Interest Charge and Late Charge Sample Clauses

Interest Charge and Late Charge. Tenant acknowledges that its late payment of any Rent will cause Landlord to incur certain costs and expenses not contemplated under this Lease, the exact amount of which is extremely difficult or impractical to fix. Therefore, if any payment of Rent, or any portion thereof, is not received by Landlord within five (5) days of the date when due, Tenant shall immediately pay to Landlord a late charge equal to three percent (3%) of the unpaid amount (“Late Charge”). In the event that any overdue payment of Rent is not paid within one (1) month of the due date thereof, an additional Late Charge equal to one percent of the unpaid amount may be charged by Landlord, and Landlord may charge an additional one percent of the unpaid amount so over due for each additional month, or fraction thereof, during which any such payment remains past due. Landlord and Tenant agree that the Late Charge represents a reasonable estimate of costs and expenses incurred by Landlord from, and is fair compensation to Landlord for, its loss suffered by such non payment by Tenant. Any amount due from Tenant to Landlord under this Lease, other than the payment of Rent, not paid when due shall bear interest from the date when the same is payable under the terms of this Lease until the same shall be paid at an annual rate of interest equal to twelve percent per annum (the “Delinquency Rate”).

Interest Charge and Late Charge. Tenant acknowledges that its late payment of any Base Rent or additional rent will cause Landlord to incur certain costs and expenses not contemplated under this Lease, the exact amount of which is extremely difficult or impractical to fix. Such costs and expenses will include without limitation, late charges, loss of use of money, administrative, legal and collection costs and processing and accounting expenses. Therefore, if any payment of Rent is not received by Landlord on or before the second day after due (if such payment does not result in a late payment charge from Landlord’s mortgage lender) or otherwise on the date when due, Tenant agrees to immediately pay to Landlord a late charge equal to five percent (5%) of the unpaid amount (“Late Charge”). If any overdue payment of Rent is not paid within one (1) month of the due date, an additional Late Charge equal to four percent (4%) of the unpaid amount may be charged by Landlord and Landlord may charge an additional four percent (4%) of the unpaid amount so over due for each additional month, or part of month, during which any such payment remains past due. The Late Charge applies to each required payment of Rent that is past due. Landlord and Tenant agree that the Late Charge represents a reasonable estimate of costs and expenses incurred by Landlord from, and is fair compensation to Landlord for, its loss suffered by such non payment by Tenant.