Common use of Interest and Late Charges Clause in Contracts

Interest and Late Charges. If Tenant fails to pay when due any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease then commencing fifteen (15) calendar days after such amount was due, the unpaid amounts shall bear interest at the prime commercial rate then being charged by Bank of America NT & SA in effect at that time. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within fifteen (15) days from the date it is due, Tenant shall pay Landlord a late charge of $500.00. Landlord and Tenant agree that this late charge, along with interest indicated above, represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant’s default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

Interest and Late Charges. If Tenant either party fails to pay when within ten (10) days after the date due any Rent or other amounts or charges which Tenant such party is obligated to pay under the terms of this Lease then commencing fifteen (15) calendar days after such amount was dueto the other party, the unpaid amounts shall bear interest at the prime commercial lesser of (i) the rate of twelve percent (12%) per annum or (ii) the maximum rate then being charged allowed by Bank of America NT & SA in effect at that timelaw. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within fifteen ten (1510) days from the date it is due, Tenant shall pay Landlord a late charge equal to five percent (5%) of $500.00such installment; provided, however, as to the first late payment of Base Rent in any calendar year, such late payment charge shall not be due and payable unless and until Tenant shall have failed to pay such Base Rent for ten (10) days after receipt from Landlord of notice of such failure. Landlord and Tenant agree that this late charge, along with interest indicated above, charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant’s default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

Interest and Late Charges. If Tenant fails to pay when due any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease then commencing fifteen (15) calendar days after such amount was dueLease, the unpaid amounts shall bear interest Interest at the prime commercial rate then being charged by Bank of America NT & SA in effect at that timeplus three percent (3%) per annum. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within fifteen ten (15) 10 days from the date it is due, Tenant shall pay Landlord a late charge equal to ten percent (10%) of $500.00such installment. Landlord and Tenant agree that this late charge, along with interest indicated above, charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant’s 's default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

Interest and Late Charges. If Tenant fails to pay pay, when due due, any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease then commencing fifteen (15) calendar days after such amount was dueLease, the unpaid amounts shall bear interest from the due date until the date paid at the prime commercial rate then being charged established by Bank of Of America NT & SA in effect at that timeplus two percent per annum, but not to exceed the maximum rate then allowed by law. Tenant acknowledges that the late payment of any Monthly Installment installment of Base Rent or other charges will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within fifteen five (155) days from the date it is due, Tenant shall pay Landlord a late charge equal to ten percent (10%) of $500.00such installment. By affixing their initials where indicated below, Landlord and Tenant agree that this late charge, along with interest indicated above, charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment late payment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant’s default 's defaults with respect to such nonpayment late payment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

Interest and Late Charges. If Tenant fails to pay Rental not paid when due any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease then commencing fifteen (15) calendar days after such amount was due, the unpaid amounts shall bear interest from the date due at the prime commercial Default Rate, as set forth above, or if no Default Rate is set forth above, then at the maximum rate then being charged permitted by Bank applicable law. Late payment by Tenant to Landlord of America NT & SA in effect at that time. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent Rental will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under by this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is would be impracticable or extremely difficult to ascertainfix. Such costs include, without limitation, processing, collection and accounting charges, and late charges that may be imposed on Landlord by the terms of any Mortgage covering the Premises. Therefore, in addition to interest, if any such installment Rental is not received by Landlord within fifteen (15) five working days from the date it is dueof its due date, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord an additional sum of 5 percent of such overdue amount as a late charge. Such late charge of $500.00. Landlord and Tenant agree that this late charge, along with interest indicated above, represents a fair and reasonable estimate of such the costs and expenses and is fair compensation to that Landlord for the loss suffered from such nonpayment will incur by reason of any late payment by Tenant, and therefore this Paragraph is reasonable under the circumstances existing at the time this Lease is made. Acceptance of any interest or such late charge by Landlord shall not constitute a waiver of Tenant’s 's default with respect to such nonpayment by Tenant overdue amount, nor prevent Landlord from exercising any of the other rights or and remedies available to Landlord under this Lease.