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. 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.
A. 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.
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, 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. If Tenant shall fail to pay when due any Minimum Rent or additional rent within five (5) days from the due date upon 24 hours notice of non-payment given to Tenant, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the Interest Rate. In addition, if Tenant shall fail to pay any rents, charges or other sums, within ten (10) days after the same become due and payable, then Tenant shall also pay to Landlord additional rent to cover Landlord's additional overhead and administrative costs and expenses arising out of such late payment in the amount of five (5%) percent of the delinquent payment. The provisions herein for interest and late 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. Notwithstanding the imposition of such interest and/or late charges, Tenant shall be in default under this Lease if any or all payments required to be made by Tenant are not made at the time herein stipulated plus any applicable grace period. Neither the demand for, nor collection by Landlord of such interest and/or charges shall be construed as a curing of such default on the part of Tenant.
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. 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. Any Rents received after the Adjustment Date from a Tenant (regardless of whether such payment of Rent is received before or after the Closing Date) shall, unless the Tenant indicates in writing otherwise (in which event such Rent shall be applied to the period specified by the Tenant), be applied if and when collected as follows: (1) first, to the payment of the Rent and reimbursements then due for the period after the Adjustment Date from such Tenant and (2) thereafter, to the payment of Rents and reimbursements due for the period prior to the Adjustment Date ("Tenant Receivables") from such Tenant. The Vornado Realty Group agrees to use its good faith efforts to recover for and on behalf of the MM Contributors (at their own expense) any Tenant Receivables owing after the -39- 48 Closing Date. Further, after the Closing Date the MM Contributors shall be entitled to pursue collection of any Tenant Receivables directly against any party should such party no longer be a Tenant (as set forth on the Rent Rolls). The Vornado Realty Group shall remit to the MM Contributors any such sums received by the Vornado Realty Group in respect of Tenant Receivables to which the MM Contributors are entitled within ten (10) Business Days after receipt thereof. The MM Contributors expressly agree that if the MM Contributors receive after the Closing Date any amounts to which the Vornado Realty Group is entitled hereunder, the MM Contributors shall remit to the Vornado Realty Group that portion of the moneys so received by the MM Contributors within ten (10) Business Days after receipt thereof.
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.
