Common use of Late Payment Rent Clause in Contracts

Late Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord under any "MORTGAGE" (as defined in Section 27 below) covering the Premises. Therefore, if Landlord does not receive any installment of Rent due from Tenant within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6.00% of the overdue Rent as a late charge. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid. Provided there is no other Default by Tenant hereunder, the foregoing late charge and interest at the Default Rate will not be payable until the 2nd late payment of Rent in any 12 month period. Tenant agrees that the foregoing late charge and interest at the Default Rate represent a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Tenant also acknowledges that Landlord is entitled to use reasonable methods to deter delinquent payments by Tenant and agrees that, under the circumstances in existence as of the date of this Lease, the foregoing late charge and interest at the Default Rate are reasonable, as evidenced by the fact that, among other things, (i) Landlord and Tenant have comparatively equal bargaining power, (ii) this Lease is not a pre-printed form document, and (iii) Tenant's principals are well experienced in leasing properties, were represented by counsel in the negotiation and documentation of this Lease, and bargained at arms length and without duress for all of the terms and conditions of this Lease, including this provision.

Late Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord under any "MORTGAGE" (as defined in Section 27 below) Mortgage covering the Premises. Therefore, if Landlord does not receive any installment of Rent due from Tenant is not received by Landlord within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6.00[***]% of the overdue Rent as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid. Provided there is no other Default Notwithstanding the foregoing provisions of this paragraph, (i) with respect to the first occurrence of a late payment by Tenant hereunderof Rent during each calendar year of the Term, Tenant shall not be required to pay such late charge and interest as long as Tenant pays such amount of Rent within 5 days after written notice thereof, (ii) with respect to a second occurrence of a late payment by Tenant of Rent during each calendar year of the foregoing Term, Tenant shall pay the late charge and interest at the Default Rate will not be payable until from the 2nd late payment of Rent in any 12 month period. Tenant agrees that the foregoing late charge and interest at the Default Rate represent a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Tenant also acknowledges that Landlord is entitled to use reasonable methods to deter delinquent payments by Tenant and agrees that, under the circumstances in existence as of 5th day after the date of this Lease, the foregoing late charge and interest at the Default Rate are reasonable, as evidenced by the fact that, among other things, (i) Landlord and Tenant have comparatively equal bargaining power, (ii) this Lease is not a pre-printed form documentdue until paid, and (iii) Tenant's principals are well experienced in leasing properties, were represented with respect to the third and subsequent occurrences of a late payment by counsel in the negotiation and documentation Tenant of this Lease, and bargained at arms length and without duress for all Rent during each calendar year of the terms Term, Tenant shall pay a late charge in an amount equal to [***]% of the overdue Rent and conditions interest at the lesser of this Lease, including this provisionthe Default Rate plus an additional [***]% per annum or the highest rate permitted by law from the 5th day after the date due until paid.

Late Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord under any "MORTGAGE" “Mortgage” (as defined in Section 27 below) covering the Premises. Therefore, if Landlord does not receive any installment of Rent due from Tenant within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6.00% of the overdue Rent as a late charge. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid. Provided there is no other Default by Tenant hereunder, the foregoing late charge and interest at the Default Rate will not be payable until the 2nd late payment of Rent in any 12 month period. Tenant agrees that the foregoing late charge and interest at the Default Rate represent a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Tenant also acknowledges that Landlord is entitled to use reasonable methods to deter delinquent payments by Tenant and agrees that, under the circumstances in existence as of the date of this Lease, the foregoing late charge and interest at the Default Rate are reasonable, as evidenced by the fact that, among other things, (i) Landlord and Tenant have comparatively equal bargaining power, (ii) this Lease is not a pre-printed form document, and (iii) Tenant's ’s principals are well experienced in leasing properties, were represented by counsel in the negotiation and documentation of this Lease, and bargained at arms length and without duress for all of the terms and conditions of this Lease, including this provision.

Late Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges that which may be imposed on Landlord under any "MORTGAGE" (as defined in Section 27 below) Mortgage covering the Premises. Therefore, if Landlord does not receive any installment of Rent due from Tenant is not received by Landlord within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6.00equal to 6.0% of the overdue Rent as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid. Provided there is no Remedies. Upon the occurrence of a Default, Landlord, at its option, without further notice or demand to Tenant, shall have in addition to all other Default by Tenant hereunderrights and remedies provided in this Lease, at law or in equity, the foregoing late charge and interest at the Default Rate will not be payable until the 2nd late payment of Rent in option to pursue any 12 month period. Tenant agrees that the foregoing late charge and interest at the Default Rate represent a fair and reasonable estimate one or more of the costs following remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand whatsoever. Terminate this Lease, or at Landlord's option, Tenant's right to possession only, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord will incur by reason may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of late payment by Tenant. Tenant also acknowledges that Landlord is entitled to use reasonable methods to deter delinquent payments by the Premises and expel or remove Tenant and agrees thatany other person who may be occupying the Premises or any part thereof, under the circumstances in existence as of the date without being liable for prosecution or any claim or damages therefor; Upon any termination of this Lease, whether pursuant to the foregoing late charge and interest Section 21(c)(i) or otherwise, Landlord may recover from Tenant the following: The worth at the Default Rate are reasonable, as evidenced time of award of any unpaid rent which has been earned at the time of such termination; plus The worth at the time of award of the amount by which the fact that, among unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus The worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus Any other things, (i) amount necessary to compensate Landlord and Tenant have comparatively equal bargaining power, (ii) for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease is or which in the ordinary course of things would be likely to result therefrom, specifically including, but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or any portion thereof for a pre-printed form documentnew tenant, whether for the same or a different use, and (iii) Tenantany special concessions made to obtain a new tenant; and At Landlord's principals are well experienced election, such other amounts in leasing properties, were represented by counsel addition to or in the negotiation and documentation of this Lease, and bargained at arms length and without duress for all lieu of the terms and conditions of this Lease, including this provisionforegoing as may be permitted from time to time by applicable law.

Late Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord under any "MORTGAGEMortgage" (as defined in Section 27 below) ---------- covering the Premises. Therefore, if Landlord does not receive any installment of Rent due from Tenant within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6.00% of the overdue Rent as a late charge. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid. Provided there is no other Default by Tenant hereunder, the foregoing late charge and interest at the Default Rate will not be payable until the 2nd late payment of Rent in any 12 month period. Tenant agrees that the foregoing late charge and interest at the Default Rate represent a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Tenant also acknowledges that Landlord is entitled to use reasonable methods to deter delinquent payments by Tenant and agrees that, under the circumstances in existence as of the date of this Lease, the foregoing late charge and interest at the Default Rate are reasonable, as evidenced by the fact that, among other things, (i) Landlord and Tenant have comparatively equal bargaining power, (ii) this Lease is not a pre-printed form document, and (iii) Tenant's principals are well experienced in leasing properties, were represented by counsel in the negotiation and documentation of this Lease, and bargained at arms length and without duress for all of the terms and conditions of this Lease, including this provision.