Common use of Late Charges; Interest Clause in Contracts

Late Charges; Interest. Tenant acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant to Landlord under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance covering the Premises. Therefore, if any such amount due from Tenant is not received by Landlord within seven (7) days after the same shall become due and payable, Tenant shall pay to Landlord on demand an additional sum equal to five percent (5%) of the overdue amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Xxxxxx. Acceptance of any late charge shall not constitute a waiver of Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord. In addition, each installment of Monthly Base Rent and any other amount payable by Tenant to Landlord under this Lease which shall not have been paid within seven (7) days after the same shall have become due and payable shall bear interest at the Interest Rate from the date that the same became due and payable until paid, whether or not any demand shall be made therefor.

Late Charges; Interest. 6.1 Tenant hereby acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges Rent or any other amounts payable by Tenant to Landlord under this Lease Additional Rent will cause Landlord to incur administrative costs and loss of income not contemplated by this Lease, the exact amount of such costs being extremely which will be difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of If any indebtedness secured by an encumbrance covering the Premises. Therefore, if any such amount Base Rent or Additional Rent due from Tenant is not received by Landlord or Landlord’s designated agent within seven five (75) days after the same shall become due and payabledate due, then Tenant shall pay to Landlord on demand an additional sum a late charge equal to five percent (5%) of the such overdue amount as a late chargeamount. The parties hereby agree that this such late charge represents charges represent a fair and reasonable estimate of the costs administrative cost that Landlord will incur by reason of Tenant’s late payment. Landlord’s acceptance of such late payment by Xxxxxx. Acceptance of any late charge charges shall not constitute a waiver of Tenant's default ’s Default with respect to the such overdue amount, amount or prevent otherwise estop Landlord from exercising any of the other rights and remedies available granted hereunder. 6.2 In addition to Landlord. In additionthe administrative late charge provided for under Section 6.1, each installment of Monthly above, if any Base Rent and or Additional Rent or any other amount payable by sum due hereunder from Tenant to Landlord is not paid as and when due under this Lease Lease, then the unpaid amount shall bear interest from the date originally due until the date paid at an annual rate of interest equal to the sum of (a) the “prime rate” of interest as published in the Wall Street Journal (or, if not published, as established by the then largest national banking association in the United States of America) from time to time (the “Prime Rate”) plus (b) five percent (5%) (the “Default Rate”). 6.3 Despite the foregoing, Landlord shall waive such interest and late charge on the first (1st) occasion during any twelve (12) month period in which shall Tenant does not have been paid timely pay Base Rent or Additional Rent, provided that Tenant pays such installment of Base Rent or Additional Rent to Landlord within seven five (75) days after the same shall have become due and payable shall bear interest at the Interest Rate from the date Tenant receives notice that the same became due and payable until paid, whether or not any demand shall be made thereforsuch amount is past due.

Late Charges; Interest. Tenant acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges Rent or any other amounts payable by Tenant to Landlord sums due under this the Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable impractical to ascertainfix. Such costs include, without limitation, include processing and accounting charges, and late charges that may be Landlord’s Initials imposed on Landlord by the terms of any indebtedness secured by an encumbrance covering the Premises, and interest costs. Therefore, if If Landlord does not receive any such amount Rent or other sums due from Tenant is not received by Landlord within seven five (75) days after receipt of written notice to Tenant after the same shall become due and payabledate, Tenant shall pay to Landlord on demand an additional sum equal to five of ten percent (510%) of the overdue amount such Rent or other sum as a late charge; provided, however, that this notice and cure period shall only be applicable for the first two times each calendar year that Tenant fails to pay any monthly Rent or any additional rent when due. If Landlord has provided two factually correct notices of a late payment or default during a calendar year, Landlord shall not be obligated to provide any notice thereafter for the remainder of such calendar year and such late charge shall be due if payment is not made when due without any grace period or notice. This provision shall not relieve Tenant of Tenant’s obligation to pay Rent at the time and in the manner herein specified. The parties Parties agree that this late charge represents a fair and reasonable estimate of the costs that cost Landlord will incur by reason of such Tenant’s late payment by Xxxxxxpayment. Acceptance of Accepting any late charge shall does not constitute a waiver of waive any Tenant's ’s default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and or remedies available to Landlord. In additionaddition to the late charge, each installment of Monthly Base Rent and any other amount payable by Tenant to Landlord under this Lease which shall not have been paid within seven (7) days after the same shall have become due and payable shall bear pay interest at the Interest Rate from rate of 10 percent per annum on any Rent or other sum not paid within 30 days of the date that the same became due and payable until paid, whether or not any demand shall be made therefordue.

