Basic Rental Payment Clause Samples
The Basic Rental Payment clause establishes the tenant's obligation to pay a specified amount of rent to the landlord at regular intervals, typically monthly. It outlines the amount due, the due date, and the method or place of payment, ensuring both parties are clear on the financial terms of the lease. This clause serves to formalize the tenant's payment responsibilities and provides a clear framework for rent collection, thereby reducing the risk of misunderstandings or disputes regarding rental payments.
Basic Rental Payment. 3.1 Basic Monthly Rent. Tenant agrees to pay to Landlord as basic monthly rent (the "Basic Monthly Rent") at such place as Landlord may designate without prior demand therefore and without any deduction or set off whatsoever, the sum of: Said Basic Monthly Rent shall be due and payable in advance on the first day of each calendar month during the term of the Lease. Simultaneously with the execution hereof, Tenant has paid to Landlord the first month's rent, receipt whereof is hereby acknowledged, subject to collection, however, if made by check. In the event the Commencement Date occurs on a day other than the first day of a calendar month, then rent shall be paid on the Commencement Date for the initial fractional calendar month prorated on a per-diem basis (based upon a thirty (30) day month) and paid on the Commencement Date. Rent payments received after Close of Business (COB) the 5th day of the month in which it is due will be subject to a 5% late fee. Balances over 30 days old will be subject to 18% interest in addition to late fees.
Basic Rental Payment