LATE FEE. All scheduled payments shall be subject to a fifteen-day (15) grace period. In the event any payment is not made as and when due, the Lender will impose a late charge equal to the greater of five percent (5.00%) of the delinquent amount or twenty-five dollars ($25.00).
LATE CHARGE. If a payment is 15 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment.
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