Late Charge. If any monthly installment payment shall not have been paid within ten (10) days after the same becomes due and payable, the Lender, in addition to its other remedies, may collect, and the Borrower shall pay on demand, a late charge equal to five percent (5%) of the amount overdue.

Late Charge. If any monthly installment payment shallamount due under the Note is not have been paidmade within ten (10) days after the same becomesof its due and payable, the Lender, in addition to its other remedies, may collect, and thedate, Borrower shall pay on demand,to Lender a late charge equal to the lesser of five percent (5%) of such principal or interest payment then due or the amount overdue.maximum rate provided by law; provided, however, no late charge shall be due with respect to any payment due on the maturity date.

SECTION # Late Charge. IfIn the event that the Borrower fails to pay any monthly installment payment shall not have been paidof interest or the principal of the Loan within ten (10) days after the same becomes due and payable, the Lender, in addition to its other remedies, may collect, anddate therefor, the Borrower shall pay on demand,to the Bank without demand a late charge equal to five percent (5%) of the amount overdue.of the scheduled payment. The imposition and payment of any late charge shall not constitute a waiver of the Bank’s rights with respect to an Event of Default resulting from such late payment.

Unless otherwise stipulated, the Borrower shallagrees to pay to the Lender, on demand, a late charge computed as follows to cover the extra expense involved in handling late payments: If interest or principal are payable in installments, the late charge will be equal to five percent (5%) of any payment that is not paid within twelve (12) days after it is due. If principal and interest are payable at maturity, the late charge will be equal to five percent (5%) of the amount overdue.interest portion of the payment that is not paid within twelve (12) days after it is due. The late charge will never be less than ​ on each payment. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any Event of Default arising from such later payment or any other right the Lender may have including, without limitation, the right to declare the entire unpaid principal and interest immediately due and payable.