Past Due Rents. For all past due rents existing prior to the Commencement Date, Manager shall receive an additional fee of fifteen percent (15%) on all rents collected. For eviction or abandonment procedures taken by Manager on tenants relating to uncollectible past due rents as of the Commencement Date, Manager will receive an additional fee of $75.00 per hour for work performed by Manager.
Past Due Rents. In the event that on the Closing Date there shall be any past due and unpaid Rental Payments under any Space Lease, then any Rental Payment received subsequent to the Closing Date by Purchaser or its agents or Seller or its agents with respect to such Space Lease shall be retained by Purchaser.
Past Due Rents. Any Rental Payments which, as of the Closing Date, are past due and unpaid and which are received subsequent to the Closing Date by the Joint Venture, an LLC Subsidiary or the Contributors or their respective agents shall be applied first to pay the current portion of all Rental Payments due the Joint Venture or an LLC Subsidiary under such Space Lease, and then to pay to the Contributors any portion of such Rental Payments applicable to the period ending as of the Closing Date under such Space Lease. Upon any payment of such amounts to the Contributors, a proportionate share of any costs of collection actually incurred by the Joint Venture or an LLC Subsidiary in connection therewith shall be deducted from such payment.
Past Due Rents. If Lessee shall fail to pay any rents or other charges characterized herein as additional rent, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the Default Rate, as hereinafter defined, and such interest shall be collectible as additional rent.
Past Due Rents. If, on the Closing Date, there are any rents or any other charges which are then due and payable by any Resident under any Resident Agreement (collectively, “Past Due Rents”), then any rents thereafter collected by the Purchaser from any Resident owing Past Due Rents shall be applied to rents due to the Purchaser for the period from and after the Closing Date and, thereafter to any additional Past Due Rents in inverse order of maturity.
Past Due Rents. Tenant recognizes and acknowledges that if rent payments are not received when due, Landlord will suffer damages and additional expense thereby and Tenant therefore agrees that a late charge equal to ten percent (10%) of the late rent may be assessed by Landlord as additional rental if Landlord has not received any monthly installment of annual rent or other rent or additional rent due pursuant to this lease within five (5) days after its due date. In addition, interest shall accrue from such due date at a rate of ten percent (10%) per annum. If any check given in payment of rent is not honored when due, Landlord may require that subsequent rent payments be made by certified or cashier’s check and Tenant shall pay any bank fees incurred by check.
Past Due Rents. Minimum Rent is due and payable on, the first day of each and every month during the term of this Lease. Provided Landlord has not exercised his right to evict Tenant as a result of non-payment of the Minimum Rent as herein provided, a late charge of five percent (5%) of the rent due shall be imposed on each and every payment of the rent not received by the Landlord prior to the fifth (5th) day of each month. The late charge is not a penalty, but liquidated damages to defray administrative and related expenses due to such late payment of rent. The late charge shall be immediately due and payable to the Landlord without further notice or demand. The provisions herein for late charge 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. Notwithstanding the imposition of such late charge pursuant to this paragraph, Tenant shall be in default under the Lease if any or all payments required to be made by Tenant are not made at the time therein stipulated (subject to any applicable cure or grace period) and neither the demand nor collection by Landlord of such late charges shall be construed as a cure for such default on the part of the Tenant.
Past Due Rents. Lessee recognizes and acknowledges that if rent payments are not received when due, Lessor will suffer damages and additional expense thereby and Lessee therefore agrees that a late charge equal to $500 (five hundred dollars) may be assessed by Lessor as additional rental if Lessor has not received any monthly installment of annual rent or other rent or additional rent due pursuant to this lease within five (5) days after its due date. If rent payments are not received within 10 days of when due, and if a minimum of 24 hour prior written or verbal notice is given by Lessor to Lessee, the total late charge for that month's rent payment will be increased to 10%. If any check given in payment of rent is not honored when due, Lessor may require that subsequent rent payments be made by certified or cashier's check.
Past Due Rents. If Tenant shall fail to pay any Base Rent, Additional Rents or other charges within ten (10) days after the same become due and payable, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the rate of eighteen percent (18%) per annum ("Default Interest Rate"), provided, however, that such Default Interest Rate shall not exceed the maximum legal rate of interest allowed to be charged to Tenant under any applicable law of the State of Iowa.
Past Due Rents. If Lessee shall fail to pay any rents or other charges characterized herein as additional rent that Lessor has advanced, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the Default Rate, as hereinafter defined, and such interest shall be collectible as additional rent. As used in this Lease, the term, “Default Rate,” shall mean an annual rate of interest equal to the lesser of: (i) two percent (2%) above the reference interest rate then in effect, and as adjusted from time to time, at Bank of America, NA; or (ii) the highest rate allowable by law.
