That way, once the max is met, the late fee will stop accruing. 

Love this site and great respect for all the Pros helping small timers learn and grow.Questions out of curiosity. - What do you think would be the impact of such kind of ordinance in high growth area like San Jose.

My late fee policy reads as follos:RENT OR ANY PART THEREOF NOT RECEIVED AT THE OFFICES OF SBG PROPERTIES LLC BY THE DUE DATE AS REQUIRED IN PARAGRAPH 5(b) SHALL BE SUBJECT TO THE FOLLOWING LATE CHARGES: $25.00 PLUS AN ADDITIONAL LATE FEE OF $ 16.43 PER DAY INCLUSIVE OF THE DAY OF RECEIPT.LATE FEES ARE RETROACTIVE TO THE FIRST OF THE MONTH AND SHALL ACCRUE FOR EACH MONTH UNTIL THE RENTS FOR THAT MONTH ARE PAID IN FULL OR A JUDGEMENT FOR SAID LATE FEES IS RENDERED BY A COURT OF COMPETENT JURISDICTION FOR ALL AMOUNTS THEN DUE AT THE TIME OF THE ENTRY OF JUDGEMENT.LESSOR ACKNOWLEDGES, UNDERSTANDS AND AGREES THAT PURSUANT TO ATCP §134.09(8) ALL FUNDS RECEIVED FROM LESSEE WHEN RENTS ARE DELINQUENT SHALL BE FIRST APPLIED TO DELINQUENT RENTS AND THEREAFTER TO ACCRUED LATE CHARGES.

Like Jeff said, you might want to consider hiring a company or talk with a real estate attorney.Just out of curiosity, did you take any comparables with you (taxes of similar houses nearby)? 

It accrues daily, correct?

Thats not a bad idea Samantha.Just out of curiosity, what other franchises are out there?

I'm actually at the very beginning, curiosity and intrigue.

That evening just out of curiosity I googled the business (which was legit) which led me to a facebook page and subsequently the prospective tenants page.  

reference: http://qz.com/243001/the-incredible-rising-interne...Not sure how to add up all those extra costs households face today which most they likely didn't face back in 1981 since it would depend on the interest on $15k credit card balance as well as how much the household was actually paying off the cards besides interest, and likewise with high tuitions and college grads remaining jobless it likely at least depends whether the student loan was private or subsidized as to when interest started accruing and thus when the household member(s) responsible actually started paying of those.

I'd say the most frustrating thing about BP is lack of curiosity and willingness.to think.