Late Charges; Interest. Tenant acknowledges that late payment by Tenant All sums hereunder shall be due without relief from valuation or appraisement laws and together with reasonable attorney fees to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant Landlord's attorney to Landlord under this Lease will cause Landlord to incur costs not contemplated by enforce this Lease, the exact amount of such costs being extremely difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance covering the Premises. Therefore, if any such amount due from Tenant is If rents are not received by Landlord within seven (7on or before the fifth day of the month, Tenant(s) days after the same shall become due and payable, Tenant shall pay to Landlord on demand a LATE FEE OF $25.00 as of the 6th day of the month and an additional sum equal to five percent (5%) $50.00 late fee as of the overdue amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate 11th of the month. In addition all legal fees, collection fees and costs that Landlord will incur by reason of such late payment by Xxxxxx. Acceptance of any late charge and court costs shall not constitute a waiver of Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any be responsibility of the other rights and remedies available tenant to Landlordpay for failure to pay as agreed. In addition, each installment Failure to tender payment on time shall be considered a breach of Monthly Base Rent this lease agreement. Late charges are intended to offset expenses of collection (excluding attorney fees) until all rents and any other amount payable by Tenant to Landlord under this Lease which amounts owing shall not have been received by Landlord. IN THE EVENT ANY CHECK IS RETURNED BY THE BANK 'UNPAID' FOR ANY REASON, the Tenant(s) agrees to pay the Landlord the LATE FEE of $25.00 set out above, and in addition, Tenant(s) shall be responsible for a "BAD CHECK" SERVICE CHARGE OR FEE of the greater of $25.00 or 5% of the amount of the check which has not been paid within seven (7) days after by Tenant's credit institution. When sharing an apartment, the total rents for such apartment must be paid in full by the due date. Under no circumstances will partial payments be accepted. The Landlord may refuse to re-submit the old check for payment and/or any replacement or subsequent check of the same account, and you must thereafter pay by cashiers check, money order or cash. All amounts remaining due but unpaid after payment of Late Fees shall have become due and payable shall bear interest thereafter accrue INTEREST at the Interest Rate from the date that the same became due and payable EIGHTEEN (18%) PER CENT PER ANNUM until paid. Landlord reserves the option to require the Tenants to pay rents by cashier’s check, whether money order or not any demand shall be made thereforcash. Where two or more Tenants share an apartment, Landlord also reserves the option to require the Tenants to pay the rent with a single check, money order or cash payment.

Late Charges; Interest. 6.1 Tenant hereby acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant to Landlord under this Lease Rent and/or Additional Rent will cause Landlord to incur costs administrative costs, loss of investment income and risk of mortgage default not contemplated by this Lease, the exact amount and/or cost of such costs being which will be extremely difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of . 6.2 If any indebtedness secured by an encumbrance covering the Premises. Therefore, if any such amount Base Rent or Additional Rent due from Tenant is not received by Landlord or Landlord’s designated agent within seven five (75) days after the same shall become due date due, then, unless Landlord agrees to waive such charge in its sole and payableabsolute discretion, Tenant shall pay to Landlord on demand an additional sum a late charge equal to five three percent (53%) of such unpaid amount. The foregoing notwithstanding, no late payment charge shall be due and payable on the overdue amount as a late chargefirst occasion in any Lease Year in which Tenant fails to make any Rent payments within the above-referenced time frame provided Tenant cures the applicable non-payment prior to expiration of the five (5) business day cure period referenced in Section 24.1. The parties hereby agree that this such late charge represents a fair and reasonable estimate of the costs administrative cost that Landlord will incur by reason of Tenant’s late payment. Landlord’s acceptance of such late payment by Xxxxxx. Acceptance of any late charge charges shall not constitute a waiver of Tenant's default ’s Default with respect to the such overdue amount, amount or prevent otherwise estop Landlord from exercising any of the other rights and remedies available granted hereunder, to Landlord. the extent set forth in this Lease. 6.3 In additionaddition to the administrative late charge provided for under Section 6.2, each installment of Monthly above, if any Base Rent and or Additional Rent or any other amount payable by sum due hereunder from Tenant to Landlord is not paid as and when due under this Lease Lease, and such amount remains unpaid five (5) days after notice that such payment was not received on the due date, then, unless Landlord agrees to waive such interest in its sole and absolute discretion, the unpaid amount shall bear interest from the date originally due until the date paid at an annual rate of interest equal to the Default Rate; provided that if such unpaid amount is one as to which the administrative late charge described in Section 6.2, above, was assessed, the interest payable with respect thereto under this Section 6.3 shall not have been paid within seven begin to accrue until thirty (730) days after the same shall have become original due and payable shall bear interest at the Interest Rate from the date that the same became due and payable until paid, whether or not any demand shall be made therefor.

