Common use of Past Due Payments Clause in Contracts

Past Due Payments. In the event any payment due under this Lease should not be paid on the due date, Tenant agrees to pay interest on the amount which is delinquent at the highest rate permitted under the laws of the state in which the Shopping Center is located, for such delinquent payment until made. In addition thereto, if Tenant shall fall to pay any rents, additional rents or any other payments due under this Lease within five (6) days of the due date thereof, or in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord an administrative charge equal to whichever is the greater of the following: (i) One Hundred ($100.00)Dollars, or (ii) five (5%) percent of such unpaid sum, Tenant recognizes and agrees that the charge which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated.

Past Due Payments. In Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Landlord by terms of any mortgage or Trust deed covering the Premises. Accordingly, in the event any rents, Additional Rents or any other payment due under this Lease should not be paid on within five (5) days of the due date, Tenant agrees shall pay to pay interest on Landlord a late charge equal to the lesser of (a) the maximum amount which is delinquent at the highest rate permitted under the laws of the state in which the Shopping Center is located, for such delinquent payment until madeby law; or (b) seven (7%) percent. In addition thereto, if Tenant shall fall to pay any rents, additional rents or any other payments due under this Lease within five (6) days of the due date thereof, or in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord Landlord, to the extent permitted by law, an administrative charge equal to whichever is the greater of the following: (i) One Hundred Seventy-five and No/100 Dollars ($100.00)Dollars, or (ii) five (5%) percent of such unpaid sum, 75.00). Tenant recognizes and agrees that the charge charge(s) which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising all other rights and remedies granted hereunder.

Past Due Payments. In the event any payment due under this Lease should not be paid on the due date, Tenant agrees to pay interest on the amount which is delinquent at the highest rate permitted under the laws of the state in which the Shopping Center is locatedof Florida, for such delinquent payment until made. In addition thereto, if Tenant shall fall fail to pay any rents, additional rents or any other payments due under this Lease within five (65) days of the due date thereof, or in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord an administrative charge equal to whichever is the greater of the following: (i) One Hundred Dollars ($100.00)Dollars100.00), or (ii) five percent (5%) percent of such unpaid sum, . Tenant recognizes and agrees that the charge which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center VIA MIZNXX XXXANCIAL PLAZA resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative administration charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated.

Past Due Payments. In Each Borrower recognizes and acknowledges that any default on any payment, or portion thereof, due hereunder or to be made under the other Loan Documents, will result in losses and additional expenses to Lender in servicing the indebtedness evidenced by the Note, and in losses due to Lender's loss of the use of funds not timely received. Each Borrower further acknowledges and agrees that in the event of any such default, Lender would be entitled to damages for the detriment proximately caused thereby, but that it would be extremely difficult and impracticable to ascertain the extent of or compute such damages. Therefore, if for any reason Borrowers fail to pay any interest or principal under the Note, including any payment due under this Lease should not be paid on the due dateat maturity or upon acceleration, Tenant agrees or fails to pay interest on the amount which is delinquent at the highest rate permitted any other amounts due under the laws any of the state Loan Documents, in which either case for a period of five (5) business days after such payment is due, Borrowers shall pay to Lender, in addition to any such delinquent payment, an amount equal to the Shopping Center is located"Past Due Charge" (which, as used herein means 3% of the delinquent payment) calculated on such delinquent payment. In addition, if for any reason Borrowers fail to make any such payment when due then each such delinquent payment shall also bear additional interest ("Additional Interest"), commencing on the date such delinquent payment was due and continuing for as long as the delinquency continues, regardless of whether or not there has been an acceleration of the indebtedness under the Note, computed at the "Past Due Rate" (which, as used herein, means 17% per annum but not more than the maximum amount allowable under applicable law) until madepaid, such additional interest to be compounded monthly. In Each Borrower acknowledges that the Past Due Charge and Additional Interest agreed to hereunder represent the reasonable estimate of those damages which would be incurred by Lender, and a fair return to Lender for the loss of the use of the funds not timely received from Borrowers on account of a default by Borrowers as herein specified, established by Borrowers and Lender through good faith consideration of the facts and circumstances surrounding the transaction contemplated under this Agreement as of the date hereof, but that such Past Due Charge and Additional Interest are in addition theretoto, if Tenant shall fall to pay any rentsand not in lieu of, additional rents or any other payments right or remedy available to Lender. If any applicable law proscribes the imposition of a past due under this Lease within five (6) days charge in the amount of the due date thereofPast Due Charge herein specified, or in limits the event any checkrate of the Additional Interest that may be charged to a rate less than the Past Due Rate herein specified, bank draft, order for payment then the maximum charge or negotiable instrument given to Landlord for any payment under this Lease rate permitted by such law shall be dishonored charged by Lender for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord an administrative charge equal to whichever is the greater purposes of the following: (i) One Hundred ($100.00)Dollars, or (ii) five (5%) percent of such unpaid sum, Tenant recognizes and agrees that the charge which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulatedSection.