Delinquent Installments Sample Clauses

Delinquent Installments i. An installment not received within 30 days of its due date is considered delinquent. Subject to the limitations listed below, the interest rate on a delinquent account may be increased by three percent (3.00%) per annum above the interest rate expressed in the P R O P E R T Y FIT Financing Agreement (the “Delinquency Rate”). The Delinquency Rate may be charged on the entire unpaid principal balance of the Benefit Assessment Lien calculated from the date the unpaid installment became due until the date the delinquent installment(s) is/are paid in full. ii. Capital Provider will take the following steps to collect a delinquent installment: A. Provide a written notice of delinquency and demand for payment to Property Owner by certified mail, return receipt requested, and first-class mail. The notice will include a statement notifying Property Owner that a failure to pay the installment when due is an event of default under the terms of the Transaction Documents and as such, may be referred to the Program Administrator for enforcement pursuant to ORS 223.680(7)(c), ORS 223.685(6)(c), and ORS 223.505 to 223.650, including possible foreclosure; and B. If the delinquency continues for more than 30 days following the date of the first notice of delinquency (and every 30 days thereafter if delinquency remains unpaid) provide an additional notice of delinquency and demand for payment to Property Owner by both certified mail, return receipt requested and first-class mail; and C. Forward a copy of the each notice of delinquency and demand for payment to all Mortgage Holders on the Qualified Real Property with a cover letter notifying the Mortgage Holder that Property Owner is in default on the payment of the Benefit Assessment Lien and if the default it not cured that the lien may be referred to the Program Administrator for enforcement pursuant to ORS 223.505 to 223.650; and D. Forward a copy of each notice of delinquency and demand for payment and Mortgage Holder cover letter referred to above within 10 days of issuance to Program Administrator.

Delinquent Installments. An installment not received within 30 days of its due date is considered delinquent. Subject to the limitations listed below, the interest rate on a delinquent account may be increased by two percent (2.00%) per annum above the interest rate expressed in the P RO PE RT Y F IT Financing Agreement (the “Delinquency Rate”). The Delinquency Rate may be charged on the entire unpaid principal balance of the Benefit Assessment calculated from the date the unpaid installment became due until the earlier of: i. the date the unpaid installment is paid in full; or ii. December 31 of the year in which Capital Provide requests certification of the account per Section 2.7.e.