Late Charges; Interest. Tenant acknowledges that late Late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges Rent or any other amounts payable by Tenant to Landlord sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely which would be difficult and impracticable impractical to ascertain. Such costs include, include without limitation, limitation processing and accounting charges, charges and late charges that which may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance mortgage or trust deed covering the Premises. Therefore, if any such amount due from Tenant is not received by Landlord within seven (7) days after the same shall become due and payableAccordingly, Tenant shall pay to Landlord on demand an additional sum as Additional Rent a late charge equal to the greater [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED WITH A SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] of Two Hundred Fifty Dollars ($250) or five percent (5%) of the overdue amount such installment as a liquidated damages for such late chargepayment, other than for time value damages. The parties agree that this Waiver of said late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Xxxxxx. Acceptance of with respect to any late charge installment or sum shall not be deemed to constitute a waiver of Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any subsequent late charge which may accrue. Payment of the other rights Rent via Tenant's delivery of a check returned for "Insufficient Funds" shall constitute the delinquent payment of Rent and remedies available shall be subject to Landlordthe late charge and interest provisions of this Section. In addition, each installment of Monthly Base any Rent and any or other amount payable by Tenant to Landlord sums due under this Lease which shall to Landlord that is not have been paid within seven (7) days after the same shall have become when due and payable shall bear interest at the Interest Rate rate of twelve (12%) per annum or the maximum amount permitted by law if less, calculated from the date that due or expended until the same became due date of payment. The existence or payment of charges and payable until paid, whether interest under this Section shall not cure or not limit Landlord's remedies for any demand shall be made thereforDefault under this Lease.

Late Charges; Interest. Tenant acknowledges that late Late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges Rent or any other amounts payable by Tenant to Landlord sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely which would be difficult and impracticable impractical to ascertain. Such costs include, include without limitation, limitation processing and accounting charges, charges and late charges that which may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance mortgage or trust deed covering the Premises. Therefore, if any such amount due from Tenant is not received by Landlord within seven (7) days after the same shall become due and payableAccordingly, Tenant shall pay to Landlord on demand an additional sum as Additional Rent a late charge equal to the greater [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED WITH A SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] of Two Hundred Fifty Dollars ($250) or five percent (5%) of the overdue amount such installment as a liquidated damages for such late chargepayment, other than for time value damages. The parties agree that this Waiver of said late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Xxxxxx. Acceptance of with respect to any late charge installment or sum shall not be deemed to constitute a waiver of Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any subsequent late charge which may accrue. Payment of the other rights Rent via Tenant’s delivery of a check returned for “Insufficient Funds” shall constitute the delinquent payment of Rent and remedies available shall be subject to Landlordthe late charge and interest provisions of this Section. In addition, each installment of Monthly Base any Rent and any or other amount payable by Tenant to Landlord sums due under this Lease which shall to Landlord that is not have been paid within seven (7) days after the same shall have become when due and payable shall bear interest at the Interest Rate rate of twelve (12%) per annum or the maximum amount permitted by law if less, calculated from the date that due or expended until the same became due date of payment. The existence or payment of charges and payable until paid, whether interest under this Section shall not cure or not limit Landlord’s remedies for any demand shall be made thereforDefault under this Lease.

