Common use of Past Due Rent Clause in Contracts

Past Due Rent. If Tenant fails to make any payment of Rent or any other sums or amounts to be paid by Tenant hereunder on or before the fifth day after the date such payment is due and payable, Tenant shall pay to Landlord an administrative late charge of five percent (5%) of the amount of such payment. In addition, such past due payment shall bear interest at the Prime Rate plus eight percent (8%) from the date such payment became due to the date of payment thereof by Tenant. Thus, for example, if the Prime Rate is seven percent (7%) the said default rate would be fifteen percent (15%). Such late charge and interest shall constitute Additional Rent and shall be due and payable with the next installment of Rent due hereunder.

Past Due Rent. If Tenant fails to make any payment of Rent or any other sums or amounts to be paid by Tenant hereunder on or before the fifth day after within five (5) days of the date such payment is due and payable, Tenant shall pay to Landlord an administrative late charge of five two and one-half percent (52.5%) of the amount of such payment. In addition, such any past due payment of Rent shall bear interest at the Prime Rate plus eight percent (8%) from the date such payment became due to the date of payment thereof by Tenant. Thus, for example, if Tenant at a rate which is equal to the Prime Rate is seven lesser of (i) twelve percent (712%) per annum, or (ii) the said default maximum interest rate would be fifteen percent (15%)then allowable under the laws of the State in which the Premises are located. Such late charge and interest shall constitute Additional Rent and shall be due and payable with the next installment of Rent due hereunder.

Past Due Rent. If Tenant fails to make any payment of Rent or any other sums or amounts to be paid by Tenant hereunder on or before the fifth day within five (5) days after the date such payment is due and payable, Tenant shall pay to Landlord an administrative late charge of five percent (5%) of the amount of such payment. In addition, such past due payment shall bear interest at the Prime Rate plus eight percent (8%) from the date such payment became due to the date of payment thereof by Tenant. Thus, for example, if Tenant at a rate which is equal to the Prime Rate is seven lesser of (i) twelve percent (712%) per annum, or (ii) the said default maximum interest rate would be fifteen percent then allowable under applicable laws (15%the “Default Rate”). Such late charge and interest shall constitute Additional Rent and shall be due and payable with the next installment of Rent due hereunder.