Late Charges; Interest. Tenant acknowledges that late payment of rent or other sums due under this Lease will cause Landlord to incur costs, the exact amount of which will be difficult to ascertain; accordingly, if any installment of rent or any other sum due from the Tenant is not received by Landlord within five (5) days of the date on which it is due under this Lease, Tenant shall pay to Landlord, as additional rent, the sum of five percent (5%) of such overdue amount as liquidated damages. In addition, after rent payments are five (5) business days delinquent, the Tenant shall pay Landlord any attorneys’ fees or notice/process service fees incurred by Landlord by reason of Tenant’s failure to pay rent or other charges when due hereunder. In addition, all unpaid amounts shall accrue interest from the date due in an amount equal to the lesser of the maximum rate allowed by law or 5% per annum until paid. Xxxxxxxx’s acceptance of any late charge or interest 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 under this Lease, at law or in equity.
Appears in 5 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
