Common use of Rent Past Due Clause in Contracts

Rent Past Due. In the event any installment of Rent is not received within five (5) days after the due date, a late charge of ten percent (10%) of the delinquent sum may be charged by Landlord. If any installment of Rent shall remain overdue for more than fifteen (15) days, an additional late charge in an amount equal to one and one-half percent (1.5%) per month (18% per annum) of the delinquent amount may be charged by Landlord, such charge to be computed for the entire period for which the amount is overdue and which shall be in addition to and not in lieu of the ten percent (10%) late charge or any other remedy available to Landlord.