Common use of Tenant’s Late Payments; Late Charges Clause in Contracts

Tenant’s Late Payments; Late Charges. If Tenant fails to make any payment to Landlord required under this Lease within 10 days after such payment is first due and payable, then in addition to any other remedies of Landlord, and without reducing or adversely affecting any of Landlord’s other rights and remedies, Tenant shall pay Landlord within 30 days after demand Default Interest on such late payment, beginning on the date such payment was first due and payable and continuing until the date when Tenant actually makes such payment. In addition, and without limiting any other rights or remedies of Landlord, Tenant shall pay Landlord, as Additional Rent, an administrative charge equal to $500 (which amount shall increase by 10% on the tenth anniversary of the Commencement Date and on every tenth anniversary of the Commencement Date thereafter) for any payment that Tenant fails to pay within 10 days after Notice that such payment is delinquent. Such administrative charge is intended to compensate Landlord for the inconvenience and staff time incurred by Landlord to handle the late or missed payment, shall not be deemed a penalty or compensation for use of funds, and shall not be credited against any other obligations of Tenant under this Lease.

Tenant’s Late Payments; Late Charges. If Tenant fails to make any payment to Landlord required under this Lease within 10 ten (10) days after such payment is first due and payable, then in addition to any other remedies of Landlord, and without reducing or adversely affecting any of Landlord’s other rights and remedies, Tenant shall pay Landlord within 30 ten (10) days after demand interest at the Default Interest Rate on such late payment, beginning on the date such payment was first due and payable and continuing until the date when Tenant actually makes such payment. In addition, and without limiting any other rights or remedies of Landlord, Tenant shall pay Landlord, as Additional Rentadditional rent, an administrative charge equal to the lesser of either Three Thousand Dollars ($500 3,000) or three percent (which amount shall increase by 10% on the tenth anniversary 3%) of the Commencement Date and on every tenth anniversary of the Commencement Date thereafter) for any payment that Tenant fails to pay within 10 ten (10) days after Notice that such payment is delinquentfirst due and payable. Such administrative charge is intended to compensate Landlord for the inconvenience and staff time incurred by Landlord to handle the late or missed payment, shall not be deemed a penalty or compensation for use of funds, and shall not be credited against any other obligations of Tenant under this Lease.