Common use of Payment Provision Clause in Contracts

Payment Provision. (a) All installments of Rent, and all other amounts of money payable by Tenant to Landlord under this lease, if not received by Landlord within five (5) days of the date due, shall: (a) be subject to a late fee equal to the greater of (1) five percent (5%) of the amount past due, or (2) $50.00, which late fee represents an agreed upon charge for the administrative expense suffered by Landlord as a result of such payment and not payment for the use of money or a penalty; and (b) the amount past due (excluding late fees), shall bear simple interest from the date due until paid at twelve percent (12%) per annum (the "Interest Rate"); and Tenant agrees to pay said late fee and interest immediately and without demand. However, if at the time such interest is sought to be imposed, the Interest Rate exceeds the maximum rate permitted under federal law or under the laws of the State of Georgia, the Interest Rate shall be the maximum rate of interest then permitted by applicable law. Should Tenant make a partial payment of past due amounts, the amounts of such partial payment shall be applied first to late fees, second to accrued but unpaid interest at the Interest Rate, and third to past due amounts in the order of their due dates. The provision for such late charges shall be in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord's remedies in any manner.