Common use of LATE CHARGES AND OTHER COSTS IN CASE OF DEFAULT Clause in Contracts

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. (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 Agreement, the Member shall pay to the Cooperative one or more Co-Op a late charges charge in an amount to be determined from time to time by the Board of Directors not to exceed 20% of current Monthly Service Fee for each payment of Monthly ChargesService Fee, or part thereof, more than 10 days in arrears. (b) . If the a Member defaults in making a payment of Monthly Housing Charges Service Fee or in the performance or observance of any provision of this agreementAgreement, and the Cooperative Co-Op has obtained the services of any attorney with respect to the defaults involved, the Member covenants and agrees to pay to the Cooperative Co-Op 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.