Common use of Penalty and Interest Clause in Contracts

Penalty and Interest. (1) If any Rent is not received within ten days following the date on which the Rent first became due, then TENANT must pay a late penalty of ten percent of the amount of the Rent in addition to the Rent.

Penalty and Interest. (1) If any Rent is not received within ten (10) days following the date on which the Rent first became due, then TENANT must pay a late penalty of ten percent (10%) of the amount of the total Rent due and payable in addition to the total amount of the unpaid Rent.

Penalty and Interest. (1) If any Rent is not received within ten (10) days following the date on which the Rent first became due, then TENANT must shall pay a late penalty of ten percent (10%) of the amount of the Rent in addition to the Rent.