Common use of Past Due Rent Clause in Contracts

Past Due Rent. (a) Subject to any applicable notice and cure period, if Tenant shall fail to pay any installment of Rent before the sixth day after such Rent is due and payable, Tenant shall pay a charge (the "Late Charge") which shall be 5% of the amount of such unpaid installment of Rent. The parties agree that the amount of such Late Charge represents a reasonable estimate of the cost and expense that will be incurred by Landlord in processing each delinquent payment of Rent by Tenant and that such Late Charge shall be paid to Landlord as liquidated damages for each delinquent payment. (b) Subject to any applicable notice and cure period, any amount due from Tenant to Landlord which is not paid when due shall bear interest at the Default Rate from the date such payment is due, after the expiration of any applicable grace period, until paid. The rate so determined shall continue in effect following any default by Tenant pursuant to this Lease. Payment of such interest shall not excuse or cure any default by Tenant under this Lease. The parties agree that the payment of interest and the payment of Late Charges provided for above are distinct and separate from one another in that the payment of interest is to compensate Landlord for its inability to use the money improperly withheld by Tenant, while the payment of Late Charges is to compensate Landlord for its additional administrative expenses in handling and processing delinquent payments.

Past Due Rent. (a) Subject to any applicable notice and cure period, if Tenant If a Grantee shall fail to pay any installment of Rent before the sixth fifteenth day after such Rent is due and payable, Tenant such Grantee shall pay a charge (the "“Late Charge"”) which shall be 5% of the amount of such unpaid installment of Rent. The parties hereto agree that the amount of such Late Charge represents a reasonable estimate of the cost and expense that will be incurred by Landlord a Grantor in processing each delinquent payment of Rent by Tenant a Grantee and that such Late Charge shall be paid to Landlord Grantor as liquidated damages for each delinquent payment. (b) Subject to any applicable notice and cure period, any . Any amount due from Tenant a Grantee to Landlord a Grantor which is not paid when due shall bear interest at a rate equal at all times to the Default Rate prime rate of interest as published in The Wall Street Journal, Eastern Edition, from time to time, plus 5%, but in no case higher than the date such payment is duemaximum rate permitted by applicable Law, after the expiration of any applicable grace period, on the unpaid amount from the due date until the date paid. The rate so determined shall continue in effect following any default by Tenant a Grantee pursuant to this LeaseAgreement. Payment of such interest shall not excuse or cure any default by Tenant a Grantee under this LeaseAgreement. The parties hereto agree that the payment of interest and the payment of Late Charges provided for above in this Section 5(b) are distinct and separate from one another in that the payment of interest is to compensate Landlord such Grantor for its inability to use the money improperly withheld by Tenantsuch Grantee, while the payment of Late Charges is to compensate Landlord such Grantor for its additional administrative expenses in handling and processing delinquent payments.

Past Due Rent. (a) Subject to any applicable notice and cure period, if If Tenant shall fail to pay any installment of Rent before the sixth day after such Rent is due and payable, Tenant shall pay a charge (the "“Late Charge"”) which shall be 52% of the amount of such unpaid installment of Rent. The parties agree that the amount of such Late Charge represents a reasonable estimate of the cost and expense that will be incurred by Landlord in processing each delinquent payment of Rent by Tenant and that such Late Charge shall be paid to Landlord as liquidated damages for each delinquent payment. Notwithstanding the foregoing Tenant shall not be obligated to pay the Late Charge with respect to the first late payment by Tenant during any twelve (12) month period so long as Tenant makes the applicable payment, in full, within five (5) days after written notice from Landlord to Tenant that the applicable payment is overdue. (b) Subject to any applicable notice and cure period, any Any amount due from Tenant to Landlord which is not paid when due shall bear interest at the Default Rate from the date such payment is due, after the expiration of any applicable grace period, until paid. The rate so determined shall continue in effect following any default by Tenant pursuant to this Lease. Payment of such interest shall not excuse or cure any default by Tenant under this Lease. The parties agree that the payment of interest and the payment of Late Charges provided for in Section 3.3(a) above are distinct and separate from one another in that the payment of interest is to compensate Landlord for its inability to use the money improperly withheld by Tenant, while the payment of Late Charges is to compensate Landlord for its additional administrative expenses in handling and processing delinquent payments.

Past Due Rent. (a) Subject to any applicable notice and cure period, if If Tenant shall fail to pay any installment of Rent before within five (5) business days following the sixth day after date when such Rent is due and payable (provided that, on the first two (2) occasion of late payment of Rent occurring in any calendar year, the hereafter described “Late Charge” shall not accrue unless Tenant fails to pay such Rent within ten (10) business days following the date when such Rent is due and payable), Tenant shall pay a charge (the "“Late Charge"”) which shall be 53% of the amount of such unpaid installment of Rent. The parties agree that the amount of such Late Charge represents a reasonable estimate of the cost and expense that will be incurred by Landlord in processing each delinquent payment of Rent by Tenant and that such Late Charge shall be paid to Landlord as liquidated damages for each delinquent payment. (b) Subject to any applicable notice and cure period, any amount due from Tenant to Landlord Unpaid Rent which is not paid within five (5) business days following the date when due shall bear interest at the Default Rate from the date due until paid (provided that, on the first two (2) occasions of late payment of Rent occurring in any calendar year, such interest shall not accrue unless Tenant fails to pay such delinquency within five (5) business days after Landlord gives written notice of such delinquency to Tenant, but on the third and any subsequent occasion of late payment is dueof Rent occurring in any calendar year, after the expiration of any applicable grace period, until paid. The rate so determined no such notice from Landlord shall continue be required for Default Rate interest to accrue as otherwise provided in effect following any default by Tenant pursuant to this LeaseSection 3). Payment of such interest shall not excuse or cure any default by Tenant under this Lease. The parties agree that the payment of interest and the payment of Late Charges provided for in Section 3.3(a) above are distinct and separate from one another in that the payment of interest is to compensate Landlord for its inability to use the money improperly withheld by Tenant, while the payment of Late Charges is to compensate Landlord for its additional administrative expenses in handling and processing delinquent payments.