Common use of Late Fees and Interest Clause in Contracts

Late Fees and Interest. If any payment of the Occupancy Fee is not received by PRI within ten (10) days after its due date (and whether or not PRI has notified Student of such delinquency), Student shall pay to PRI on demand as a late charge an additional amount equal to Twenty–Five Dollars ($25.00) per late payment. A late charge shall not be imposed more than once on any particular installment not paid when due, but imposition of a late charge on any payment not made when due does not eliminate or supersede late charges imposed on other (prior) payments not made when due or preclude imposition of a late charge on other installments or payments not made when due. In addition to the late charges referred to above, which are intended to defray PRI’s costs resulting from late payments, any payment from Student to PRI not paid when due (including any late charges) shall at PRI’s option bear interest from the date due until paid to PRI by Student at the rate of eighteen percent (18%) interest per annum. Acceptance of any late charge and/or interest shall not constitute a waiver of Student’s default with respect to the overdue sum or prevent PRI from exercising any of its other rights and remedies under this Agreement. If Student presents a Dishonored Check to PRI, in addition to any late charges and interest Student shall pay to PRI a fee in the amount of Twenty Dollars ($20.00) (or the amount charged by local banks for dishonored checks, whichever is greater) for each instance. If Student presents more than two Dishonored Checks to PRI during the Term, PRI may require Student to make future Occupancy Fee payments by certified or cashier’s check.