Common use of Accounts and Statements Clause in Contracts

Accounts and Statements. Statements are prepared the last week of the month and payment is due on or before the 5th. If rent is not received on or before the 5th, a $300 late payment charge plus $10.00 each additional day thereafter that rent has not been paid in full, which shall be considered to be additional rent and must be paid at the time of the delinquent rent is paid.