Common use of Late Charges & Interest Rate Clause in Contracts

Late Charges & Interest Rate. If Landlord does not receive Rent or any other payment due from Tenant on the Due Date, Tenant shall pay to Landlord a late charge equal to four percent (4%) of such past due Rent or other payment. Notwithstanding the above, Landlord agrees to waive such four percent (4%) late charge with respect to the first such late payment in any consecutive twelve (12) Month period during the Term or any extended term, so long as such Rent is paid within five (5) business days after written notice thereof from Landlord. Tenant agrees that this late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of Tenant’s late payment. Accepting any late charge shall not constitute a waiver by Landlord of Tenant’s Default (as hereinafter defined) with respect to any overdue amount nor prevent Landlord from exercising any other rights or remedies available to Landlord. If any installment of Monthly Base Rent or Additional Rent, or any other amount payable by Tenant hereunder is not received by Landlord by the Due Date, it shall bear interest at the Interest Rate set forth in the Summary from the Due Date until paid. Notwithstanding the foregoing, Landlord shall not more than one (1) time during any consecutive twelve (12) months period during the Term or any extended term, waive its right to collect the interest as set forth above if Tenant pays the Rent within five (5) business days after written notice thereof from Landlord. Nothing herein shall require Landlord to give any additional notices; however, if Landlord does elect for any reason to give more than one notice of nonpayment during any twelve (12) month period the waiver of Landlord’s right to collect interest shall not be waived. All interest, and any late charges imposed pursuant to this Section 5.3, shall be considered Additional Rent due from Tenant to Landlord under the terms of this Lease.

Late Charges & Interest Rate. If Landlord does not receive Rent or any other payment due from Tenant on within five (5) days after the Due Date, Landlord shall first give written notice and Tenant shall have five (5) business days (cure period) to cure such non-payment and if after the expiration of such five (5) business day cure period Tenant has not cured such non-payment, then Tenant shall pay to Landlord a late charge equal to four percent Three Thousand and 00/100 Dollars (4%) of such past due Rent or other payment. Notwithstanding the above, Landlord agrees to waive such four percent (4%) late charge with respect to the first such late payment in any consecutive twelve (12) Month period during the Term or any extended term, so long as such Rent is paid within five (5) business days after written notice thereof from Landlord$3,000.00). Tenant agrees that this late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of Tenant’s late payment. Accepting any late charge shall not constitute a waiver by Landlord of Tenant’s Default (as hereinafter defined) with respect to any overdue amount nor prevent Landlord from exercising any other rights or remedies available to Landlord. If any installment of Monthly Base Rent or Additional Rent, or any other amount payable by Tenant hereunder is not received by Landlord by the Due Datewithin thirty (30) days following Tenant’s receipt of written notice from Landlord that such amount is due, it shall bear interest at the Interest Rate set forth in the Summary from the Due Date until paid. Notwithstanding the foregoing, Landlord shall not more than one (1) time during any consecutive twelve (12) months period during the Term or any extended term, waive its right to collect the interest as set forth above if Tenant pays the Rent within five (5) business days after written notice thereof from Landlord. Nothing herein shall require Landlord to give any additional notices; however, if Landlord does elect for any reason to give more than one notice of nonpayment during any twelve (12) month period the waiver of Landlord’s right to collect interest shall not be waived. All interest, and any late charges imposed pursuant to this Section 5.3, shall be considered Additional Rent due from Tenant to Landlord under the terms of this Lease. ARTICLE 6 - SECURITY DEPOSIT Intentionally Omitted.

Late Charges & Interest Rate. If Landlord does not receive Rent or any other payment due from Tenant on the Due Date, Tenant shall pay to Landlord a late charge equal to four five percent (45%) of such past due Rent or other payment. Notwithstanding the above, Landlord agrees to waive such four percent (4%) late charge with respect to the first such late payment in any consecutive twelve (12) Month period during the Term or any extended term, so long as such Rent is paid within five (5) business days after written notice thereof from Landlord. Tenant agrees that this late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of Tenant’s late payment. Accepting any late charge shall not constitute a waiver by Landlord of Tenant’s Default (as hereinafter defined) default with respect to any overdue amount nor prevent Landlord from exercising any other rights or remedies available to Landlord. If any installment of Monthly Base Rent or Additional Rent, or any other amount payable by Tenant hereunder is not received by Landlord by the Due Date, it shall bear interest at the Interest Rate set forth in the Summary from the Due Date until paid. Notwithstanding the foregoing, Landlord shall not more than one (1) time during any consecutive twelve (12) months period during the Term or any extended term, waive its right to collect the interest as set forth above if Tenant pays the Rent within five (5) business days after written notice thereof from Landlord. Nothing herein shall require Landlord to give any additional notices; however, if Landlord does elect for any reason to give more than one notice of nonpayment during any twelve (12) month period the waiver of Landlord’s right to collect interest shall not be waived. All interest, and any late charges imposed pursuant to this Section 5.3, shall be considered Additional Rent due from Tenant to Landlord under the terms of this Lease. Notwithstanding the foregoing provisions of this Section 5.3, on the first (1st) occasion in each calendar year during the Term, Landlord shall not assess a late charge or interest on any unpaid amount due until five (5) calendar days after the Due Date; provided, however, that Tenant shall pay to Landlord a late charge and interest on any and all other late payments commencing as of the Due Date and without any notice during the remainder of each such calendar year.

Late Charges & Interest Rate. If Landlord does not receive Rent or any other payment due from Tenant on within five (5) days after the Due Date, Tenant shall pay to Landlord a late charge equal to four eight percent (48%) of such past due Rent or other payment. Notwithstanding the above, Landlord agrees to waive such four percent (4%) late charge with respect to the first such late payment in any consecutive twelve (12) Month period during the Term or any extended term, so long as such Rent is paid within five (5) business days after written notice thereof from Landlord. Tenant Xxxxxx agrees that this late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of TenantXxxxxx’s late payment. Accepting any late charge shall not constitute a waiver by Landlord of Tenant’s Default (as hereinafter defined) default with respect to any overdue amount nor prevent Landlord from exercising any other rights or remedies available to Landlord. If any installment of Monthly Base Rent or Additional Rent, or any other amount payable by Tenant hereunder is not received by Landlord by the Due Date, it shall bear interest at the Interest Rate set forth in the Summary from the Due Date until paid. Notwithstanding the foregoing, Landlord shall not more than one (1) time during any consecutive twelve (12) months period during the Term or any extended term, waive its right to collect the interest as set forth above if Tenant pays the Rent within five (5) business days after written notice thereof from Landlord. Nothing herein shall require Landlord to give any additional notices; however, if Landlord does elect for any reason to give more than one notice of nonpayment during any twelve (12) month period the waiver of Landlord’s right to collect interest shall not be waived. All interest, and any late charges imposed pursuant to this Section 5.3, shall be considered Additional Rent due from Tenant to Landlord under the terms of this Lease. Notwithstanding the foregoing, Tenant will not be assessed the foregoing late charge and interest on the first two (2) late payments during the Term, if the applicable payment is made within five (5) days of Tenant’s receipt of notice of nonpayment from Landlord.