Common use of Late Charge and Interest Clause in Contracts

Late Charge and Interest. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs and processing and accounting expenses (“Delinquency Costs”). If Landlord has not received any installment of Rent within five (5) days after such amount is due, Lessee shall pay a late charge of ten percent (10%) of the delinquent amount immediately. The ten percent (10%) late charge represents a reasonable estimate of the Delinquency Costs incurred by Landlord. In addition, all such delinquent amounts shall bear interest from the date such amount was due until paid in full at a rate per annum (“Applicable Interest Rate”) equal to the lesser of (i) the maximum interest rate permitted by Law, or (ii) five percent (5%) above the rate publicly announced by Bank of America, N.A. (or if Bank of America, N.A. ceases to exist, the largest bank then headquartered in the State of California) (“Bank”) as its “Reference Rate.” If the use of the announced Reference Rate is discontinued by the Bank, then the term Reference Rate shall mean the announced rate charged by the Bank which is, from time to time, substituted for the Reference Rate. Landlord and Lessee recognize that the damage which Landlord shall suffer as a result of Lessee’s failure to pay such amounts is difficult to ascertain and said late charge and interest are the best estimate of the damage which Landlord shall suffer in the event of late payment. Landlord’s acceptance of late Rent, partial Rent and late charges does not equate with a waiver of Lessee’s default with respect to the overdue amount, or prevent Landlord from exercising any rights and remedies available under this Lease and/or by operation of Law.

Late Charge and Interest. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs and processing and accounting expenses expenses, and increased debt service (“Delinquency Costs”). If Landlord has not received any installment of Rent within five (5) days after such amount is due, Lessee Tenant shall pay a late charge of ten percent (10%) of the delinquent amount immediately. The ten percent (10%) late charge represents a reasonable estimate of the Delinquency Costs incurred by Landlord. In addition, all such delinquent amounts shall bear interest from the date such amount was due until paid in full at a rate per annum (“Applicable Interest Rate”) equal to the lesser of of: (ia) the maximum interest rate permitted by Law, or (iib) five percent (5%) above the rate publicly announced by Bank of America, N.A. (or if Bank of America, N.A. ceases to exist, the largest bank then headquartered in the State of California) (“Bank”) as at its “Reference Rate.” If the use of the announced Reference Rate is discontinued by the Bank, then the term Reference Rate shall mean the announced rate charged by the Bank which is, from time to time-to-time, substituted for the Reference Rate. Landlord and Lessee Xxxxxx recognize that the damage which Landlord shall suffer as a result of Lessee’s Xxxxxx's failure to pay such amounts is difficult to ascertain and said late charge and interest are the best estimate of the damage which Landlord shall suffer in the event of late payment. Landlord’s Xxxxxxxx's acceptance of late Rent, partial Rent and late charges does not equate with a waiver of Lessee’s Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any rights and remedies available under this Lease and/or by operation of Law.

Late Charge and Interest. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs and processing and accounting expenses (“Delinquency Costs”). If Landlord has not received any installment of Rent within five (5) business days after such amount is due, Lessee Tenant shall pay a late charge of ten percent (10%) of the delinquent amount immediately. The ten percent (10%) late charge represents a reasonable estimate of the Delinquency Costs incurred by Landlord. In addition, all such delinquent amounts shall bear interest from the date such amount was due until paid in full at a rate per annum (“Applicable Interest Rate”) equal to the lesser of (i) the maximum interest rate permitted by Law, or (ii) five percent (5%) above the rate publicly announced by Bank of America, N.A. (or if Bank of America, N.A. ceases to exist, the largest bank then headquartered in the State of California) (“Bank”) as its “Reference Rate.” If the use of the announced Reference Rate is discontinued by the Bank, then the term Reference Rate shall mean the announced rate charged by the Bank which is, from time to time, substituted for the Reference Rate. Landlord and Lessee Xxxxxx recognize that the damage which Landlord shall suffer as a result of LesseeXxxxxx’s failure to pay such amounts is difficult to ascertain and said late charge and interest are the best estimate of the damage which Landlord shall suffer in the event of late payment. LandlordXxxxxxxx’s acceptance of late Rent, partial Rent and late charges does not equate with a waiver of LesseeTenant’s default with respect to the overdue amount, or prevent Landlord from exercising any rights and remedies available under this Lease and/or by operation of Law.

