions hereof which shall not be paid when due or within ten (10) days thereafter shall be subject to a late payment fee of two percent (2%) of the unpaid amount per month commencing on the date said payment is due ("Late Payment Fee"). Tenant acknowledges that Tenant's failure to pay Basic Rent or Additional Rent when due may cause Landlord to incur unanticipated costs. The exact amount of such costs are impractical or extremely difficult to ascertain. The parties agree that such charge specified above represents a fair and reasonable estimate of the costs Landlord will incur by reason of such late payment and acceptance of such late charge does not constitute a waiver of Tenant's default or limit any other remedy of Landlord. The late charge shall be deemed Rent and the rights to require it shall be in addition to all of Landlord's rights and remedies hereunder or at law. Notwithstanding the foregoing, Tenant shall not be subject to the late payment fee specified herein unless Landlord has given Tenant ten (10) days written notice of any payment of Additional Rent or Basic Rent that is past due ("Late Payment Notice"); provided that after Tenant's receipt of two (2) such Late Payment Notices in any Lease Year, Landlord shall no longer be required to deliver a Late Payment Notice in order to collect the late payment fee during said Lease Year. Notwithstanding the foregoing, Landlord waives its right to collect the Late Payment Fee the first time Landlord would otherwise be entitled to such a Late Payment Fee in any Lease Year.

Delinquent Rental Payments. All payments of Basic Rent and Additional Rent shall be payable without previous demand therefor and without any right of setoff or deduction whatsoever, except as specifically provided in Sections 2.3 and 12.9 hereof, and in case of nonpayment of any item of Additional Rent by Tenant when the same is due, Landlord shall have, in addition to all its other rights and remedies, all of the rights and remedies available to Landlord under the provisions of this Lease Agreement or by law in the case of nonpayment of Basic Rent. The performance and observance by Tenant of all the terms, covenants, conditions and agreements to be performed or observed by Tenant hereunder shall be performed and observed by Tenant at Tenant's sole cost and expense. Any installment of Basic Rent or Additional Rent or any other charges payable by Tenant under the provisions hereof which shall not be paid when due or within ten days after notice of such delinquency shall bear interest at an annual rate equal to two percentage points per annum in excess of the published "prime rate" or "base rates" of interest charged by NationsBank, N.A. (10South) days thereafter (or similar institution if said bank shall cease to exist or to publish such a prime rate) from the date when the same is due hereunder until the same shall be subject paid, but in no event in excess of the maximum lawful rate permitted to a late payment fee be charged by Landlord against Tenant. Said rate of interest is sometimes hereinafter referred to as the "Maximum Rate of Interest." Notwithstanding the foregoing sentence, in no event shall Landlord be obligated to provide Tenant with more than two percent (2%) notices of the unpaid amount per month commencing on the date said payment is due ("Late Payment Fee"). Tenant acknowledges that Tenant's failure to pay delinquency in the payment of Basic Rent or Additional Rent when due may cause under this Section 3.4 in any calendar year, and after delivery by Landlord to incur unanticipated costs. The exact amount of such costs are impractical or extremely difficult to ascertain. The parties agree that such charge specified above represents a fair and reasonable estimate of the costs Landlord will incur by reason of such late payment and acceptance of such late charge does not constitute a waiver of Tenant's default or limit any other remedy of Landlord. The late charge shall be deemed Rent and the rights to require it shall be in addition to all of Landlord's rights and remedies hereunder or at law. Notwithstanding the foregoing, Tenant shall not be subject to the late payment fee specified herein unless Landlord has given Tenant ten (10) days written notice of any payment of Additional Rent or Basic Rent that is past due ("Late Payment Notice"); provided that after Tenant's receipt of two (2) such Late Payment Notices notices of delinquency in any Lease Yearcalendar year during the term of this Lease, Landlord any subsequent delinquency in such calendar year shall no longer be required not require the giving of notice prior to deliver a Late Payment Notice Landlord's imposition of default interest as provided in order to collect the late payment fee during said Lease Year. Notwithstanding the foregoing, Landlord waives its right to collect the Late Payment Fee the first time Landlord would otherwise be entitled to such a Late Payment Fee in any Lease Yearthis Section 3.4.