Common use of Past Due Payments Clause in Contracts

Past Due Payments. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Landlord by terms of any mortgage or Trust deed covering the Premises. Accordingly, in the event any rents, Additional Rents or any other payment due under this Lease should not be paid within five (5) days of the due date, Tenant shall pay to Landlord a late charge equal to the lesser of (a) the maximum amount permitted by law; or (b) seven (7%) percent. In addition thereto, in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord, to the extent permitted by law, an administrative charge of Seventy-five and No/100 Dollars ($75.00). Tenant recognizes and agrees that the charge(s) which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising all other rights and remedies granted hereunder.

Past Due Payments. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Landlord by terms of any mortgage or Trust deed covering the Premises. Accordingly, in In the event any rents, Additional Rents or any other payment due under this Lease should not be paid on the due date, Tenant agrees to pay interest on the amount which is delinquent at the highest rate permitted under the laws of the state in which the Shopping Center is located, for such delinquent payment until made. In addition thereto, if Tenant shall fall to pay any rents, additional rents or any other payments due under this Lease within five (56) days of the due datedate thereof, Tenant shall pay to Landlord a late charge equal to the lesser of (a) the maximum amount permitted by law; or (b) seven (7%) percent. In addition thereto, in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord, to the extent permitted by law, Landlord an administrative charge equal to whichever is the greater of Seventy-five and No/100 Dollars the following: (i) One Hundred ($75.00). 100.00)Dollars, or (ii) five (5%) percent of such unpaid sum, Tenant recognizes and agrees that the charge(s) charge which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising all other rights and remedies granted hereunder.

Past Due Payments. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Landlord by terms of any mortgage or Trust deed covering the Premises. Accordingly, in In the event any rents, Additional Rents or any other payment due under this Lease should not be paid on the due date, Tenant agrees to pay interest on the amount which is delinquent at the highest rate permitted under the laws of the state of Florida, for such delinquent payment until made. In addition thereto, if Tenant shall fail to pay any rents, additional rents or any other payments due under this Lease within five (5) days of the due datedate thereof, Tenant shall pay to Landlord a late charge equal to the lesser of (a) the maximum amount permitted by law; or (b) seven (7%) percent. In addition thereto, in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord, to the extent permitted by law, Landlord an administrative charge equal to whichever is the greater of Seventy-five and No/100 the following: (i) One Hundred Dollars ($75.00100.00), or (ii) five percent (5%) of such unpaid sum. Tenant recognizes and agrees that the charge(s) charge which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center VIA MIZN▇▇ ▇▇▇ANCIAL PLAZA resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative administration charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising all other rights and remedies granted hereunder.

Past Due Payments. Tenant hereby Each Borrower recognizes and acknowledges that late payment by Tenant to Landlord of rent any default on any payment, or other sums portion thereof, due hereunder or to be made under the other Loan Documents, will cause Landlord result in losses and additional expenses to incur costs Lender in servicing the indebtedness evidenced by the Note, and in losses due to Lender's loss of the use of funds not contemplated by this Leasetimely received. Each Borrower further acknowledges and agrees that in the event of any such default, Lender would be entitled to damages for the exact amount of which will detriment proximately caused thereby, but that it would be extremely difficult and impracticable to ascertainascertain the extent of or compute such damages. Such costs includeTherefore, but are not limited toif for any reason Borrowers fail to pay any interest or principal under the Note, processing and accounting chargesincluding any payment due at maturity or upon acceleration, and late charges which may be imposed upon Landlord by terms or fails to pay any other amounts due under any of any mortgage or Trust deed covering the Premises. AccordinglyLoan Documents, in the event any rents, Additional Rents or any other payment due under this Lease should not be paid within either case for a period of five (5) business days of the due dateafter such payment is due, Tenant Borrowers shall pay to Landlord a late charge Lender, in addition to any such delinquent payment, an amount equal to the lesser "Past Due Charge" (which, as used herein means 3% of the delinquent payment) calculated on such delinquent payment. In addition, if for any reason Borrowers fail to make any such payment when due then each such delinquent payment shall also bear additional interest (a) "Additional Interest"), commencing on the date such delinquent payment was due and continuing for as long as the delinquency continues, regardless of whether or not there has been an acceleration of the indebtedness under the Note, computed at the "Past Due Rate" (which, as used herein, means 17% per annum but not more than the maximum amount allowable under applicable law) until paid, such additional interest to be compounded monthly. Each Borrower acknowledges that the Past Due Charge and Additional Interest agreed to hereunder represent the reasonable estimate of those damages which would be incurred by Lender, and a fair return to Lender for the loss of the use of the funds not timely received from Borrowers on account of a default by Borrowers as herein specified, established by Borrowers and Lender through good faith consideration of the facts and circumstances surrounding the transaction contemplated under this Agreement as of the date hereof, but that such Past Due Charge and Additional Interest are in addition to, and not in lieu of, any other right or remedy available to Lender. If any applicable law proscribes the imposition of a past due charge in the amount of the Past Due Charge herein specified, or limits the rate of the Additional Interest that may be charged to a rate less than the Past Due Rate herein specified, then the maximum charge or rate permitted by law; or (b) seven (7%) percent. In addition thereto, in the event any check, bank draft, order for payment or negotiable instrument given to Landlord for any payment under this Lease such law shall be dishonored charged by Lender for any reason whatsoever not attributable to Landlord, then Tenant shall also pay to Landlord, to the extent permitted by law, an administrative charge purposes of Seventy-five and No/100 Dollars ($75.00). Tenant recognizes and agrees that the charge(s) which Landlord is entitled to make upon the conditions stated in this Section represents, at the time this Lease is made, a fair and reasonable estimate and liquidation of the cost of Landlord in the administration of the Shopping Center resulting to Landlord from the events described which costs are not contemplated or included in any other rental charges provided to be paid by Tenant to Landlord in this Lease. The provisions herein for administrative charges shall not be construed to extend the date for payment of any sums required to be paid by Tenant hereunder or to relieve Tenant of its obligation to pay all such sums at the time or times herein stipulated. Acceptance of such late charges by the Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising all other rights and remedies granted hereunderSection.