Late Charge and Interest. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs and processing and accounting expenses (“Delinquency Costs”). If Landlord has not received any installment of Rent within five (5) days after such amount is due, Lessee Tenant shall pay a late charge of ten percent (10%) of the delinquent amount immediately. The ten percent (10%) late charge represents a reasonable estimate of the Delinquency Costs incurred by Landlord. In addition, all such delinquent amounts shall bear interest from the date such amount was due until paid in full at a rate per annum (“Applicable Interest Rate”) equal to the lesser of (i) the maximum interest rate permitted by Law, or (ii) five percent (5%) above the rate publicly announced by Bank of America, N.A. (or if Bank of America, N.A. ceases to exist, the largest bank then headquartered in the State of California) (“Bank”) as its “Reference Rate.” If the use of the announced Reference Rate is discontinued by the Bank, then the term Reference Rate shall mean the announced rate charged by the Bank which is, from time to time, substituted for the Reference Rate. Landlord and Lessee Tenant recognize that the damage which Landlord shall suffer as a result of LesseeTenant’s failure to pay such amounts is difficult to ascertain and said late charge and interest are the best estimate of the damage which Landlord shall suffer in the event of late payment. Landlord’s acceptance of late Rent, partial Rent and late charges does not equate with a waiver of LesseeTenant’s default with respect to the overdue amount, or prevent Landlord from exercising any rights and remedies available under this Lease and/or by operation of Law.

Late Charge and Interest. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs and processing and accounting expenses (“Delinquency Costs”)and increased debt service. If Landlord has not received any installment of Rent within five (5) days after such amount is dueTenaxx'x xeceipt of written notice of delinquency (the "Delinquency Notice"), Lessee Tenant shall pay a late charge of ten percent (10%) of the delinquent amount immediately. The ten percent (10%) late charge represents amount, which is agreed to represent a reasonable estimate of the Delinquency Costs costs incurred by Landlord; provided that if during the preceding twelve (12) months Landlord has delivered to Tenant two (2) or more Delinquency Notices, then Tenant shall be obligated to pay the late charge described herein if Tenant fails to pay any installment of Rent within five (5) days after such amount is due, without the need for a Delinquency Notice. In addition, all such delinquent amounts shall bear interest from the date such amount was due until paid in full at a rate per annum (“the "Applicable Interest Rate”") equal to the lesser greater of (i) the maximum interest rate permitted by Law, or (iia) five percent (5%) above per annum plus the then federal discount rate publicly announced by on advances to member banks in effect at the Federal Reserve Bank of America, N.A. San Francisco on the twenty-fifth (or if Bank of America, N.A. ceases to exist, the largest bank then headquartered in the State of California25th) (“Bank”) as its “Reference Rate.” If the use day of the announced Reference month preceding the date of this Lease or (b) ten percent (10%); provided, in no event shall the Applicable Interest Rate is discontinued exceed the maximum interest rate permitted by the Bank, then the term Reference Rate shall mean the announced rate law which may be charged by the Bank which is, from time to time, substituted for the Reference Rateunder such circumstances. Landlord and Lessee recognize Tenaxx xxxognize that the damage which Landlord shall suffer as a result of Lessee’s failure Tenaxx'x xailure to pay such amounts is difficult to ascertain and said late charge and interest are the best estimate of the damage which Landlord shall suffer in the event of late payment. Landlord’s acceptance of late Rent, partial Rent and late charges does not equate with a waiver of Lessee’s default with respect to the overdue amount, or prevent Landlord from exercising any rights and remedies available under this Lease and/or by operation of Law.