Common use of Late Charges and Interest Clause in Contracts

Late Charges and Interest. If any installment of Base Rent shall not be received by Landlord or Landlord’s designee within five (5) business days after receipt of a factually correct written notice from Landlord that such amount was not paid when due, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount. Any amount due from Tenant to Landlord hereunder which is not paid within five (5) business days after the date due shall bear interest at the lower often percent (10%) per annum, or the maximum lawful rate of interest from the due date until paid, unless otherwise specifically provided herein, but the payment of such interest shall not excuse or cure any default by Tenant under this Lease.