Common use of Audit Discrepancies Clause in Contracts

Audit Discrepancies. Additionally, if an audit reveals a discrepancy of more than five percent (5%) between the amounts due as reported by Tenant and the amounts due as determined by the audit, or Tenant has failed to maintain complete and accurate books of account, records, financial statements, and documentation in accordance with this Lease, then Tenant shall pay the cost of the audit, as reasonably determined by Landlord, plus the amounts determined to have been underpaid. In addition, should Tenant fail to pay the amounts due within thirty (30) days after written notice from Landlord, then Tenant shall pay an additional fee of ten percent (10%) of the unpaid amounts as compensation to Landlord for administrative costs and lost interest, along with the amount determined to have been underpaid. Furthermore, if the audit reveals that amounts due to Landlord is less than five percent (5%) of the amount reported and previously paid by Tenant, and should Tenant fail to pay such amount due within thirty (30) days after written notice from Landlord, then Tenant shall pay an additional fee of ten percent (10%) of the unpaid amount as compensation to Landlord for administrative costs as set forth above, along with the amount determined to have been underpaid. Tenant agrees to pay such amounts and further agrees that the specific late charges represent a fair and reasonable estimate of the costs that Landlord will incur from Tenant’s late payment. Acceptance of late charges and any portion of the late payment by Landlord without receipt of the applicable overdue amount shall in no event constitute a waiver of Tenant default with respect to late payment, nor prevent Landlord from exercising any of the other rights and remedies granted in this Lease. Landlord shall have the right to waive for good cause any late charges upon written application of Tenant for any such delinquency period.

Audit Discrepancies. Additionally, if an audit reveals a discrepancy of more than five percent (5%) between the amounts due as reported by Tenant Xxxxxx and the amounts due as determined by the audit, or Tenant has failed to maintain complete and accurate books of account, records, financial statements, and documentation in accordance with this Lease, then Tenant shall pay the cost of the audit, as reasonably determined by Landlord, plus the amounts determined to have been underpaid. In addition, should Tenant fail to pay the amounts due within thirty (30) days after written notice from Landlord, then Tenant shall pay an additional fee of ten percent (10%) of the unpaid amounts as compensation to Landlord for administrative costs and lost interest, along with the amount determined to have been underpaid. Furthermore, if the audit reveals that amounts due to Landlord is less than five percent (5%) of the amount reported and previously paid by Tenant, and should Tenant fail to pay such amount due within thirty (30) days after written notice from Landlord, then Tenant shall pay an additional fee of ten percent (10%) of the unpaid amount as compensation to Landlord for administrative costs as set forth above, along with the amount determined to have been underpaid. Tenant Xxxxxx agrees to pay such amounts and further agrees that the specific late charges represent a fair and reasonable estimate of the costs that Landlord will incur from Tenant’s late payment. Acceptance of late charges and any portion of the late payment by Landlord without receipt of the applicable overdue amount shall in no event constitute a waiver of Tenant default with respect to late payment, nor prevent Landlord from exercising any of the other rights and remedies granted in this Lease. Landlord shall have the right to waive for good cause any late charges upon written application of Tenant for any such delinquency period.