Common use of Failure in timely payment of the Instalments Clause in Contracts

Failure in timely payment of the Instalments. (a) In the event of quarterly or monthly payments, any failure to timely pay the Instalments by the Resident shall allow the Operator to immediately request in writing the payment of the pending Instalments (the "Non-Payment Notification"). In that case, the Operator shall also be entitled to simultaneously notify the Guarantor in writing of the non-payment of the Instalments. (b) If the Resident does not pay the Operator the pending Instalments within one (1) month from the sending of the Non-Payment Notification, the Operator shall be entitled to, at its discretion: (i) terminate the Agreement for cause; (ii) bar the Resident’s access to the Room, thereby retaining the Resident's personal objects that remain in the Room in accordance with section 5 of article 1922 of the Spanish Civil Code; and/or (iii) initiate the corresponding legal actions. (c) In any case, a delay in the payment of the Instalments by the Resident shall automatically cause to be applied, to the part of the unpaid Instalments, a late payment interest of 10% plus VAT (ii) and a minimum fixed late payment fee of €300. (d) Any expense arising from the failure in timely payment of the Instalments by the Resident, including the expenses arising from any legal and/or judicial actions, shall be borne by the Resident.