Residential Lease Agreement

[Michael Ash]

All: 

I am under contract on my first rental home and have begun the process of reviewing lease agreements. I heard on a BP podcast that Landlord's tend to favor a Rent Due Date Extension. The provision may allow the Tenant a 3 day grace period in which to pay for a $50 extension fee.  I was wondering how you all feel about his provision and also if there are other unique but important provisions that you include in your agreements that I should consider. If any of you have the language to go along with that, it would be helpful.

I have all of the "boiler plate" provisions covered...just need any outside of the box good ones that you all use.

ps. what is a reasonable late fee?

Thanks for the help. 

Best, 

Mike