Question about Late Fees

[Tony Castronovo]

I've been a landlord for a little over 2 years now.  Had to charge my first late fee today.  I want to make sure I got it right, since the lease agreement I used for this tenant was a standard form and it's not exactly clear.  The lease agreement states that rent is due on the 1st of the month.  I received the rent payment today (the 5th).  I know the math is easy...but interpreting the language is a bit trickier.  How much would you charge?

The language goes something like this:

If landlord does not actually receive a rent payment in the full amount at the designated place of payment by the 3rd day of each month at 11:59pm, tenant will pay landlord for each late payment:

1) an initial late charge equal to $100, and

2) additional late charges of $10/day thereafter until rent and late charges are paid in full.