Enforceability of Late Charges and Default Interest
The enforceability of late charges and default interest may depend on the law in the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). jurisdiction. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must determine, based on the facts and circumstances of any transaction and their legal counsel's advice, whether any such charges are enforceable in the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). jurisdiction prior to making demand.