Common use of PERFORMANCE BY TENANT Clause in Contracts

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that late payment by Tenant to Landlord of any sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, note or other commitment covering the premises. Therefore, if any payment due from Tenant is not received by Landlord when due, Tenant shall pay to Landlord an additional sum of five percent (5%) of the overdue payment as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance of any late charge shall not constitute a waiver of Tenant default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord. Further, following any second consecutive late payment of rent, Landlord shall have the option: (a) to require that beginning with the first payment of rent due following the date such late payment was due, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.

PERFORMANCE BY TENANT. (a) All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rentrent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from any obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s 's part to be made or performed as in this Lease providedperformed. All sums so paid by Landlord, as well as any rent or other amount owed by Tenant to Landlord which is not paid when due, and all necessary incidental costs together with shall bear interest thereon at the an annual interest rate provided in Paragraph 53 below, of eighteen percent (18%) from the date of such payment by LandlordLandlord or the rental due date, until paid, and shall be payable to Landlord on demand. Tenant covenants to pay The payment of interest on such amounts shall not excuse or cure any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant under this Lease. If the interest rate specified in this Lease is higher than the rate permitted by law, the interest rate is hereby decreased to the maximum legal interest rate permitted by law. (b) In addition to the accrual of interest as set forth in the payment of the Annual Basic Rent. preceding Article 31(a), Tenant hereby acknowledges that late payment by Tenant to Landlord of any rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being which will be extremely difficult and impracticable to fixascertain. Such costs may include, without limitationbut are not limited to, processing and accounting charges, charges and late charges that which may be imposed on Landlord by the terms of any ground lease, encumbrance, note mortgage or other commitment covering trust deed (if any) encumbering the premisesPremises. ThereforeAccordingly, if any payment installment of rent or of a sum due from Tenant is shall not be received by Landlord when or Landlord's designee within three (3) days after said amount is due, then Tenant shall pay to Landlord an additional sum of five a recurring, monthly late charge equal to ten percent (510%) of the such overdue payment as a late chargeamount. The parties hereby agree that this such late charge represents charges represent a fair and reasonable estimate of the costs cost that Landlord will incur by reason of the late payment by Tenant. Acceptance of any such late charge charges by the Landlord shall not in no event constitute a waiver of Tenant Tenant's default with respect to the such overdue amount, or nor prevent Landlord from exercising any of the other rights and remedies available to Landlord. Further, following any second consecutive late payment of rent, Landlord shall have the option: (a) to require that beginning with the first payment of rent due following the date such late payment was due, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7granted hereunder.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s 's part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 belowNew York Prime Interest Rate, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment nonpayment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rentrent. Tenant acknowledges that late payment by Tenant to Landlord of any sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, note or other commitment covering the premises. Therefore, if any payment due from Tenant is not received by Landlord when due, Tenant shall pay to Landlord an additional sum of five percent (5%) of the overdue payment as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance of any late charge shall not constitute a waiver of Tenant default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord. Further, following any Following each second consecutive late payment of rent, Landlord shall have the option: (a) to require that beginning with the first payment of rent due following the date such late payment was due, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) option to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such cost being extremely difficult and impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed upon Landlord by the terms of any encumbrance and note secured by any encumbrance covering the Premises or the Building of which the Premises are a part. Therefore, if any monthly installment of Annual Basic Rent is not received by Landlord by the date when due, or if Tenant fails to pay any other sum of money due hereunder and such failure continues for ten (10) days after notice thereof by Landlord, Tenant shall pay to Landlord, as additional rent, the sum of five percent (5%) of the overdue amount as a late charge. Landlord's acceptance of any late charge shall not constitute a waiver of Tenant's default with respect to the overdue amount or prevent Landlord from exercising any of the other rights and remedies available to Landlord under this Lease or any law now or hereafter in effect. Further, in the event such late charge is imposed by Landlord for two (2) consecutive months for whatever reason, Landlord shall have the option to require that, beginning with the first payment of rent due following the imposition of the second consecutive late charge, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs cost being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, encumbrance and note or other commitment secured by an encumbrance covering the premisesPremises or the Building of which the Premises are a part. Therefore, if any payment due from Tenant monthly installment of Monthly Basic Rent is not received by Landlord when duewithin five (5) days following the due date therefor, or if Tenant fails to pay any other sum of money due hereunder and such failure continues for five (5) days after notice thereof by Landlord, Tenant shall pay pay, as additional rent, as liquidated damages for Landlord's costs an amount equal to Landlord an additional sum of five four percent (54%) of the overdue amount, plus such overdue amount shall bear interest at the lesser of fifteen percent (15%) or the maximum rate permissible by law, calculated from the date the monthly installment of Annual Basic Rent is due until the date of payment as a late chargeto Landlord. