What is a common feature of a lease agreement regarding late payments?

In lease agreements, it is customary to include penalties for late payments as a term to emphasize the importance of timely rent payments. Such penalties act as a deterrent to late payments and encourage tenants to adhere to the agreed payment schedule. This feature helps landlords manage their cash flow and ensures that they can meet their own financial obligations tied to the property.

While grace periods may be offered by some landlords to provide tenants with additional time before penalties kick in, this is not as universally standard as penalties for late payments. Increased rent costs typically refer to situations involving lease renewals or adjustments rather than immediate consequences for late payment. Service interruptions are not a typical feature of lease agreements regarding late payments, as these relate more to the management of utilities and services rather than monetary aspects of the lease. Therefore, penalties for late payments stand out as one of the most common and enforceable stipulations in such agreements.