LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT Clause Samples

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. The Member covenants and agrees that, in addition to the other sums that have become or will become due, pursuant to the terms of this agreement, the Member shall pay to the Corporation a late charge in an amount to be determined from time to time by the Board of Directors for each payment of carrying charges, or part thereof, more than 10 days in arrears. All payments by the Member to the Cooperative shall first be credited to the Member’s outstanding balance, if any, for attorney fees and court costs, repairs or delinquent carrying charges, late fees, and lastly to the current month’s carrying charges. If a member defaults in making a payment of carrying charges or in the performance or observance of any provision of this agreement, and the Cooperative has obtained the services of an attorney with respect to the defaults involved, the Member covenants and agrees to pay to the Cooperative any costs or fees involved, including reasonable attorney’s fees, notwithstanding the fact that a suit has not yet been instituted. In case a suit is instituted, the Member shall also pay the costs of the suit, in addition to other aforesaid costs and fees. If the Cooperative prevails in defending a claim or counterclaim brought by the Member against the Cooperative, its employees or agents, Member agrees to pay any costs or attorney fees involved.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. (a) The Member covenants and agrees that, in addition to the other sums including maintenance and repair charges that have become or will become due, pursuant to the terms of this agreement. The Member shall pay to the Cooperative one or more late charges in an amount to be determined from time to time by the Board of Directors for each payment of Monthly Charges, or part thereof, more than 10 days in arrears. (b) If the Member defaults in making a payment of Monthly Housing Charges or in the performance or observance of any provision of this agreement, and the Cooperative has obtained the services of any attorney with respect to the defaults involved, the Member covenants and agrees to pay to the Cooperative any costs or fees involved, including reasonable attorney's fees, notwithstanding the fact that a suit has not yet been instituted. In case a suit is instituted, the Member shall pay the cost of the suit, in addition to other aforesaid cost and fees.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. Member covenants and agrees that, in addition to all other sums that are or may become due and payable under the terms of this Agreement, Member shall pay to Corporation a “Late Charge” in an amount periodically established by the Board of Directors. A late charge shall be assessed in the case of each payment of Carrying Charge, or part thereof, remaining unpaid after 4:01 PM

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. The Member covenants and agrees that, in addition to the other sums that have become or will become due, according to the terms of this Agreement, the Member shall pay to the Cooperative a late charge in an amount to be determined from time to time by the Board of Directors for each payment of Carrying Charges in arrears. Until further notice from the Cooperative, the late charge is $ , (initials) for each payment of Carrying Charges more than five (5) days in arrears. If a Member defaults in making a payment of Carrying Charges or in the performance or observance of any provision of this Agreement, and the Cooperative has obtained the services of any attorney with respect to the defaults or fees involved, Member agrees to pay to the Cooperative, any such costs or fees, including actual attorney's fees, even though a suit has not yet been started. In case a suit is started, the Member shall also pay the costs of the suit, in addition to other costs and fees as permitted by law. The LIFO (last in first out) method of accounting may be used to pay any fee or other charge first before applying funds received to any arrearage.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. The Stockholder agrees that, in addition to the other sums that have become or will become due, under the terms of the Occupancy Agreement, the Stockholder shall pay the Mutual a late charge of $10.00 or 10%, whichever is greater, for each Carrying Charges payment, or part of the Carrying Charges payment, that is more than 15 days in arrears.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. The Member agrees that, in addition to the payment of any other sums that have become or will become due pursuant to the terms of this Agreement, the Member will pay to the Corporation a late charge in an amount determined from time to time by the Board for each late payment of the Carrying Charges, or any portion thereof, which is more than 10 days late. If a Member defaults in making any payment of Carrying Charges to the Corporation or in the performance or observance of any provision of this Agreement, and the Corporation obtains the services of an attorney as a result of such defaults, the Member agrees to pay to the Corporation any costs and attorney fees involved, notwithstanding the fact that a suit had not been instituted. If suit is filed, the Member will also pay all court costs and litigation expenses in addition to the attorney fees incurred.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. The Shareholder covenants that, in addition to the other sums that have become or will become due pursuant to this Agreement, the Shareholder will pay to the Cooperative a late charge or interest in an amount to be determined from time to time by the Board of Directors for each payment of Assessment, or part thereof, more than ten (10) days in arrears.

LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT. The Member covenants and agrees that, in addition to the other sums that have become or will become due, pursuant to the terms of this agreement, the Member shall pay to the Corporation a late charge of $10.00 or 10%, whichever is greater, for each month of delinquency for each payment of Assessments, or part thereof, more than 10 days in arrears or such other amount as the Board of Directors in its discretion may determine. In the event member fails to pay any amounts hereunder when due, the unpaid amount shall bear interest thereon at the rate of 1% per month per annum until paid in full. If a Member defaults in making a payment of Assessments or in the performance or observance of any provision of this agreement, and the Corporation has obtained the services of any attorney with respect to the defaults involved, the Member covenants and agrees to pay to the Corporation any costs or fees involved, including reasonable attorney’s fees, notwithstanding the fact that a suit has not yet been instituted. In case a suit is instituted, the Member shall also pay the cost of the suit, in addition to the other aforesaid costs and fees.