Common use of Late Fee / Default Interest Clause in Contracts

Late Fee / Default Interest. Commencing on the Commencement Date, all payments of Rent, including Additional Rent, shall be paid to Landlord without demand and without deduction, set-off or counterclaim (except as otherwise provided herein) on the first (1st) day of every month during the Lease Term. Without waiving any of Landlord’s other remedies for Tenant’s failure to pay Rent as in this Lease contained, Tenant agrees that any Rent not paid by the tenth (10th) day of any month shall require payment by Tenant of a late charge calculated at five percent (5%) of the amount due and unpaid. In addition, all Rent payments hereunder not made within ten (10) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month, but not greater than the maximum amount of interest permitted by law. Anything hereinabove contained to the contrary notwithstanding, it is expressly understood and agreed that any late payment of Rent or other charges as required in this Lease shall be deemed a default pursuant to the terms and conditions of this Lease after the expiration of any applicable grace periods and the giving of any required notices, for which Landlord shall have such rights or remedies as provided in this Lease. Notwithstanding anything to the contrary contained in this Lease, Tenant shall be entitled to notice of its failure to timely pay any non-recurring item of Additional Rent prior to being in default under this Lease, and Tenant shall not be in default under this Lease for failing to timely pay a non-recurring item of Additional Rent unless and until Tenant fails to timely pay more than one (1) non-recurring item of Additional rent in any twelve (12) month period. Additionally, such non-recurring item of Additional Rent shall not be subject to the aforesaid late charge and/or interest, provided same is paid within ten (10) days after the effective date of notice of Tenant’s failure to timely pay.