Common use of Late Fee and Interest Clause in Contracts

Late Fee and Interest. If Subtenant shall fail to pay when due any Rent within five (5) days after notice from Sublandlord, then Sublandlord has the right, without further notice to Subtenant, to impose a late payment charge equal to the lesser of (i) five percent (5%) of the late Rent, or (ii) One Thousand Five Hundred and 00/100 Dollars ($1,500.00). Subtenant shall not have any grace periods for late payments unless expressly granted by Sublandlord. Unless so granted, the additional amount set forth above shall be automatically due and owing to Sublandlord. In addition, all past-due payments required of Subtenant hereunder not paid within ten (10) business days when due, shall bear interest from the date due until paid at the lesser of twelve percent (12%) per annum or the maximum lawful rate of interest. In no event, however, shall the charges permitted under this Sublease exceed the maximum lawful rate of interest.

Late Fee and Interest. If Subtenant shall fail to pay when due any Rent pay, within five (5) days after notice from Sublandlordof when due, any Rent, then Sublandlord has Subtenant shall pay with the right, without further notice to Subtenant, to impose next installment a late payment charge equal to the lesser of (i) five percent (5%) of the late Rent, or (ii) One Thousand Five Hundred and 00/100 Dollars (which shall in no event be less than $1,500.00)200.00. Except as set forth herein, Subtenant shall not have any grace periods for late payments unless expressly granted by Sublandlord. Unless so granted, the additional amount set forth above five percent (5%) shall be automatically due and owing to Sublandlord. In addition, all past-due payments required of Subtenant hereunder not paid within ten that are more than twenty (1020) business days when due, past due shall bear interest from the date that is twenty (20) days after the date due until paid at the lesser of twelve the rate of fifteen percent (1215%) per annum or the maximum lawful rate of interest. In no event, however, shall the charges permitted under this Sublease exceed the maximum lawful rate of interest.