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance Landlord's acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant's default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following any second in the event such late charge is imposed by Landlord for two (2) consecutive late payment of rentmonths for whatever reason, Landlord shall have the option: (a) option to require that that, beginning with the first payment of rent due following the date such imposition of the second consecutive late payment was duecharge, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.,

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s sole risk, cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder Rent or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rentoffset. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, mortgage and note or other commitment secured by any encumbrance covering the premisesPremises or the Building. Therefore, if any check submitted by Tenant in payment of Rent due from Tenant under this Lease shall be returned for insufficient funds, or installment of Monthly Basic Rent is not received by Landlord by the date when due, or if Tenant fails to pay any other sum of money due hereunder, Tenant shall pay to Landlord an additional Landlord, as Additional Rent, the sum of five ten percent (510%) of the overdue payment amount as a late chargecharge (“Late Charge”). Such overdue amount shall also bear interest at an annual rate equal to three percent (3%) over the reference rate of the largest state chartered bank (but in no event more than the maximum rate allowed by law) (“Interest Rate”). The parties agree that this late charge represents a fair and reasonable estimate Interest Rate shall be assessed from the date either the Monthly Basic Rent is due or, as to any obligation other than Monthly Base Rent, from the date of Tenant’s receipt of notice from Landlord, until the costs that Landlord will incur by reason date of late payment by Tenant. Acceptance Landlord may require that Tenant thereafter pay its Monthly Basic Rent or other charges by cashier’s check. Landlord’s acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant’s default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following in the event such late charge is imposed by Landlord twice in any second consecutive late payment of renttwelve (12) month period, for whatever reason, Landlord shall have the option: (a) option following the imposition of the second late charge to require that beginning with collect, quarterly in advance, any Rent owed by Tenant under this Lease. Tenant shall pay such payment on the first payment day of rent due the calendar month immediately following the date notice from Landlord of exercise of such late payment was option. Tenant shall pay all intra-quarterly upward adjustments monthly when Rent is due, rent and Landlord shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and credit Tenant’s next quarterly payment with all intraquarterly downward adjustments. Such option may be applied exercised by Landlord in Landlord’s absolute discretion and shall not be construed as an obligation of the manner provided in said Paragraph 7Landlord.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s 's part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that late payment by Tenant to Landlord of any sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, note or other commitment covering the premises. Therefore, if any payment due from Tenant is not received by Landlord when due, Tenant shall pay to Landlord an additional sum of five percent (5%) of the overdue payment as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance of any late charge shall not constitute a waiver of Tenant default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord. Further, following any second consecutive late payment of rent, Landlord shall have the option: (a) option to require that beginning with the first payment of rent due following the date such late payment was due, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs cost being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, encumbrance and note or other commitment secured by any encumbrance covering the premisesPremises or the Building of which the Premises are a part. Therefore, Therefore if any payment due from Tenant monthly installment of Annual Basic Rent is not received by Landlord by the date when due, or if Tenant fails to pay any other sum of money due hereunder and such failure continues for ten (10) days after notice thereof by Landlord, Tenant shall pay to Landlord an Landlord, as additional rent, the sum of five percent (55 %) of the overdue payment amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate Such overdue amount shall also bear interest, as additional rent, at the maximum rate permissible by law calculated, appropriate, from the date either (a) the monthly installment of Annual Basic Rent is due, or (b) of receipt of said notice, until the costs that Landlord will incur by reason date of late payment by Tenantto Landlord. Acceptance Landlord's acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant's default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following any second in the event such late charge is imposed by Landlord for two (2) consecutive late payment of rentmonths for whatever reason, Landlord shall have the option: (a) option to require that that, beginning with the first payment of rent due following the date such imposition of the second consecutive late payment was duecharge, rent shall no longer be paid Paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs cost being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, encumbrance