Self Storage Payment Terms/Timelines

[Will Carter]

What are some usual payment terms for self storage rentals?  I'm revamping a family owned self storage facility that's been operating straight out of 1984...

My current thinking on terms:

You're in default after day 1.

Late fee after day 5

I'm locking you out after day 15

I'm sending you notice of foreclosure/auction date after day 30.

Too harsh?  Too lenient?  

Property is in Virginia so I think I'm good with the 30 day foreclosure after default if my memory serves.

I searched I promise...

Thanks.