Common use of Method of Payment, Past Due Rents Clause in Contracts

Method of Payment, Past Due Rents. The term “rent” as used in this Lease shall mean and include all Minimum Rent and additional amounts payable hereunder. All rent shall be paid to Landlord at the Rental Payment Place or at such other place or to such other person as Landlord may from time to time direct in writing, or as otherwise provided herein, in lawful money of the United States of America. In the event the Tenant fails to make any such payment within ten (10) days after the same becomes due, then in addition to all rights, powers and remedies provided herein, by law or otherwise in the case of non-payment of rent, Landlord shall be entitled to recover from Tenant two percent (2%) of the amount due as liquidated damages if payment is made therefore during said ten (10) day period, and the sum of five percent (5%) of the amount due as liquidated damages should payment be tendered after said ten (10) day period. Tenant will also pay to Landlord on demand, interest at the rate of twelve percent (12%) per annum, commencing after said ten (10) day period, on all overdue installments of rent and on overdue amounts of additional rent relating to obligations which Landlord shall have paid on behalf of Tenant, in each case from the due date thereof until paid in full.

Method of Payment, Past Due Rents. The term “"rent” " as used in this Lease shall mean and include all Minimum Rent, Percentage Rent and additional amounts rent payable hereunder. All rent shall be paid to Landlord at the Rental Payment Place or at such other place or to such other person as Landlord may from time to time direct in writing, or as otherwise provided herein, in lawful money of the United States of America. In the event the If Tenant fails to make any such payment within ten (10) days after when the same becomes due, then in addition to all rights, powers and remedies provided herein, by law or otherwise in the case of non-payment of rent, Landlord shall be entitled to recover from Tenant two percent the greater of (2%a) of the amount due as liquidated damages if payment is made therefore during said ten (10) day period, and the sum of five percent (5%) of the amount due as liquidated damages should payment be tendered after said ten and (10b) day periodone hundred dollars ($100.00) to cover Landlord's additional administrative expenses. Tenant will also pay to Landlord on demand, interest at the rate of twelve twenty percent (1220%) per annumannum (or the highest rate permitted by applicable law, commencing after said ten whichever is lower) (10the "Default Rate") day period, on all overdue installments of rent and on overdue amounts of additional rent relating to obligations which Landlord shall have paid on behalf of Tenant, in each case from the due date thereof until paid in full.. ARTICLE 4