Common use of Late Reporting Clause in Contracts

Late Reporting. Performance reports are essential for Development’s effective administration of the Collateral Enhancement Program and its incentive programs, generally. If Lender fails to submit any report required in Section 10.2 and such breach continues uncured for more than thirty (30) days, Development may recover, and Lender shall pay, as liquidated damages for the breach, an amount equal to the greater of ten percent (10%) of the principal of the Allocation or $500.00 for each month or part of a month the report(s) is past due. Such amount shall be due and payable from Lender to Development within thirty (30) days after written notice from Development.

Late Reporting. Performance reports are essential for Development’s effective administration of the Collateral Enhancement Program and its incentive programs, generally. If Lender fails to submit any report required in Section 10.2 above and such breach continues uncured for more than thirty (30) days, Development may recover, and Lender shall pay, as liquidated damages for the breach, an amount equal to the greater of ten percent (10%) of the principal of the Allocation or $500.00 500 for each month or part of a month the report(s) is past due. Such amount shall be due and payable from Lender to Development within thirty (30) days after written notice from Development.

Late Reporting. Performance reports are essential for Development’s effective administration of the Collateral Enhancement Program and its incentive programs, generally. If Lender fails to submit any report required in Section 10.2 and such breach continues uncured for more than thirty (30) days, Development may recover, and Lender shall pay, as liquidated damages for the breach, an amount equal to the greater of ten percent (10%) of the principal of the Allocation or $500.00 for each month or part of a month the report(s) is past due. Such amount shall be due and payable from Lender to Development within thirty (30) days after written notice from Development.