Common use of Late Charges and Default Interest Clause in Contracts

Late Charges and Default Interest. At the option of Landlord, Landlord may impose a late payment fee equal to the lesser of five percent (5%) of the amount due or the maximum amount permitted by applicable law if any payment of Rent is paid more than five (5) days after its due date. In addition, any amount due hereunder shall bear interest after default in the payment thereof at the annual rate of the lesser of (i) the rate of eighteen percent (18%) per annum or (ii) the maximum lawful interest rate permitted by applicable law.