OSLA Late Payment Penalty Clause

An OSLA Late Payment Penalty Clause is a late payment penalty clause that is an office lease agreement clause (that specifies the penalties, charges, or fees that may be levied if the tenant fails to pay the rent by the stipulated due date).

• Context:
  • It can be within an Office Lease Agreement (OLA) Rent Article.
  • It can outline the charges, penalties, or fees that may be applied if the tenant fails to pay rent by the stipulated due date in the lease.
  • It can (typically) include OLA Late Payment Penalty Provisions, such as:
    • OLA Late Fee Details, outlining the specific amount or percentage to be charged if rent is late.
    • OLA Interest Rate Provision, detailing the specific interest rate or reference to applicable laws that define the maximum interest rate that can be charged on late payments.
    • OLA Grace Period Provision, describing any allowable time after the due date during which payment may be made without penalty.
    • OLA Calculation Method Provision, detailing how the late fee or interest will be calculated if it's not a fixed amount or percentage.
    • OLA Notification Requirements, specifying how and when the tenant will be notified of a late fee.
    • OLA Enforcement Provisions, including details on how the late fee or interest on late payments will be enforced, collected, or applied.
    • OLA Legal Restrictions or Guidelines, referring to any applicable laws, regulations, or statutes governing late fees or late payment interest and penalties in the jurisdiction.
    • OLA Dispute Resolution Provision, outlining the methods for resolving disputes related to late payments, including potential mediation, arbitration, or legal proceedings.
    • OLA Connection with Other Penalties Provision, connecting with other penalties or fees that apply to late payments, possibly including additional late fees or other charges.
    • OLA Payment Method Provision, specifying acceptable methods of payment for both regular rent and any late payment interest or fees.
    • ...
  • It can (often) work in conjunction with clauses such as OLA Rent Amount Clause and OLA Payment Method Clause.
  • ...
• Example(s):
  • "A late fee of 5% of the monthly rent will be charged if payment is not received within five days of the due date, as described in the Late Payment Penalty Clause of the Office Lease Agreement."
  • "Tenant shall incur a late payment fee of $100 if rent is paid more than three days after the due date, as stipulated in the Office Lease Agreement's Late Payment Penalty Clause."
  • ...
• Counter-Example(s):
  • OLA Casualty Clause.
  • ...
• See: Office Lease Agreement (OLA) Rent Article, OLA Rent Amount Clause, OLA Payment Method Clause, OLA Rent Escalation Clause, OLA Security Deposit Clause, OLA Maintenance Charges Clause.

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