Common use of Commencing on the Rent Clause in Contracts

Commencing on the Rent. Commencement Date and continuing on the first (1st) day of each month of the Lease Term, the Tenant covenants and agrees to pay without notice, demand or offset to the Landlord, at the Landlord’s main office in North Stonington, Connecticut, or at such place as the Landlord shall from time to time designate in writing, the monthly installment of rent due for the Demised Premises in section 1.1(d) and proportionately for any partial month, which rent shall be paid monthly, in advance, on the first (1st) day of each and every calendar month during the term hereof, the first such payment to be made on the Rent Commencement Date. For and with respect to each installment of minimum rent that is not paid within 10 days when due, the Tenant shall pay to the Landlord on demand, as additional rent, a late charge in an amount equal to five percent (5%) of the amount of the overdue payment for the purpose of defraying Landlord’s administrative expenses relative to handling such overdue payment.