Late Charges; Interest. Tenant (a) Lessee hereby acknowledges that late payment by Tenant to Landlord Lessee of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant to Landlord under this Lease Rent will cause Landlord Lessor to incur costs not contemplated by this Lease, the exact amount of such costs being which will be extremely difficult and impracticable to ascertain. Such costs include, without limitationbut are not limited to, processing and accounting charges, and late charges that which may be imposed on Landlord upon Lessor by the terms of any indebtedness secured by an encumbrance covering the PremisesLender. ThereforeAccordingly, if any such amount due from Tenant is Rent shall not be received by Landlord Lessor within seven five (75) days after the same such amount shall become due and payablebe due, Tenant then, without any requirement for notice to Lessee, Lessee shall pay to Landlord on demand an additional sum equal to five percent (5%) Lessor a [***] of the each such overdue amount as a late chargeamount. The parties hereby agree that this such late charge represents a fair and reasonable estimate of the costs that Landlord Lessor will incur by reason of such late payment by Xxxxxxpayment. Acceptance of any such late charge by Lessor shall not in no event constitute a waiver of Tenant's default Lessee’s Default or Breach with respect to the such overdue amount, or nor prevent Landlord from exercising the exercise of any of the other rights and remedies available to Landlordgranted hereunder. In additionthe event that a late charge is payable hereunder, each installment whether or not collected, for three (3) consecutive installments of Monthly Base Rent, then notwithstanding any provision of this Lease to the contrary, Base Rent and any other amount payable by Tenant to Landlord under this Lease which shall not have been paid within seven (7) days after the same shall have shall, at Lessor’s option, become due and payable quarterly in advance. Notwithstanding anything to the contrary herein, Lessee shall be obligated to pay the foregoing charge the for the first event in any successive twelve month period commencing with the Lease Commencement Date that would otherwise give rise to such obligation. (b) Any monetary payment due Lessor hereunder, other than late charges, not received by Lessor, when due as to scheduled payments (such as Fixed Rent) or within [***] The asterisks denote that confidential portions of this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The confidential portions have been submitted separately to the Securities and Exchange Commission. thirty (30) days following the date on which it was due for non-scheduled payment, shall bear interest at the Interest Rate from the date that when due, as to scheduled payments, or the same became thirty-first (31st) day after it was due and payable until paid, whether or not any demand shall be made thereforas to non-scheduled payments at the Lease Default Rate.

Late Charges; Interest. Tenant acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant to Landlord under this Lease Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance covering the Premises. ThereforeTherefore if Tenant shall fail to pay any installment of Base Rent when due, if any and such amount due from Tenant is not received by Landlord within seven failure shall continue for ten (710) days after the same shall become due and payablethereafter, Tenant shall pay to Landlord on demand an additional sum equal to five percent (5%) of the overdue amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by XxxxxxTenant. Acceptance of any late charge shall not constitute a waiver of Tenant's default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord. In addition, each installment of Monthly Base Rent and any other amount payable by Tenant to Landlord under this Lease which shall not have been paid within seven thirty (730) days after the same shall have become due and payable shall bear interest at the Interest Rate from the date that the same became due and payable until paid, whether or not any demand shall be made therefor.

Late Charges; Interest. All amounts of Rent, if not received within five (5) days when due, shall bear interest from the due date until paid at an annual rate of interest equal to the lesser of (i) the maximum annual interest rate allowed by law on such due date for business loans (not primarily for personal, family or household purposes) not exempt from the usury law, or (ii) a rate equal to the sum of five (5) percentage points over the publicly announced reference rate charged on such due date by the San Francisco Main Office of Bank of America NT & SA (or any successor bank thereto) (or if there is no such publicly announced reference rate, the rate -11- Initials [INITIALED HERE] Initials [INITIALED HERE] quoted by such bank in pricing ninety (90) day commercial loans to substantial commercial borrowers). In addition. Tenant acknowledges that the late payment by Tenant to Landlord of any monthly installment of Base Rent or Additional Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges or any other amounts payable by Tenant to Landlord under this Lease Rent will cause Landlord to incur costs not contemplated by this Leaseand expenses, the exact amount of such costs being which is extremely difficult and impracticable impractical to ascertainfix. Such costs include, without limitationand expenses will include administration and collection costs, processing and accounting charges, expenses and late charges that may be imposed on Landlord by the terms cost of any indebtedness secured by an encumbrance covering the Premisesdrawing upon other sources of funds to pay Landlord's obligations. ThereforeTherefor, if any such amount installment of Rent or Additional Monthly Rent due from Tenant is not received by Landlord within seven five (75) days after the same shall become due and payabledate, Tenant shall pay to Landlord on demand an additional sum equal to five percent (5%) of the amount overdue amount as a late charge. The parties Landlord and Tenant agree that this such late charge represents a fair and reasonable estimate of such costs and expenses and is fair compensation to Landlord for the costs that loss suffered by Landlord will incur by reason of due to Tenant's failure to make timely payment. In no event shall such late payment by Xxxxxx. Acceptance charges be deemed to grant to Tenant a grace period or extension of time within which to pay any late charge shall not constitute a waiver of Tenant's default with respect to the overdue amount, Base Rent or Additional Monthly Rent or prevent Landlord from exercising any of the other rights and remedies right or enforcing any remedy available to Landlord. In addition, Landlord upon Tenant's failure to pay each installment of Monthly Base Rent and any other amount payable by Tenant to Landlord or Additional Monthly Rent due under this Lease which shall not have been paid within seven (7) days after in a timely fashion, including the same shall have become due and payable shall bear interest at the Interest Rate from the date that the same became due and payable until paid, whether or not any demand shall be made thereforright to terminate this Lease.

