Common use of Late Charges; Default Interest Clause in Contracts

Late Charges; Default Interest. Any delinquent payment shall, in addition to any other remedy of Lessor, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default Rate, such interest to be computed from and including the date such payment was due through and including the date of the payment; provided, however, (a) in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect; and (b) a late charge shall not be assessed against, and Default Interest shall not commence to accrue on, any delinquent Rental until the expiration of the grace period provided in Section 12.01(b) below.

Late Charges; Default Interest. Any delinquent payment shall, in addition to any other remedy of LessorLandlord, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor Landlord for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default Rate, such interest to be computed from and including the date such payment was due through and including the date of the payment; provided, however, (a) in no event shall Lessee Tenant be obligated to pay a sum of late charge and and/or interest higher than the maximum legal rate then in effect; and (b) a late charge shall not be assessed against, and Default Interest shall not commence to accrue on, any delinquent Rental until the expiration of five (5) days following the grace period provided in Section 12.01(b) belowdue date thereof.