According to your tenant's lease document they must pay $14 net rent and are leasing 7000 square feet of space. Operating expenses at the property are currently $9 per square foot. Answer the following questions: (3 pts) a. It is October 15 , and they have not paid their October rent. This is the only amount of money they currently have outstanding. According to the Default clause in the lease agreement late fees are 10% of outstanding rentals after 10 days. Calculate what the late fee should be for this tenant? (1pt) What would you recommend the property manager do before they charge the tenant for the late fees? (1pt) Before charing the tenant a late fee, the property manager should give a notice that they have to pay immediately. He should also send over the amount due with the late fees. Also, he could inform the tenants that if this is going to continue he will be forced to evict them. b. Suppose this tenant does not move out of their space upon lease expiration According to the holdover clause in the lease agreement you are able to charge the tenant 200% of gross rent if they stay in the space after their lease expires. Calculate what you would charge them for rent in the month after their expiration. (1pt)