Typically, the lease and even the by-laws stipulate the "fee" for failure to make payment in a timely manner.

We have felt, at times, we wish to increase the fee for each month "late", e.g.: $25, first month, $50 second month, etc., but our corporate counsel has indicated that we are thwarted by the wording of our proprietary lease.

By the way, our monthly arrears total rarely, if ever, exceeds 1.5% of our projected monthly income.