Late Payments and Penalties. As stated in Sections 3.2 and 3.5 of this Article, Xxxxxx remittance of the SBA Form 1502 and the funds collected are due to FTA by the FTA Due Date. POSTMARKS ARE NOT CONSIDERED AS PROOF OF RECEIPT. THE REQUIREMENT IS RECEIPT BY FTA. If Lender remittance, including complete payment information as specified in Section 3.5 of this Article is not received in the office of the FTA by 5 PM Eastern Time on the second business day after the FTA Due Date, Lender shall pay a late payment penalty to SBA (collected by FTA), which is the greater of:
Late Payments and Penalties. Any late fees will be incurred by the person(s) making the late payments. If any one individual, either by doing something (e.g., causing damage) or failing to do something (e.g., failing to make rent or utility payments), causes any other individual to pay more than their share of ONE/ (1/number of tenants) the expense, that individual will be financially liable to the others for their expenses.
Late Payments and Penalties. The charge for late payments is five percent (5%) of any rental or other payment due under the Lease which is not paid within ten (10) days after said payment is due. In the event the lessee ceases to pay insurance, tax or maintenance expenses, etc. Lessor may pay these expenses and charge lessee for these costs, plus interest at eighteen percent (18%) per annum until repaid to Lessor.
