Common use of Default Rate; Late Charge Clause in Contracts

Default Rate; Late Charge. Without regard to whether Lender has exercised any other rights or remedies hereunder, if Lender has accelerated amounts owing under the Note following the occurrence an Event of Default, the applicable interest rate under the Note shall be increased, to the extent permitted by law, to a rate per annum equal to the Default Rate (as defined in the Note). In addition, if the entire amount of any required principal and/or interest payment is not paid in full within ten (10) days after the same is due, Borrower shall pay to Lender a late fee equal to five percent (5%) of the required payment.

Default Rate; Late Charge. Without regard to whether Lender has exercised any other rights or remedies hereunder, if Lender has accelerated amounts owing under the Note following the occurrence of an Event of Default, the applicable interest rate under the Note shall be increased, to the extent permitted by law, to a rate per annum equal to the Default Rate (as defined in the Note). In addition, if the entire amount of any required principal and/or interest payment is not paid in full within ten (10) days after the same is due, Borrower shall pay to Lender a late fee equal to five percent (5%) of the required payment.

Default Rate; Late Charge. Without regard to whether Lender has exercised any other rights or remedies hereunder, if Lender has accelerated amounts owing under the Note following the occurrence an Event of DefaultDefault shall have occurred and be continuing, the applicable interest rate under the Note Notes shall be increased, to the extent permitted by law, to a rate per annum equal to the Default Rate interest rate hereunder plus five percent (as defined in the Note5%). In addition, if the entire amount any payment of any required principal and/or or interest payment is not paid in full within ten (10) days after of the date the same is duedue and payable under the Notes shall, Borrower shall pay to Lender the extent permitted by applicable law, be subject to a late fee equal to charge of five percent (5%) of the required overdue payment.