Common use of PAYMENTS AND LATE CHARGES Clause in Contracts

PAYMENTS AND LATE CHARGES. Rent is due before or on the FIRST of each month and shall be paid by check drawn on a U.S. financial institution (which may be processed by Landlord as an electronic fund transfer in accordance with applicable law), or, if available, by electronic fund transfer via such online service as Landlord may designate by written notice from time to time (collectively "check/EFT"). If Resident fails to pay rent prior to the end of the fifth (5th) day of each month, the Resident agrees to pay the Landlord 7% of total monthly rent as a late charge if paid by one check/EFT, subject to (I) below. (B) Landlord requires rent to be paid with one check/EFT per residence.

PAYMENTS AND LATE CHARGES. Rent is due before or on the FIRST of each month and shall be paid by check drawn on a U.S. financial institution (which may be processed by Landlord as an electronic fund transfer in accordance with applicable law), or, if available, by electronic fund transfer via such online service as Landlord may designate by written notice from time to time (collectively "check/EFT"). If Resident fails to pay rent prior to the end of the fifth (5th) day of each month, the Resident agrees to pay the Landlord 7% of total monthly rent as a late charge if paid by one check/EFT, subject to (I) below. (B) Landlord requires rent to be paid with one check/EFT per residence.