Late Charges; Interest. (a) Tenant hereby acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges any Rent or any other amounts payable by Tenant to Landlord under this Lease sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being which will be extremely difficult and impracticable to ascertain. Such costs include, without limitationbut are not limited to, processing and accounting charges, and late charges that which may be imposed on Landlord by the terms of any indebtedness secured by an encumbrance mortgage covering the PremisesProject. Therefore, if If Tenant shall fail to pay any such amount due from Tenant is not received by Landlord Rent within seven (7) days after the date same shall become is due and payable, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord on demand an additional sum a late charge equal to five percent (5%) of the overdue amount as a but not to exceed the maximum late chargecharge permitted by applicable law. The parties hereby agree that this such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by XxxxxxTenant. Acceptance of any such late charge by Landlord shall not in no event constitute a waiver of Tenant's default with respect to the such overdue amount, or nor prevent Landlord from exercising any of the other rights and remedies available to Landlord. In addition, each installment of Monthly Base Rent and any other granted thereunder. (b) Any amount payable not paid by Tenant to Landlord under this Lease which shall not have been paid within seven five (75) days after following the same shall have become date when due and payable shall bear interest at the Interest Rate from the date due at the lesser of (a) twelve percent (12%), or (b) the maximum rate then allowable by law, except that interest shall not be payable on any late charge. Payment of interest shall not excuse or cure any default by Tenant. If the same became delinquent amount is subject to a late charge hereunder, then such delinquent amount shall bear interest from the thirtieth (30th) day following its due and payable until paid, whether or not any demand shall be made therefordate.

Late Charges; Interest. 6.1 Tenant hereby acknowledges that late payment by Tenant to Landlord of Monthly Base Rent, Excess Expenses, Excess Taxes, Excess Insurance Costs, Excess Utility Charges Rent or any other amounts payable by Tenant to Landlord under this Lease Additional Rent will cause Landlord to incur administrative costs and loss of investment income not contemplated by this Lease, the exact amount of such costs being which will be extremely difficult and impracticable to ascertain. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of If any indebtedness secured by an encumbrance covering the Premises. Therefore, if any such amount Base Rent or Additional Rent due from Tenant is not received by Landlord or Landlord’s designated agent within seven five (75) days after the same shall become due and payabledate due, then Tenant shall pay to Landlord on demand an additional sum a late charge equal to five percent (5%) of the such overdue amount as a late chargeamount. The parties hereby agree that this such late charge represents charges represent a fair and reasonable estimate of the costs administrative cost that Landlord will incur by reason of Tenant’s late payment. Landlord’s acceptance of such late payment by Xxxxxx. Acceptance of any late charge charges shall not constitute a waiver of Tenant's default ’s Default with respect to the such overdue amount, amount or prevent otherwise estop Landlord from exercising any of the other rights and remedies available granted hereunder. 6.2 In addition to Landlord. In additionthe administrative late charge provided for under Section 6.1, each installment of Monthly above, if any Base Rent and or Additional Rent or any other amount payable by sum due hereunder from Tenant to Landlord is not paid as and when due under this Lease which shall not have been paid within seven Lease, and such amount remains unpaid five (75) days after such due date, then the same shall have become due and payable unpaid amount shall bear interest at the Interest Rate from the date that originally due until the same became due and payable until paiddate paid at an annual rate of interest equal to the “prime rate” of interest as published in the Wall Street Journal (or, whether or if not any demand shall be made thereforpublished, as established by the then largest national banking association in the United States of America) from time to time (the “Prime Rate”) plus three percent (3%) (the “Default Rate”).