Common use of LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT Clause in Contracts

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. Assessments are delinquent if not paid within fifteen (15) days after they become due. In addition to the other sums that have become or will become due, pursuant to the terms of this Agreement, if an Assessment is delinquent, the Member shall pay to the Cooperative a late charge not to exceed ten percent (10%) of the delinquent Assessments or ten dollars ($10.00), whichever is greater. In addition to late charges imposed on delinquent Assessments, Member shall pay all reasonable costs incurred by the Cooperative in collecting the delinquent Assessments, including reasonable attorneys' fees and interest on all sums due, including the delinquent Assessments at twelve percent (12%) annual interest commencing thirty (30) days after the Assessments becomes due. In the event either party to this Occupancy Agreement institutes legal action against the other party to interpret or enforce this Occupancy Agreement or to obtain damages for any alleged breach of this Occupancy Agreement or to enforce payment of any late charges pursuant to this Article, the prevailing party in such action shall be entitled to an award of reasonable attorneys' fees and other costs of suit.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. Assessments are delinquent if not paid within fifteen (15) days after they become due. In addition to the other sums that have become or will become due, pursuant to the terms of this Agreement, if an Assessment is delinquent, the Member shall pay to the Cooperative a late charge not to exceed ten percent (10%) of the delinquent Assessments or ten dollars ($10.00), whichever is greater. In addition to late charges imposed on delinquent Assessments, Member shall pay all reasonable costs incurred by the Cooperative in collecting the delinquent Assessments, including reasonable attorneys' fees and interest on all sums due, including the delinquent Assessments at twelve percent (12%) annual interest commencing thirty (30) days after the Assessments becomes due. due.‌ In the event either party to this Occupancy Agreement institutes legal action against the other party to interpret or enforce this Occupancy Agreement or to obtain damages for any alleged breach of this Occupancy Agreement or to enforce payment of any late charges pursuant to this Article, the prevailing party in such action shall be entitled to an award of reasonable attorneys' fees and other costs of suit.