Common use of Late Charge and Interest Clause in Contracts

Late Charge and Interest. Tenant acknowledges and agrees that the late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, and increased debt service (the “Delinquency Costs”). If Landlord has not received any installment of Rent when due, Tenant shall pay a late charge (the “Late Charge”) equal to ten percent (10%) of the delinquent amount. Tenant agrees that the Late Charge represents a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all delinquent amounts from the date the amount was due until the date the amount is paid in full at a rate per annum (the “Applicable Interest Rate”) equal to the lesser of (a) the maximum interest rate permitted by law or (b) five percent (5%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. (or if Bank of America, NA. ceases to exist, the largest bank then headquartered in the State of California) (the “Bank”). If the Bank discontinues use of the Reference Rate, then the term “Reference Rate” will mean the announced rate charged by the Bank, from time to time instead of the Reference Rate. Landlord and Tenant agree that it is difficult to ascertain the damage that Landlord will suffer as a result of the late payment of any Rent and that the Late Charge and interest are the best estimates of the damage that Landlord will suffer in the event of late payment. If a Late Charge becomes payable for any two (2) installments of Rent within any twelve (12) month period, then all Rent will automatically become due and payable quarterly in advance.

Late Charge and Interest. Tenant acknowledges and agrees that the The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, costs and processing and accounting expenses, expenses and increased debt service (the “"Delinquency Costs”"). If Landlord has not received any installment of Rent when within five (5) days after such amount is due, Tenant shall pay a late charge (the “Late Charge”) equal to of ten percent (10%) of the delinquent amount. Tenant agrees that the Late Charge represents , which is agreed to represent a reasonable estimate of the Delinquency Costs that will be incurred by Landlord; provided, however, that Landlord shall provide Tenant notice of such delinquent amount one (1) time in any twelve (12) month period and Tenant shall have five (5) days after receipt of such notice to pay such delinquent amount before Landlord shall charge Tenant any such late charge. In addition, Tenant shall pay interest on all such delinquent amounts shall bear interest from the date the such amount was due until the date the amount is paid in full at a rate per annum (the “"Applicable Interest Rate”") equal to the lesser of (a) the maximum interest rate permitted by law or (b) five percent (5%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. N.A. (or if Bank of America, NA. N.A. ceases to exist, the largest bank then headquartered in the State of CaliforniaCalifornia ("Bank") (the “Bank”). as its "Reference Rate." If the Bank discontinues use of the announced Reference RateRate is discontinued by the Bank, then the term “Reference Rate” will Rate shall mean the announced rate charged by the BankBank which is, from time to time instead of time, substituted for the Reference Rate. Landlord and Tenant agree recognize that it is difficult to ascertain the damage that which Landlord will shall suffer as a result of the Tenant's failure to pay such amounts is difficult to ascertain and said late payment of any Rent and that the Late Charge charge and interest are the best estimates estimate of the damage that which Landlord will shall suffer in the event of late payment. If a Late Charge late charge becomes payable for any two three (23) installments of Rent within any twelve (12) month period, then all the Rent will shall automatically become due and payable quarterly in advance.

Late Charge and Interest. Tenant acknowledges and agrees that the late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, and increased debt service (the “Delinquency Costs”). If Landlord has not received any installment of Rent when due, Tenant shall pay a late charge (the “Late Charge”) equal to ten seven percent (107%) of the delinquent amount. Notwithstanding the above, so long as no Event of Default is continuing, a Late Charge will not be assessed against Tenant until after Landlord gives written notice to Tenant of a late payment once in any given twelve (12) month period and Tenant has not cured that late payment within three (3) days after the written notice. Tenant agrees that the Late Charge represents a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all delinquent amounts from the date the amount was due until the date the amount is paid in full at a rate per annum (the “Applicable Interest Rate”) equal to the lesser of (a) the maximum interest rate permitted by law or (b) five four percent (54%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. (or if Bank of America, NA. ceases to exist, the largest bank then headquartered in the State of California) (the “Bank”). If the Bank discontinues use of the Reference Rate, then the term “Reference Rate” will mean the announced rate charged by the Bank, from time to time instead of the Reference Rate. Landlord and Tenant agree that it is difficult to ascertain the damage that Landlord will suffer as a result of the late payment of any Rent and that the Late Charge and interest are the best estimates of the damage that Landlord will suffer in the event of late payment. If a Late Charge becomes payable for any two (2) installments of Rent within any twelve (12) month period, then all Rent will automatically become due and payable quarterly in advance.

Late Charge and Interest. Tenant acknowledges and agrees that the The late payment of any Rent will cause ------------------------ Landlord to incur additional costs, including administration and collection costs, costs and processing and accounting expenses, expenses and increased debt service (the “collectively, "Delinquency Costs”"). If Landlord has not received any installment of Rent when duewithin five (5) days after Tenant receives notice from Landlord of such delinquent payment, then Tenant shall pay a late charge (the “Late Charge”) equal to ten of five percent (105%) of the delinquent amount. Tenant agrees that the Late Charge represents , which is agreed to represent a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all such delinquent amounts shall bear interest from the date the such amount was due until the date the amount is paid in full at a rate per annum (the “"Applicable Interest Rate”") equal to the lesser of (a) the maximum interest rate permitted by law or (b) five four percent (54%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. N.A. (or if Bank of America, NA. N.A. ceases to exist, the largest bank then headquartered in the State of California) (the “"Bank”). ") as its "Reference Rate." If the Bank discontinues use of the announced Reference RateRate is discontinued by the Bank, then the term “Reference Rate” will Rate shall mean the announced rate charged by the BankBank which is, from time to time instead of time, substituted for the Reference Rate. Landlord and Tenant agree recognize that it is difficult to ascertain the damage that which Landlord will shall suffer as a result of the Tenant's failure to pay such amounts is difficult to ascertain and said late payment of any Rent and that the Late Charge charge and interest are the best estimates estimate of the damage that which Landlord will shall suffer in the event of late payment. If a Late Charge late charge becomes payable for any two three (23) installments of Rent within any twelve (12) month period, then all the Rent will shall automatically become due and payable quarterly in advance.

