Common use of Payment Transactions Clause in Contracts

Payment Transactions. Rent and other payments are to be paid in the manner designated by the Lessor on a monthly basis in advance by the 6th date of each month to a bank account or other recipient as indicated by the Lessor. Should the Tenant not pay the aforementioned rent and other fees by the due date, overdue interest on the unpaid charges will be the maximum overdue interest rate as stipulated by the Interest Act. However, at least an equivalent of one month’s interest on unpaid rent and other fees will be collected as overdue interest in all cases. In addition, the Tenant is liable for the payment of any costs and expenses caused by the collection of overdue rent and other fees as set and confirmed by the Board of Directors of the Lessor.