Common use of Late Charge and Interest Clause in Contracts

Late Charge and Interest. Lessee acknowledges that late payment by Lessee to Landowner of Rental Payments, Royalty or other sums due from Lessee will cause Landowner to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Accordingly, if any Rental Payment, Royalty or any other amount due payable by Lessee is not received by Landowner within 60 days after such amount is due, then Lessee shall pay to Landowner a late charge equal to 10% of such overdue amount. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landowner will incur by reason of late payment by Lessee. Landowner's acceptance of such late charge shall not constitute a waiver of Lessee's default with respect to such overdue amount, nor prevent Landowner from exercising any of Landowner's other rights and remedies granted under this Agreement. If any Rental Payment, Royalty or other amount payable by Lessee remains delinquent for a period in excess of 60 days, Lessee shall pay to Landowner, in addition to the late payment, interest from and after the due date at the Interest Rate. Lessee's payment of such interest shall not excuse or cure any default by Lessee.

Late Charge and Interest. Lessee acknowledges that late payment by Lessee to Landowner NLRC of Rental Payments, Royalty or other sums due from Lessee will cause Landowner NLRC to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Accordingly, if any Rental Payment, Royalty or any other amount due payable by Lessee is not received by Landowner NLRC within 60 ten (10) days after such amount is due, then Lessee shall pay to Landowner NLRC a late charge equal to ten percent (10% %) of such overdue amount. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landowner NLRC will incur by reason of late payment by Lessee. LandownerNLRC's acceptance of such late charge shall not constitute a waiver of Lessee's default with respect to such overdue amount, nor prevent Landowner NLRC from exercising any of LandownerNLRC's other rights and remedies granted under this Agreement. If any Rental Payment, Royalty or other amount payable by Lessee remains delinquent for a period in excess of 60 thirty (30) days, Lessee shall pay to LandownerNLRC, in addition to the late payment, interest from and after the due date at the Interest Rate. Lessee's payment of such interest shall not excuse or cure any default by Lessee.

Late Charge and Interest. Lessee acknowledges that late payment by Lessee to Landowner of Rental Payments, Royalty or other sums due from Lessee will cause Landowner to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Accordingly, if any Rental Payment, Royalty or any other amount due payable by Lessee is not received by Landowner within 60 ten (10) days after such amount is due, then Lessee shall pay to Landowner a late charge equal to ten percent (10% %) of such overdue amount. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landowner will incur by reason of late payment by Lessee. Landowner's ’s acceptance of such late charge shall not constitute a waiver of Lessee's ’s default with respect to such overdue amount, nor prevent Landowner from exercising any of Landowner's ’s other rights and remedies granted under this Agreement. If any Rental Payment, Royalty or other amount payable by Lessee remains delinquent for a period in excess of 60 thirty (30) days, Lessee shall pay to Landowner, in addition to the late payment, interest from and after the due date at the Interest Rate. Lessee's ’s payment of such interest shall not excuse or cure any default by Lessee.