Common use of Interest Charge and Late Charge Clause in Contracts

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 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 after written notice that the date same was not paid when due, Tenant shall immediately pay to Landlord a late charge equal to three percent (3%) of the unpaid amount (“Late Charge”"). Notwithstanding the foregoing, however, if any payment of Rent, or any portion thereof, is late more than two (2) times in any twelve (12) month period, then no written notice of non-receipt shall be required and the Late Charge shall become immediately due and payable if the same is not paid within five (5) days after the date when due. 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 three percent of the unpaid amount may be charged by Landlord, and Landlord may charge an additional one three 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 eighteen percent per annum (the “Delinquency Rate”).

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 five percent (35%) of the unpaid amount (“Late Charge”)amount. In the event that addition, if any overdue payment of Rent is not paid within one (1) month of the due date thereof, an additional Late Charge late charge equal to one three percent (3%) of the unpaid amount may be charged by Landlord, and Landlord may charge an additional one three percent (3%) of the any overdue and 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 foregoing late charges represent reasonable estimate estimates of costs and expenses incurred by Landlord from, and is are fair compensation to Landlord for, its loss suffered by such non late 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 a rate of interest equal to twelve ten percent (10%) per annum (the “Delinquency Rate”).

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 five percent (35%) of the unpaid amount (“Late Charge”)amount. In the event that addition, if any overdue payment of Rent is not paid within one (1) month of the due date thereof, an additional Late Charge late charge equal to one two percent (2%) of the unpaid amount may be charged by Landlord, and Landlord may charge an additional one two percent (2%) of the any overdue and 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 foregoing late charges represent reasonable estimate estimates of costs and expenses incurred by Landlord from, and is are fair compensation to Landlord for, its loss suffered by such non late 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 a rate of interest equal to twelve eighteen percent (18%) per annum (the “"Delinquency Rate”").

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 five percent (35%) of the unpaid amount (“Late Charge”)amount. In the event that addition, if any overdue payment of Rent is not paid within one (1) month of the due date thereof, an additional Late Charge late charge equal to one three percent (3%) of the unpaid amount may be charged by Landlord, and Landlord may charge an additional one three percent (3%) of the any overdue and 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 foregoing late charges represent reasonable estimate estimates of costs and expenses incurred by Landlord from, and is are fair compensation to Landlord for, its loss suffered by such non late payment by Tenant. Notwithstanding the foregoing, the first time in any eighteen (18) month period that any Rent payment is not received by Landlord by the fifth (5th) business day of the calendar month, Landlord shall provide written notice to Tenant and an additional three (3) business day grace period before imposing the five percent (5%) late charge. 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 a rate of interest equal to twelve percent (12%) per annum (the “Delinquency Rate”).