Common use of Failure of Payment of Money Clause in Contracts

Failure of Payment of Money. (i) Failure of Developer to pay any Rent, Additional Rent or Public Charges or any other payments of money as herein-provided or required when due. In the event that any Rent, Additional Rent, Public Charges or other payment of money is not paid to the City on the date the same becomes due and payable, the City shall give Developer Notice and a fifteen (15)- day grace period to pay same; (ii) If Developer fails to pay the amount due to the City within the fifteen (15)-day grace period, Developer shall then pay the delinquent payment plus a late fee equal to five percent (5%) of the amount then due and owning no later than the 30th day after the date said payment was due, the failure of which shall entitle the City to collect the greater of the late fee or interest (at the Default Rate) due thereon until paid; (iii) In addition to the foregoing, but only after the fifteen (15)-day grace period terminates, the City will be entitled to proceed to exercise any and all remedies provided herein for a Developer Event of Default; and (iv) All payments of money required to be paid to the City by Developer under this Lease other than Rent, including without limitation, interest, late fees, penalties and contributions, shall be treated as Additional Rent.

Failure of Payment of Money. (i) Failure of Developer SAMP to pay any Rent, Additional Rent or Public Charges or any other payments of money as herein-herein provided or required when due. In the event that any Rent, Additional Rent, Public Charges or other payment of money is not paid to the City on the date the same becomes due and payable, the City shall give Developer Notice SAMP written notice and a fifteen (15)- day 15)-day grace period following delivery of that notice to pay samesame prior to such failure being deemed an "Event of Default"; (ii) If Developer SAMP fails to pay to the City the amount due to the City within the fifteen (15)-day 15) day grace period, Developer SAMP shall then pay the delinquent payment plus a late fee equal to five percent (5%) of the amount then due and owning no later than the 30th day after the date said payment was due, the failure of which shall entitle the City to collect the greater of the late fee or interest (at the Default Rate) due thereon until paid; (iii) In addition to the foregoing, but only after the fifteen (15)-day grace period terminates, the City will be entitled to proceed to exercise any and all remedies provided herein for a Developer SAMP Event of Default; and (iv) All payments of money required to be paid to the City by Developer under this Lease other than Rent, including without limitation, interest, late fees, penalties and contributions, shall be treated as Additional Rent.or