Common use of Time and Place of Payment Clause in Contracts

Time and Place of Payment. The Tenant shall promptly pay all rentals and other charges and render all statements herein prescribed at the office of the Landlord, or to such other person or company, and at such other place, as shall be designated by the Landlord in writing on or before each rental payment date. Subject to the provisions of Clause 34 hereof, any rental payment received by the Landlord after five (5) working days from its due date [or of receipt of a General Consumption Tax (“GCT”) invoice from the Landlord, if applicable] shall incur a late charge equal to five percent (5%) of such payment to compensate the Landlord for his administrative expenses in connection with such late payment. If the Landlord shall pay any monies, or incur any expenses in correction of any violation of any covenant or of any other obligation of the Tenant herein set forth or implied herefrom, the amounts so paid or incurred shall, at the Landlord's option and on notice to the Tenant, be considered additional rental and payable by the Tenant, with the first installment of rental thereafter to become due and payable, and may be collected or enforced as by law provided in respect to rentals.