Late Charge and Interest. Tenant acknowledges and agrees that the late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, and increased debt service (the “Delinquency Costs”). If Landlord has not received any installment of Rent within five (5) days of the date when due, Tenant shall pay a late charge (the “Late Charge”) equal to ten five percent (105%) of the delinquent amount. Tenant agrees that the Late Charge represents a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all delinquent amounts from five (5) days after the date the amount was due until the date the amount is paid in full at a rate per annum (the “Applicable Interest Rate”) equal to the lesser of (a) the maximum interest rate permitted by law or (b) five three percent (53%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. (or if Bank of America, NA. ceases to exist, the largest bank then headquartered in the State of California) (the “Bank”). If the Bank discontinues use of the Reference Rate, then the term “Reference Rate” will mean the announced rate charged by the Bank, from time to time instead of the Reference Rate. Landlord and Tenant agree that it is difficult to ascertain the damage that Landlord will suffer as a result of the late payment of any Rent and that the Late Charge and interest are the best estimates of the damage that Landlord will suffer in the event of late payment. If a Late Charge becomes payable for any two (2) installments of Rent within any twelve (12) month period, then all Rent will automatically become due and payable quarterly in advance, until such time as Tenant shall have been current in such obligations for two (2) consecutive years, at which point monthly payments shall resume. Landlord shall make arrangements to allow Tenant to wire Base Rent and Additional Rent directly to Landlord’s bank account on a regular basis.

Late Charge and Interest. Tenant acknowledges and agrees that the The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, expenses and increased debt service (the “Delinquency Costs”"DELINQUENCY COSTS"). If Landlord has not received any installment of Rent when within five (5) days after such amount is due, Tenant shall pay to Landlord (a) for the first such delinquency in any calendar year, a one-time late charge of five percent (5%) of the “Late Charge”delinquent amount, and (b) equal to for the second and any subsequent delinquencies in any calendar year, a one-time late charge of ten percent (10%) of the delinquent amount. Tenant agrees that the Late Charge represents , which amounts are agreed to represent a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all such delinquent amounts shall bear interest from the date the such amount was due until the date the amount is paid in full at a rate per annum (the “Applicable Interest Rate”) equal to the lesser of (a) the maximum interest rate permitted by law or (b) five percent (5%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. (or if Bank of America, NA. ceases to exist, the largest bank then headquartered in the State of California) (the “Bank”). If the Bank discontinues use of the Reference Rate, then the term “Reference Rate” will mean the announced rate charged by the Bank, from time to time instead of the Reference Rate. Landlord and Tenant agree recognize that it is difficult to ascertain the damage that Landlord will shall suffer as a result of the Tenant's failure to pay such amounts is difficult to ascertain and said late payment of any Rent and that the Late Charge charge and interest are the best estimates estimate of the damage that Landlord will shall suffer in the event of late payment. If a Late Charge late charge becomes payable for any two three (23) installments of Rent within any twelve (12) month period, then all the Rent will shall automatically become due and payable quarterly in advance. "APPLICABLE INTEREST RATE" shall mean a rate per annum 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 Colorado) (the "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 that is, from time to time, substituted for the Reference Rate.

Late Charge and Interest. Tenant acknowledges and agrees that the late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, and increased debt service (the “Delinquency Costs”). If Landlord has not received any installment of Rent when due, or, if a grace period is applicable, within the applicable grace period, Tenant shall pay a late charge (the “Late Charge”) equal to ten five percent (105%) of the delinquent amount. Tenant agrees that the Late Charge represents a reasonable estimate of the Delinquency Costs that will be incurred by Landlord. In addition, Tenant shall pay interest on all delinquent amounts from the date the amount was due due, or if a grace period is applicable from the last date of the grace period, until the date the amount is paid in full at a rate per annum (the “Applicable Interest Rate”) equal to the lesser of (a) the maximum interest rate permitted by law or (b) five percent (5%) above the reference rate (the “Reference Rate”) publicly announced by Bank of America, NA. N.A. (or if Bank of America, NA. N.A. ceases to exist, the largest bank then headquartered in the State of California) (the “Bank”). If the Bank discontinues use of the Reference Rate, then the term “Reference Rate” will mean the announced rate charged by the Bank, from time to time instead of the Reference Rate. Landlord and Tenant agree that it is difficult to ascertain the damage that Landlord will suffer as a result of the late payment of any Rent and that the Late Charge and interest are the best estimates of the damage that Landlord will suffer in the event of late payment. If a Late Charge becomes payable for any two (2) installments of Rent within any twelve (12) month period, then all Rent will automatically become due and payable quarterly in advance.