Common use of LATE RENT PENALTY Clause in Contracts

LATE RENT PENALTY. Rent not paid by the third (3rd) day after it becomes due is considered delinquent, and is subject to a late charge of $25.00 (twenty-five dollars) plus an additional charge of $2.00 (two dollars) for each day thereafter that it is unpaid. An administrative fee of $35.00 (thirty-five dollars) will be charged for any returned checks in addition to any late fees assessed.