Common use of Overdue Rent Clause in Contracts

Overdue Rent. Rent and Additional Rent are due on the 1st day of each month, in advance, and are in arrears after 5:00 p.m. on the 5th day. If any sums payable by Subtenant to Tenant under this Lease are not received by the 5th day of each month, Subtenant shall pay Tenant in addition to the amount due, for the cost of collecting and handling such late payment, an amount equal to the greater of $350.00 or five percent (5%) of the delinquent amount. In addition, all delinquent sums payable by Subtenant to Tenant and not paid within five days of the due date shall, at Tenant's option, bear interest at the rate of twelve percent (12%) per annum, or the highest rate of interest allowable by law, whichever is less. Interest on all delinquent amounts shall be calculated from the original due date to the date of payment. Subtenant ▇▇▇▇▇▇ further agrees to pay any reasonable attorney's fees and expenses incurred by Tenant by reason of Subtenant's failure to pay rent, additional rent or other charges when due hereunder.

Overdue Rent. Rent and Additional Rent are due on the 1st day of each month, in advance, and are in arrears after 5:00 p.m. on the 5th day. If any sums payable by Subtenant Tenant to Tenant Landlord under this Lease are not received by the 5th day of each month, Subtenant Tenant shall pay Tenant Landlord in addition to the amount due, for the cost of collecting and handling such late payment, an amount equal to the greater of $350.00 or five percent (5%) of the delinquent amount. In addition, all delinquent sums payable by Subtenant Tenant to Tenant Landlord and not paid within five days of the due date shall, at TenantLandlord's option, bear interest at the rate of twelve percent (12%) per annum, or the highest rate of interest allowable by law, whichever is less. Interest on all delinquent amounts shall be calculated from the original due date to the date of payment. Subtenant ▇▇▇▇▇▇ Tenant hereby further agrees to pay any reasonable attorney's fees and expenses incurred by Tenant Landlord by reason of SubtenantTenant's failure to pay rent, additional rent or other charges when due hereunder.