Common use of Late Charges for Overdue Payments Clause in Contracts

Late Charges for Overdue Payments. If Lender has not received the full amount of any monthly payment or any amount due under any Loan Document within 15 days after it is due, then Borrower must pay a late charge to Lender (“Late Charge”) immediately and without demand by Xxxxxx. The amount of the Late Charge will be 4% of any overdue payment or amount. Borrower will pay this Late Charge promptly but only once on 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. North Dakota PURSUANT TO NORTH DAKOTA CENTURY CODE SECTION 32-19-06.1, BORROWER IS HEREBY PUT ON NOTICE THAT XXXXXX MAY HAVE THE RIGHT TO PROCEED TO OBTAIN AND COLLECT A DEFICIENCY JUDGMENT, TOGETHER WITH FORECLOSURE OF THE MORTGAGED PROPERTY UNDER APPLICABLE LAWS. Ohio None Oklahoma None Oregon None Pennsylvania None Rhode Island None South Carolina None South Dakota None Tennessee None