Common use of Failure to Pay Rent; Late Charge Clause in Contracts

Failure to Pay Rent; Late Charge. a) If Lessee fails to pay rent due hereunder at the time it is due and payable, such unpaid amounts shall bear interest at the rate of ten percent (10%) per year from the date due to the date of payment, computed on the basis of monthly compounding with actual days elapsed compared to a 360-day year. In addition to such interest, the late payment by Lessee of any rent due hereunder will cause City to incur certain costs and expenses not contemplated under this Lease, the exact amount of which costs being extremely difficult or impracticable to fix. Such costs and expenses will include, without limitation, administrative and collection costs, and processing and accounting expenses. Therefore, if any such rent is not received by City within ten (10) business days following the due date, Lessee shall immediately pay to City a late charge equal to five percent (5%) of such overdue amount. This late charge represents a reasonable estimate of such costs and expenses and is fair compensation to City for its loss caused by Lessee's nonpayment. Should Lessee pay said late charge but fail to pay contemporaneously therewith all unpaid amounts of rent due hereunder, City's acceptance of this late charge shall not constitute a waiver of Lessee's default with respect to such nonpayment by Lessee nor prevent City from exercising all other rights and remedies available to City under this Lease or under law.

Failure to Pay Rent; Late Charge. a) If Lessee fails to pay rent due hereunder at the time it is due and payable, such unpaid amounts shall bear interest at the rate of ten percent (10%) per year from the date due to the date of payment, computed on the basis of monthly compounding with actual days elapsed compared to a 360-day year. In addition to such interest, the late payment by Lessee of any rent due hereunder will cause City County to incur certain costs and expenses not contemplated under this Lease, the exact amount of which costs being extremely difficult or impracticable to fix. Such costs and expenses will include, without limitation, administrative and collection costs, and processing and accounting expenses. Therefore, if any such rent is not received by City County within ten (10) business days following the due date, Lessee shall immediately pay to City County a late charge equal to five percent (5%) of such overdue amount. This late charge represents a reasonable estimate of such costs and expenses and is fair compensation to City County for its loss caused by Lessee's nonpayment. Should Lessee pay said late charge but fail to pay contemporaneously therewith all unpaid amounts of rent due hereunder, CityCounty's acceptance of this late charge shall not constitute a waiver of Lessee's default with respect to such nonpayment by Lessee nor prevent City County from exercising all other rights and remedies available to City County under this Lease or under law.

Failure to Pay Rent; Late Charge. a) If Lessee Xxxxxx fails to pay rent due hereunder at the time it is due and payable, such unpaid amounts shall bear interest at the rate of ten percent (10%) per year from the date due to the date of payment, computed on the basis of monthly compounding with actual days elapsed compared to a 360-day year. In addition to such interest, the late payment by Lessee Xxxxxx of any rent due hereunder will cause City to incur certain costs and expenses not contemplated under this Lease, the exact amount of which costs being extremely difficult or impracticable to fix. Such costs and expenses will include, without limitation, administrative and collection costs, and processing and accounting expenses. Therefore, if any such rent is not received by City within ten (10) business days following the due date, Lessee shall immediately pay to City a late charge equal to five percent (5%) of such overdue amount. This late charge represents a reasonable estimate of such costs and expenses and is fair compensation to City for its loss caused by LesseeXxxxxx's nonpayment. Should Lessee Xxxxxx pay said late charge but fail to pay contemporaneously therewith all unpaid amounts of rent due hereunder, City's acceptance of this late charge shall not constitute a waiver of LesseeXxxxxx's default with respect to such nonpayment by Lessee nor prevent City from exercising all other rights and remedies available to City under this Lease or under law.