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Late Charges
Rent received by Landlord later than the third (3rd) day after the due date, as specified in Paragraph 2 above, will incur a late charge. The late charge shall be equal to five percent (5%) of the cost of one (1) month’s rent. The parties agree that this late fee is not a penalty for the late payment but is a reasonable estimate of the actual damages suffered by Landlord because of the late payment that would otherwise be difficult, if not impossible, to ascertain. If Tenant mails rent to Landlord, the late charge will apply if the rent is received later than the third (3rd) day of the month, regardless of the date Tenant mailed such rent payment. If payment of rent is made by personal check, which is later dishonored by Tenant's bank, Tenant shall be assessed any bank charges incurred by Landlord as a result of such dishonored check, in addition to the rent and late charge due on the payment of rent. Landlord, at Landlord's sole discretion, may waive the late charges.
Once we've built a lease you're happy with, send the lease to your tenants to sign online. They'll receive a copy once you've finalized the rental agreement.
Read our full oklahoma landlord-tenant ordinance and state guide to learn more about applicable laws and ordinances. Our lease templates are based on the information gathered in these guides.
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