DUE RENTS definition
DUE RENTS. If Lessee shall fail to pay any rents, additional rents or other charges characterized herein as additional rent when the same become due and payable, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the rate of five percent (5%) until paid. The provisions herein for late payment service charges shall not be construed to extend the date for payment of any sums required to be paid by Lessee hereunder or to relieve Lessee of its obligation to pay all such sums at the time or times herein stipulated. Notwithstanding the imposition of any charges pursuant to this section, Lessee shall be in default under this Lease if any or all payments required to be made by Lessee are not made at the time therein stipulated and neither the demand nor collection by Lessor of such late payment service charges shall be construed as a cure for such default on the part of the Lessee. Lessor permits a ten (10) day grace period.
DUE RENTS. LATE CHARGES, TENANT'S RETURNED CHECKS:
A. Tenant's failure to pay Rent, Additional Rent (as herein described), or any other Lease costs when due under this Lease may cause Landlord to incur unanticipated costs, with the exact amount of such costs being impractical or extremely difficult to ascertain. Such costs may include, but are not limited to, processing or accounting charges and late charges that may be imposed on Landlord by any ground lease, mortgage, or deed of trust encumbering the Building, a part of which is the Premises.
B. Therefore, if Landlord does not receive the Rent, Additional Rent, or any other Lease costs in full on or before the tenth (10th) business day of the month it becomes due, Tenant shall pay Landlord a late charge, which shall constitute liquidated damages, equal to five percent (5%) of the amount due ("Late Charge"), which shall be paid to Landlord together with such Rent, Additional Rent, or other Lease costs then in arrears. However, Tenant shall not be in default of this Lease if the Lease payment has been received by Landlord, including whatever applicable late charges, subject to the applicable grace and cure periods.
C. For each Tenant's payment check to Landlord that is returned by a bank for any reason, other than Landlord's failure to properly endorse the check and/or an error on the part of the Landlord's bank, Tenant shall pay both a Late Charge (if applicable) and a Returned Check Charge of Twenty-five Dollars and No Cents ($25.00) or such amount as shall be customarily charged by Landlord's bank at that time, whichever is greater.