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Late fee or non payment of rent

Is  $5 /day after 5 days grace period legal late fee for payment of rent?

Is $5 /day after the 5 day grace period legal penalty for late payment of rent?
I'd think so, I currently charge a flat $50/100 fee depends on the place, but I think I'm going to go to $10 a day with my new leases,  For Virginia up to 10% of rent is generally considered ok.  You don't even need to give a grace period you can make it pay on the first/late on the second.
Yes, I'm sure it's legal. In Arizona, I can charge a 'reasonable' amount so currently a flat $50 late fee is assessed after 3 days. I don't have to give my tenants a grace period but I do.
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