Our new tenant late rent payment policy is zero tolerance during the first 30 days. If after the new tenant commencement process which includes no credit check, no deposit and a very reasonable first & last payment to move in as well as 7-10 days of additional time before the first rent date a tenant does not pay the rent on time we will turn the suite over to the next person on our waitlist. There is no grace period in the first 30 days. 

The grace period is already given in the form of the low up front cost and extra time given at the beginning of the lease.

Action will be taken if a tenant has habitually paid late at least three times. Habitual late payments can not and will not be allowed. Rents are due on Mondays and there is a zero tolerance policy in place for those who are habitually late. Once we have identified a habitual late payer we will send a Habitual Late Payer Notice and if the account is not brought into satisfactory performance we will turn the suite over to the next person on our waiting list.

If any of your payments are returned, regardless of your longstanding history with Mimosa, you will be charged a $25 late fee and expected to pay that balance + the fee IMMEDIATELY. 

Mimosa is charged each time a NSF or Check is returned and we must be reimbursed for that.

Unless and until the payment + fee is received in the agreed amount of time, the lease will become forfeit and the tenant will be asked to vacate the suite immediately. 

This is a 0 tolerance topic and will be taken seriously.

Our general rent payment and late fee policy and rules are as follows:

Rent is due on Monday as per THE Agreement.

Unless arrangements are made by 12pm Wednesday the $25 late fee will be invoiced. (Subject to grace period, if any). Your late fee should be paid via CASHAPP. Send the LATE FEE to $Larrycovv. Make sure to put your suite number (ex. 2068 201) on the payment.

We will lock out tenants when they are 2 invoices late.

Late Payment Invoices are due immediately upon receipt and count towards the 2 late payments rule.

So, once a late fee is invoiced, the lockout is executed within 60 minutes unless payment is made in full of all past due rent as well as all late fees.

So once a tenant gets a late fee the lockout will be within 60 minutes after if the account is not caught up and made current.

If the account is paid up in full, upon mutual agreement, the suite will be turned back over to the tenant.

If no satisfactory payments and/or payment arrangements are made then we will immediately turn the suite over to the next person on our wait list.

Rent is considered late if it is not paid on Monday.

Except for the first 30 days, we give a grace period for a very limited number of times. Once a tenant exceeds this number of times the tenant will be charged a late fee, but understand the late fee is really a prelude to helping the tenant move on. Don't let it come to that!

OTHER FORMS OF PAYMENTS

Other forms of payments are accepted, however, you will have to pay processing fees to use them for your convenience. 

Cashapp - $10 (processing fee)

Venmo - $10 (processing fee)

Apple Pay - $10 (processing fee)

Money order - $5 (handling fee)

Payments of rent shall be paid by the LESSEE to LESSOR by debit or credit card via Intuit Payment Systems. An additional fee of $10 shall be added to all payments received via PayPal, Zelle or CASH APP. NO other forms of payment are acceptable. NO third party transaction shall be allowed. If in the event a third party transaction is processed without the consent and approval of the LESSOR, there shall be a $150 charge with a warning. All third party payers must sign an ACH Authorization Form PRIOR TO making any third party payment. Any other method of payment shall be designated in writing between LESSOR and LESSEE. 

Regards,

Mimosa Salon Suites Management