LATE PAYMENT OF RENT definition

LATE PAYMENT OF RENT. All monthly installments of rent herein stipulated are due in advance without prior offset or deduction, EXCEPT AS OTHERWISE PROVIDED HEREIN, on the FIRST (1ST) DAY OF EACH MONTH during the term hereof, as set forth in Section 3 hereof entitled "BASE RENT". All rents not received on the first (1st) day of the month shall be deemed "past due" and all rents not received by the Landlord WITHIN FIVE (5) BUSINESS DAYS FOLLOWING WRITTEN NOTICE THAT SUCH AMOUNT IS PAST DUE, SUCH NOTICE TO BE PROVIDED TWICE ANNUALLY, shall be subject to a charge of FIVE PERCENT (5%) of the amount due. In any such event, Landlord shall so invoice Tenant for any such charge, which shall become due immediately upon Xxxxxx's receipt of the invoice but in no event later than THIRTY (30) days from the invoice date. Once any payment of rent is thirty (30) days past due, the total due shall bear interest at TEN percent (10%) per annum.
Sample 1
LATE PAYMENT OF RENT. Monthly payments due and payable on the first day of each month as provided in the Lease, which are not in the possession of Landlord's Agent by the due date, are subject to a service charge of $50.00 in each instance. Any rental payment not in the possession of Landlord's Agent by the tenth (10th) day of each month shall be subject to the additional payment of interest at the annual rate of ten percent (10%). Such interest shall be computed from the first day of each month for each unpaid monthly rental installment until paid in full. Any waiver of the collection of said service charge or said interest charge shall not prohibit the Landlord from collecting of such charges at some future date. All waivers of such charges shall be given by Landlord in writing to be effective.
Sample 1

Examples of LATE PAYMENT OF RENT in a sentence

  • IT IS AGREED BY LESSOR AND LESSEE THAT LATE PAYMENT OF RENT, ADDITIONAL RENT, OR OTHER SUM DUE HEREUNDER WILL CAUSE LESSOR TO INCUR COSTS NOT CONTEMPLATED BY THIS LEASE, SUCH COSTS TO INCLUDE, WITHOUT LIMITATION, PROCESSING AND ACCOUNTING CHARGES, LOSS OF USE OF FUNDS, AND UNFORESEEN ADVANCEMENTS BY LESSOR FOR MORTGAGES AND OTHER FINANCING COSTS.

  • The only changes, herein affected, being that of less space and an LATE PAYMENT OF RENT statement.

Related to LATE PAYMENT OF RENT

  • Late Payment means any amount that is due and payable by law under a written procurement contract, without deferral, delay, or set-off under COMAR 21.02.07.03, and remains unpaid more than 45 days after an agency receives a Proper Invoice.

  • Late Payment Fee means the excess of the Price Differential paid as a result of its calculation at the Post-Default Rate over the Price Differential as would have been calculated at the Pricing Rate.

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • Late Payment Interest means and refer to interest on a particular Late Payment at the Default Rate.

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Rent Payment means the amount payable by Lessee for the Assets as specified in the applicable Schedule.

  • Late Payment Rate As defined in the Insurance Agreement.

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Additional Rental has the meaning set forth in Section 4.03.

  • Past Due Rent Payment is defined in Section 2.2(g).

  • Additional Rents means amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant’s allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or xxxxxx’x wages or otherwise.

  • Overdue Payment shall have the meaning specified in Section 4.03(a).

  • Basic Rent Payment Date means the Delivery Date, and the numerically corresponding day in each calendar month thereafter during the Term, and if such day is not a Business Day, then the immediately preceding calendar day which is a Business Day.

  • Late Fee If you don’t pay at least the Minimum Payment Due by the Payment Due Date, we will charge you a late fee. o The fee is $27.00 if you were not charged a late fee during any of the prior six billing periods.

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Sublease Payment means any payment required to be made by the District pursuant to Article 7 of the Sublease.

  • Base Rent As defined in Section 3.1.

  • Rent as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Late Fees shall have the meaning set forth in Section 2(d).

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Rent Payment Date means each date on which an installment of rent is due and payable pursuant to Section 5(a) hereof.

  • Base Rental means the sum of Seven Hundred Nineteen Thousand Two Hundred Sixty-Eight and NO/100 Dollars ($719,268.00), payable by Tenant to Landlord in sixty (60) monthly installments as follows:

  • Lease Payment means any form of payment, including a land lease, by a public entity to the private entity for the use of a qualifying project.