Common use of Late Charges & Interest Rate Clause in Contracts

Late Charges & Interest Rate. If any Rent under this Lease shall not be paid within five (5) days of the date such payment is due, a "Late Charge" of five percent (5%) of the payment then overdue may be charged by Landlord to defray Xxxxxxxx's administrative expense incident to the handling of such overdue payments. Furthermore, any amount due from Tenant to Landlord which is not paid within ten (10) days after the date due shall bear interest at the lower of (i) ten percent (10%) per annum or (ii) the highest rate from time to time allowed by applicable law, from the date such payment is due until paid.

Late Charges & Interest Rate. If any Rent under this Lease shall not be paid within five (5) days of the date such payment is due, a "“Late Charge" ” of five percent (5%) of the payment then overdue [****] may be charged by Landlord to defray Xxxxxxxx's Landlord’s administrative expense incident to the handling of such overdue payments. Furthermore, any amount due from Tenant to Landlord which is not paid within ten (10) days after the date due shall bear interest at the lower of (i) ten percent (10%) per annum [****] or (ii) the highest rate from time to time allowed by applicable law[****], from the date such payment is due until paid.