Due to changes in the law, the sentence in red below was added to Paragraph 2:

You will pay us a late charge of 5% for each payment that is more than ten (10) days late. Such late charge may not exceed the lesser of (1) $5 per day, up to a maximum of $50, or (2) 5% of the delinquent rent payment.

For a more detailed explanation, please read the document on Changes to the Landlord-Tenant Statutes.