Common use of Late Charges and Interest on Overdue Payments Clause in Contracts

Late Charges and Interest on Overdue Payments. In the event that any payment of Annual Fixed Rent or Additional Rent shall not be paid on the date the same is due, regardless of whether the same constitutes an Event of Default, there shall become due to the Landlord from the Tenant, as Additional Rent and as compensation for the Landlord’s extra administrative costs in investigating the circumstances of late rent, a late charge of seven and one-half percent (7.5%) of the amount overdue. In addition, any Annual Fixed Rent and Additional Rent not paid within five (5) days of when due shall bear interest from the date due to the Landlord until paid at the variable rate (the “Default Interest Rate”) equal to the higher of (i) the rate from time to time at which interest accrues on amounts not paid when due under the terms of the Landlord’s first mortgage financing for the Premises, as from time to time in effect, and (ii) one hundred and fifty percent (150%) of the Interest Rate, but in no event higher than the maximum rate permitted by law.

Late Charges and Interest on Overdue Payments. In the event that any payment of Annual Fixed Rent or Additional Rent shall not be paid on within five (5) days of the date the same is due, regardless of whether the same constitutes an Event of Default, there shall become due to the Landlord from the Tenant, as Additional Rent and as compensation for the Landlord’s 's extra administrative costs in investigating the circumstances of late rent, a late charge of seven and one-half ten percent (7.510%) of the amount overdue. In addition, any Annual Fixed Rent and Additional Rent not paid within five ten (510) days of when due shall bear interest from the date due to the Landlord until paid at the variable rate (the “"Default Interest Rate”") equal to the higher of (i) the rate from time to time at which interest accrues on amounts not paid when due under the terms of the Landlord’s 's first mortgage financing for the Premises, as from time to time in effect, and (ii) one hundred and fifty twenty-five percent (150125%) of the Interest Rate, but in no event higher than the maximum rate permitted by law. Prior to applying a late charge after the first late payment in any twelve-month period, the Tenant will be contacted via telephone by Landlord within 3 days of the date upon which any fixed rent or additional rent is due.

Late Charges and Interest on Overdue Payments. In the event that any payment of Annual Fixed Rent or Additional Rent shall not be paid on within ten (10) days of the date the same is due, regardless of whether the same constitutes an Event of Default, there shall become due to the Landlord from the Tenant, as Additional Rent and as compensation for the Landlord’s 's extra administrative costs in investigating the circumstances of late rent, a late charge of seven and one-half five percent (7.55%) of the amount overdue. In addition, any Annual Fixed Rent and Additional Rent not paid within five (5) days of when due shall bear interest from the date due to the Landlord until paid at the variable rate (the “Default Interest Rate”"DEFAULT INTEREST RATE") equal to the higher of (i) the rate from time to time at which interest accrues on amounts not paid when due under the terms of the Landlord’s 's first mortgage financing for the Premises, as from time to time in effect, and (ii) one hundred and fifty percent (150%) of the Interest Rate, but in no event higher than the maximum rate permitted by law.

Late Charges and Interest on Overdue Payments. In the event that any payment of Annual Fixed Rent or Additional Rent shall not be paid on the date the same is due, regardless of whether the same constitutes an Event of Default, there shall become due to the Landlord from the Tenant, as Additional Rent and as compensation for the Landlord’s extra administrative costs in investigating the circumstances of late rent, a late charge of seven Three and oneOne-half Half percent (7.53.5%) of the amount overduedue and unpaid. In addition, any Annual Fixed Rent and Additional Rent not paid within five (5) days of when due shall bear interest from the date due to the Landlord until paid at the variable rate (the “Default Interest Rate”) equal to the higher of (i) the rate from time to time at which interest accrues on amounts not paid when due under the terms of the Landlord’s first mortgage then current bank financing for the Premises, as from time to time in effect, and (ii) one hundred and fifty twenty five percent (150125%) of the Interest Rate, but in no event higher than the maximum rate permitted by law.