Common use of Late Charge for Overdue Payments Clause in Contracts

Late Charge for Overdue Payments. If Lender has not received the full amount of any monthly payment by the 10th day of any month or any amount due under any Loan Document within 9 days after it is due (unless applicable law requires a longer period of time before a late charge may be imposed), then Borrower must pay a late charge to Lender (“Late Charge”). The amount of the Late Charge will be 5% of any overdue payment or amount (unless applicable law requires a lower amount to be charged). Borrower will pay this Late Charge promptly but only once with respect to each late payment. If the Loan is not fully amortizing, no Late Charge will be due on the final payment of the unpaid Principal Amount owed on the Maturity Date.

Late Charge for Overdue Payments. If Lender has not received the full amount of any monthly payment by the 10th day of any month or any amount due under any Loan Document within 9 days by the 9th day after it is its due date (unless applicable law requires a longer period of time before a late charge may be imposed), then Borrower must pay a late charge to Lender (“Late Charge”). The amount of the Late Charge will be 5% of any overdue payment or overdue amount (unless applicable law requires a lower amount to be charged). Borrower will pay this Late Charge promptly but only once with respect to each late paymentimmediately and without demand. If the Loan is not fully amortizing, no Late Charge will be due on the final payment of the unpaid Principal Amount principal owed on the Maturity Date. The Late Charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 5(c).