Common use of Late Charge and Interest on Rent in Default Clause in Contracts

Late Charge and Interest on Rent in Default. Notwithstanding any other provision of this Lease, if any installment of Basic Rent, Management Fee and/or Additional Rent (collectively "Rent") is not received by Landlord from Tenant within nine (9) calendar days after the same becomes due, Tenant shall immediately pay to Landlord a late charge in an amount equal to ten percent (10%) of the amounts due and not so paid. In no event shall this provision for a late charge be deemed to grant Tenant a grace period or extension of time within which to pay any Rent installment as set forth in this Paragraph 4 or to prevent Landlord from exercising any right or remedy available to Landlord upon Tenant's failure to pay each Rent installment due under this Lease when due. If any Rent remains delinquent for a period in excess of nine (9) calendar days, then, in addition to such late charge, Tenant shall pay to Landlord interest on any Rent that is not so paid from said ninth day at the rate of Bank of America's Prime Rate (or equivalent rate) plus five percent (5%) per annum on the unpaid amount, but in no event greater then the maximum rate of interest permitted by applicable law, until paid in full.