The late penalty provision would be deemed excessive and thus unenforceable in many jurisdictions - that's something you should look into. Additionally, your remedy when a tenant doesn't pay rent is properly to evict the tenant, not to wait until you can't afford to pay the bills and put yourself at risk of being accused of constructive eviction by virtue of having utilities shut off.

Make sure you comply with any notice provision in relation to the security deposit, as often the law will require return of the entire deposit if you fail to provide a proper notice or accounting.