Due Date; Interest; Late Charge Sample Clauses


Due Date; Interest; Late Charge. Except as otherwise specifically provided in this Lease, all amounts owed by Tenant to Landlord pursuant to any provision of this Lease shall be paid by Tenant within five (5) days after Landlord’s written demand, and all such amounts (including, without limitation, Base Rent and Additional Rent) shall bear interest from the date Default occurs with respect thereto until paid at the annual rate equal to the Default Rate (hereinafter defined), unless a lesser rate shall then be the maximum rate permissible by law with respect thereto, in which event such lesser rate shall be charged. If the Tenant fails to pay any amount of Rent when due, and such failure shall continue for a period of five (5) days after written notice to Tenant of such failure, Tenant shall pay to the Landlord, in addition to the aforesaid interest, a late charge of five percent (5%) of such overdue amount; provided, however, that if Tenant is late in the payment of Rent more than two (2) times in any twelve (12) month period, thereafter such late charge shall be payable immediately upon the occurrence of any subsequent late payment within such 12-month period without any notice or grace period, and provided further that nothing contained herein shall be construed as permitting the Landlord to charge or receive interest in excess of the maximum rate then allowed by law. The term “Default Rate” means five (5) percentage points in excess of the rate of interest announced from time to time by BankOne, Chicago, Illinois (or its successor), as its “prime rate” or “corporate base rate,” changing as and when such rate changes, or if such rate is no longer in existence, then such other “prime rate” as may be designated by Landlord. The provisions of this subparagraph shall in no way relieve Tenant of the obligation to pay Rent or any other sums due hereunder on or before the date on which payment is due, nor shall the collection by Landlord of any amount under this subparagraph impair the ability of Landlord to collect any amount under Section 19 of this Lease.