Common use of No Set-Off; Late Payment Clause in Contracts

No Set-Off; Late Payment. Each Rent payment shall be made promptly when due, without any deduction or setoff whatsoever, and without demand, failing which Tenant shall pay to the Town as Additional Rent for such late payment, after the fifth (5th) day after such Rent payment remains due but unpaid, a late charge equal to five percent (5%) of such payment which remains due but unpaid which ▇▇▇▇▇▇ agrees is a reasonable estimate of the costs which the Town will incur as a result of and in order to process such late payment. Such late charge is due on the day it is incurred and shall bear interest thereafter as hereinbelow provided. In addition, any payment that is not paid by the fifth (5th) day after such payment is due shall bear interest at the Default Rate. Any payment made by Tenant to the Town on account of Rent may be credited by the Town to the payment of any Rent then past due, late charge incurred and unpaid, or accrued and unpaid interest before being credited to ▇▇▇▇ currently falling due. Any such payment which is less than the amount of Rent then due shall constitute a payment made on account thereof, the parties hereto hereby agreeing that the Town’s acceptance of such payment (whether or not with or accompanied by an endorsement or statement that such lesser amount or the Town’s acceptance thereof constitutes payment in full of the amount of Rent then due) shall not alter or impair the Town’s rights hereunder to be paid all of such amount then due, or in any other respect.

No Set-Off; Late Payment. Each such Rent payment shall be made promptly when due, without any deduction or setoff whatsoever, and without demand, failing which Tenant shall pay to the Town Landlord as Additional additional Rent for such late payment, after the fifth (5th) day after such Rent payment remains due but unpaid, a late charge equal to five percent (5%) of such payment which remains due but unpaid which ▇▇▇▇▇▇ Tenant agrees is a reasonable estimate of the costs which the Town Landlord will incur as a result of and in order to process such late payment. Such late charge is due on the day it is incurred and shall bear interest thereafter as hereinbelow provided. In addition, any payment that is not paid by the fifth (5th) day after such payment is due shall bear interest at the Default Raterate of twelve percent (12%) per annum. Any payment made by Tenant to the Town Landlord on account of Rent may be credited by the Town Landlord to the payment of any Rent then past due, late charge incurred and unpaid, or accrued and unpaid interest before being credited to ▇▇▇▇ Rent currently falling due, regardless of any attempt by Tenant to cause such partial payment to be credited otherwise. Any such payment which is less than the amount of Rent then due shall constitute a payment made on account thereof, the parties hereto hereby agreeing that the TownLandlord’s acceptance of such payment (whether or not with or accompanied by an endorsement or statement that such lesser amount or the TownLandlord’s acceptance thereof constitutes payment in full of the amount of Rent then due) shall not alter or impair the TownLandlord’s rights hereunder to be paid all of such amount then due, or in any other respect.