Common use of Rental and Payment Provisions Clause in Contracts

Rental and Payment Provisions. The Lessee shall pay rent to the Agency, without demand or notice, on the Commencement Date in the amount of $1.00 (receipt of which is acknowledged by the Agency), which shall constitute the entire amount of rent payable hereunder. Throughout the term of this Agreement, the Lessee shall pay to the Agency any additional amounts required to be paid by the Lessee to or for the account of the Agency hereunder. In the event the Lessee should fail to make or cause to be made any payment of rent or any additional amounts required to be paid by the Lessee to or for the account of the Agency hereunder, pursuant to this Section 4(d), the amount not so paid shall continue as an obligation of the Lessee until the amount not so paid has been paid in full, together with interest thereon from the date due at the applicable interest rate stated in this Agreement where so provided, or if not so provided, at twelve percent (12%) per annum, compounded daily.