Common use of Late Charges; Interest Clause in Contracts

Late Charges; Interest. If any rent or other sum is not paid when due under this Ground Lease, and if such delinquency continues for a period of ten (10) days after receipt of written notice, such sum shall bear a late charge equal to one-half of one percent (0.005%) of the amount thereof, the parties recognizing and agreeing that such charge represents a reasonable approximation of the additional administrative costs and expenses which are likely to be incurred by the non-defaulting party. Additionally, any judgment rendered therefor shall bear interest from the date originally due to the date of collection at the rate of prescribed by law as legal interest.

Late Charges; Interest. If any rent or other sum is not paid when due under this Ground Lease, and if such delinquency continues for a period of ten (10) days after receipt of written notice, such sum shall bear a late charge equal to one-half of one percent (0.0050.5%) of the amount thereof, the parties recognizing and agreeing that such charge represents a reasonable approximation of the additional administrative costs and expenses which are likely to be incurred by the non-defaulting party. Additionally, any judgment rendered therefor shall bear interest from the date originally due to the date of collection at the rate of prescribed by law as legal interest.