and note or other commitment secured by any encumbrance covering the premisesPremises or the Building of which the Premises are a part. Therefore, Therefore if any payment due from Tenant monthly installment of Annual Basic Rent is not received by Landlord by the date when due, or if Tenant fails to pay any other sum of money due hereunder and such failure continues for ten (10) days after notice thereof by Landlord, Tenant shall pay to Landlord an Landlord, as additional rent, the sum of five percent (5%) of the overdue payment amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate Such overdue amount shall also bear interest, as additional rent, at the maximum rate permissible by law calculated, as appropriate, from the date either (a) the monthly installment of Annual Basic Rent is due, or (b) of receipt of said notice, until the costs that Landlord will incur by reason date of late payment by Tenantto Landlord. Acceptance Landlord's acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant's default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following any second in the event such late charge is imposed by Landlord for two (2) consecutive late payment of rentmonths for whatever reason, Landlord shall have the option: (a) option to require that that, beginning with the first payment of rent due following the date such imposition of the second consecutive late payment was duecharge, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s 's sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs cost being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, encumbrance and note or other commitment secured by any encumbrance covering the premisesPremises or the Building of which the Premises are a part. Therefore, Therefore if any payment due from Tenant monthly installment of Annual Basic Rent is not received by Landlord by the date when due, or if Tenant fails to pay any other sum of money due hereunder and such failure continues for ten (10) days after notice thereof by Landlord, Tenant shall pay to Landlord an Landlord, as additional rent, the sum of five percent (55 %) of the overdue payment amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate Such overdue amount shall also bear interest, as additional rent, at the maximum rate permissible by law calculated, as appropriate, from the date either (a) the monthly installment of Annual Basic Rent is due, or (b) of receipt of said notice, until the costs that Landlord will incur by reason date of late payment by Tenantto Landlord. Acceptance Landlord's acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant's default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following any second in the event such late charge is imposed Landlord for two (2) consecutive late payment of rentmonths for whatever reason, Landlord shall have the option: (a) option to require that that, beginning with It the first payment of rent due following the date such imposition of the second consecutive late payment was duecharge, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.

PERFORMANCE BY TENANT. All covenants and agreements to be performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s Tenants sole cost and expense and without any abatement of rent. If Tenant shall fail to pay any sum of money, other than Annual Basic Rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from obligations of Tenant, but shall not be obligated to, make any such payment or perform any such other act on Tenant’s part to be made or performed as in this Lease provided. All sums so paid by Landlord and all necessary incidental costs together with interest thereon at the rate provided in Paragraph 53 below, from the date of such payment by Landlord, until paid, shall be payable to Landlord on demand. Tenant covenants to pay any such sums, and Landlord shall have (in addition to any other right or remedy of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Annual Basic Rent. Tenant acknowledges that the late payment by Tenant to Landlord of any sums due hereunder under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs cost being extremely difficult and impracticable impractical to fix. Such costs include, without limitation, processing and accounting charges, and late charges that may be imposed on Landlord by the terms of any lease, encumbrance, encumbrance and note or other commitment secured by an encumbrance covering the premisesPremises or the Building of which the Premises are a part. Therefore, if any payment due from Tenant monthly installment of Monthly Basic Rent is not received by Landlord when duewithin five (5) days following the due date therefor, and if Tenant fails to pay any other sum of money due hereunder and such failure continues for five (5) days after notice thereof by Landlord, Tenant shall pay pay, as additional rent, as liquidated damages for Landlords costs an amount equal to Landlord an additional sum of five four percent (54%) of the overdue amount, plus such overdue amount shall bear interest at the lesser of fifteen percent (15%) or the maximum rate permissible by law, calculated from the date the monthly installment of Annual Basic Rent is due until the date of payment as a late chargeto Landlord. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. Acceptance Landlord's acceptance of any late charge or interest shall not constitute a waiver of Tenant Tenant's default with respect to the overdue amount, amount or prevent Landlord from exercising any of the other rights and remedies available to LandlordLandlord under this Lease or any law now or hereafter in effect. Further, following any second in the event such late charge is imposed by Landlord for two (2) consecutive late payment of rentmonths for whatever reason, Landlord shall have the option: (a) option to require that that, beginning with the first payment of rent due following the date such imposition of the second consecutive late payment was duecharge, rent shall no longer be paid in monthly installments but shall be payable three (3) months in advance; or (b) to require that Tenant increase the amount of the Security Deposit required under Paragraph 7 hereinabove by one hundred percent (100%), which additional Security Deposit shall be retained by Landlord and may be applied by Landlord in the manner provided in said Paragraph 7.