Common use of Late Charge; Default Interest Clause in Contracts

Late Charge; Default Interest. Borrower recognizes that default by Xxxxxxxx in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its commitments. Xxxxxxxx agrees that, if for any reason Xxxxxxxx fails to pay when due any payment due under this Note, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. Xxxxxxxx therefore agrees that a reasonable estimate of such damages to Xxxxxx is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen (15) days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Late Charge”). In the event Borrower fails to reimburse Lender for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by Xxxxxx to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that any default by Xxxxxxxx Borrower in making the payments herein and in required under the Deed of Trust Borrower Loan Documents when due will result in Governmental Lender and Bank incurring additional expense in servicing the Borrower Loan, in loss to Lender of the use of the money due and in frustration to Lender in of meeting its commitmentscommitments under the Funding Loan Documents. Xxxxxxxx Borrower agrees that, if for any reason Xxxxxxxx Borrower fails to pay when due any payment due under this NoteAgreement or under any of the other Borrower Loan Documents, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occur, Lender Bank shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. Xxxxxxxx Borrower therefore agrees that a reasonable estimate of such damages to Xxxxxx Bank is as follows: : 3.6.1 In the event Borrower fails to pay any installment payment of principal and/or and interest (other than payment on the Maturity Date) within fifteen (15) ten days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Bank a Late Charge”). . 3.6.2 In the event Borrower fails to reimburse Lender Bank for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by Xxxxxx Bank to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). annually. 3.6.3 In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occuras applicable, is not made in full when due, then said unpaid such amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that default by Xxxxxxxx in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its loan commitments. Xxxxxxxx agrees that, if for any reason Xxxxxxxx fails to pay when due any payment due under this Note, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. Xxxxxxxx therefore agrees that a reasonable estimate of such damages to Xxxxxx is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen ten (1510) days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Late Charge”). In the event Borrower Xxxxxxxx fails to reimburse Lender for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made given by Xxxxxx to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually monthly (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annuallymonthly.

Late Charge; Default Interest. Borrower recognizes that any default by Xxxxxxxx Borrower in making the payments herein and in required under the Deed of Trust Borrower Loan Documents when due will result in Governmental Lender and Bank incurring additional expense in servicing the Borrower Loan, in loss to Lender of the use of the money due and in frustration to Lender in of meeting its commitmentscommitments under the Funding Loan Documents. Xxxxxxxx Borrower agrees that, if for any reason Xxxxxxxx Borrower fails to pay when due any payment due under this NoteAgreement or under any of the other Borrower Loan Documents, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occur, Lender Bank shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. Xxxxxxxx Borrower therefore agrees that a reasonable estimate of such damages to Xxxxxx Bank is as follows: : 3.6.1 In the event Borrower fails to pay any installment payment of principal and/or and interest (other than payment on the Maturity Date) within fifteen (15) ten days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Bank a Late Charge”). . 3.6.2 In the event Borrower fails to reimburse Lender Bank for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by Xxxxxx Bank to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually annually.‌ Construction and Permanent Loan Agreement Revised 4/18/08 (“Default Interest”). 7-20-09) 2276/014742-1024 3.6.3 In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occuras applicable, is not made in full when due, then said unpaid such amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.