Legal Question in Landlord & Tenant Law in Georgia

What are the enforceable late fees in my case?

I signed a promissory note to pay my landlord of the coffee shop I had to close 1/2 of $6,106.06 by 8/31/08 and the balance in 4 monthly installments of $763.26. In the Note there is a section about late fees that reads: ''In the event that a payment due under this Note is not made within ten (1){this is not a typing error; this is how it is typed in the Note} days of the time set forth herein, the Borrower shall pay an additional late fee in the amount of $[50.00 PLUS $10 PER DAY THEREAFTER] ANY PAYMENT THAT IS NOT RECEIVED BY THE LENDER WITHIN (7) SEVEN DAYS OF THE DATE DUE. THE BORROWER WILL BE CONSIDERED IN DEFAULT. AND THE LENDER SHALL TAKE WHATEVER LEGAL ACTION NECESSARY TO COLLECT THIS NOTE.'' This reads exactly as it is written in the promissory note, punctuation and everything. My questions is, doesn't this read that I have 10 days before I'm considered late? He says I owe him from one day after the due date. I disagree.


Asked on 1/05/09, 5:17 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: What are the enforceable late fees in my case?

You should have an attorney review the entire agreement. It may be that the discrepancy is interpreted in your favor, but it depends on some other possible language in the agreement.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 1/07/09, 2:34 pm


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