Non-Payment of Assessment Sample Clauses

The Non-Payment of Assessment clause establishes the consequences and procedures that apply when a party fails to pay an assessment fee or charge as required under an agreement. Typically, this clause outlines the steps the organization or association may take to collect overdue payments, such as imposing late fees, interest, or even suspending certain rights or services until the balance is paid. Its core practical function is to ensure timely payment of assessments by providing clear remedies for non-payment, thereby protecting the financial stability of the organization and promoting compliance among members or participants.
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Non-Payment of Assessment. Any assessments which are not paid when due shall be delinquent, and delinquent assessments or charge shall bear interest from the date that a written notice of delinquency is delivered to a Lot Owner, at a rate per annum equal to the prime rate of interest as published from time to time in The Wall Street Journal, plus 2%, but in no event greater than the maximum amount permitted by law, and the Association may, at its option, bring an action at law against the Member personally obligated to pay the Assessment, may foreclose the lien provided for in Section 5.3 against the Lot owned by such Member or by such Member’s land trustee (in the event the Member is a beneficiary of a land trust), or may exercise any other rights or remedies the Association may have at law or in equity, and the interest, together with all actual out-of-pocket costs and expenses (including reasonable attorneys fees) incurred by the Association in connection with any such action, shall be added to the amount of such assessment and to any judgment or decree therefor. The lien provided for under Section 5.3 shall secure the payment of the assessment or charge, interest thereon and the aforesaid costs, expenses and reasonable attorneys’ fees. No Lot Owner may waive or otherwise avoid liability for any assessment or charges as provided for herein by non-use or abandonment of its Lot. If the assessments levied, paid or collected are in excess of the amount actually required to pay all Association Costs, the excess amount shall remain in the reserve account.
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Related to Non-Payment of Assessment

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  • Procedure for Payment of Indemnifiable Amounts Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee within twenty (20) calendar days of receipt of the request. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder.

  • Compensation; Payment of Fees and Expenses As compensation for the performance of the Administrator’s obligations under this Agreement, the Administrator shall be entitled to receive $2,500 annually, which shall be solely an obligation of the Servicer; provided, however, notwithstanding the foregoing, such compensation shall in no event exceed the Servicing Fee for the related annual period. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder.

  • Late Payment Charge If any principal, interest or any other sums due under the Loan Documents (including the amounts due on the Maturity Date) are not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the Maximum Legal Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the other Loan Documents to the extent permitted by applicable law.