Common use of Late Notices Clause in Contracts

Late Notices. Accounts can be set up to include late payment notices. A late notice fee will be charged only if a late notice is actually sent. If included in the Documents Deposited, Servicer may track and assess late charges, but beyond the notice, Servicer will not be responsible for advising Payor or Payee of any delinquency, default, or late charges. Should Payor require notification of any delinquent payments pursuant to any applicable local, state and federal laws, codes, statutes, regulations and the like, Servicer will send its Notification of Late Payment.