OR FEES, SERVICE PAYMENTS IN LIEU OF SUCH TAXES OR FEES, ANNUAL OR
PERIODIC LICENSE OR USE FEES, EXCISES, TRANSIT CHARGES, HOUSING FUND
ASSESSMENTS, OPEN SPACE CHARGES, ASSESSMENTS, BONDS, LEVIES, FEES OR CHARGES,
GENERAL AND SPECIAL, ORDINARY AND EXTRAORDINARY, UNFORESEEN AS WELL AS FORESEEN,
OF ANY KIND WHICH ARE ASSESSED, LEVIED, CHARGED, CONFIRMED OR IMPOSED BY ANY
PUBLIC AUTHORITY UPON THE PROJECT (OR ANY PORTION OR COMPONENT THEREOF), ITS
OPERATIONS, THIS LEASE, OR THE RENT DUE HEREUNDER (OR ANY PORTION OR COMPONENT
THEREOF) AND ANY TAX OR CHARGE WHICH REPLACES OR IS IN ADDITION TO ANY OF SUCH
ABOVE-DESCRIBED REAL ESTATE TAXES, EXCEPT: (I) INHERITANCE OR ESTATE TAXES
IMPOSED UPON OR ASSESSED AGAINST THE PROJECT, OR ANY PART THEREOF OR INTEREST
THEREIN, AND (II) LANDLORD'S PERSONAL OR CORPORATE INCOME, GIFT OR FRANCHISE
TAXES. IF ANY REAL ESTATE TAXES ARE PAYABLE IN INSTALLMENTS WITHOUT PENALTY
(EXCEPT FOR REASONABLE INTEREST), THEN FOR THE PURPOSE HEREOF (REGARDLESS OF
WHETHER LANDLORD ELECTS TO PAY SAME IN INSTALLMENTS) REAL ESTATE TAXES FOR ANY
CALENDAR YEAR OCCURRING DURING THE TERM SHALL INCLUDE ONLY THOSE INSTALLMENTS,
TOGETHER WITH INTEREST, THAT WOULD HAVE BECOME DUE IF LANDLORD OPTED TO PAY SAME
IN THE MAXIMUM NUMBER OF INSTALLMENTS PERMITTED.
4.5
LATE CHARGE.
IF ANY PAYMENT REQUIRED TO BE MADE BY TENANT UNDER
THIS LEASE IS NOT RECEIVED BY LANDLORD WITHIN FIVE (5) DAYS OF THE DATE THE SAME
IS DUE, TENANT SHALL PAY TO LANDLORD AN AMOUNT EQUAL TO FIVE PERCENT (5%) OF THE
DELINQUENCY.
THE PARTIES AGREE THAT LANDLORD WOULD INCUR COSTS NOT CONTEMPLATED
BY THIS LEASE BY VIRTUE OF SUCH DELINQUENCIES, INCLUDING WITHOUT LIMITATION
ADMINISTRATIVE, COLLECTION, PROCESSING AND ACCOUNTING
13
EXPENSES, THE AMOUNT OF WHICH WOULD BE EXTREMELY DIFFICULT TO COMPUTE, AND THE
AMOUNT STATED HEREIN REPRESENTS A REASONABLE ESTIMATE THEREOF.
ACCEPTANCE OF
SUCH LATE CHARGE BY LANDLORD SHALL IN NO EVENT CONSTITUTE A WAIVER OF TENANT'S
BREACH OR DEFAULT WITH RESPECT TO SUCH DELINQUENCY, OR PREVENT LANDLORD FROM
EXERCISING ANY OF LANDLORD'S OTHER RIGHTS AND REMEDIES.
NOTWITHSTANDING THE
FOREGOING, TENANT SHALL BE ENTITLED TO ONE (1) NOTICE AND THREE (3)-DAY CURE
PERIOD DURING EACH TWELVE (12) MONTH PERIOD BEFORE ANY LATE CHARGES ACCRUE.
4.6
INTEREST ON PAST-DUE OBLIGATIONS.
EXCEPT AS EXPRESSLY OTHERWISE
PROVIDED IN THIS LEASE, ANY RENT DUE LANDLORD HEREUNDER, OTHER THAN LATE
CHARGES, WHICH IS NOT RECEIVED BY LANDLORD WITHIN FIVE (5) DAYS OF THE DATE ON
WHICH IT WAS DUE UNTIL THE DATE PAID, SHALL BEAR INTEREST FROM THE DAY IT WAS
DUE AT THE LESSER OF 18% PER ANNUM OR THE MAXIMUM RATE THEN ALLOWED BY LAW, IN
ADDITION TO THE LATE CHARGE PROVIDED FOR IN SECTION 4.5.
4.7
SECURITY DEPOSIT.
(A)
SECURITY DEPOSIT.
CONCURRENTLY WITH THE EXECUTION OF THIS LEASE
BY TENANT, TENANT SHALL PAY TO LANDLORD THE ESTIMATED DEPOSIT AMOUNT, WHICH
SHALL BE HELD AS A SECURITY DEPOSIT AS SECURITY FOR THE FULL AND FAITHFUL
PERFORMANCE OF TENANT'S OBLIGATIONS UNDER THIS LEASE.
UPON DETERMINATION OF THE
RENTABLE AREA OF THE PREMISES PURSUANT TO SECTION 1.18 ABOVE, TENANT SHALL PAY