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3.13 FAILURE TO MAKE PAYMENT AS REQUIRED a. Late Charge for Overdue Payment(s): A late charge of 10 percent (10%) per year will be paid for each calendar month, or fraction of a calendar month, on the outstanding balance or all amounts due and owed under the Mortgage and Note which have not been paid within fourteen (14) days of the due date. At the sole discretion of the Housing Administrator, late charges may be forgiven if a borrower submits a written appeal and is able to document prolonged economic hardship. b. Default: The borrower will be in default if he fails to make payment(s) as required or breaches any of the terms and conditions of the Mortgage and Note. Without prior notice, the County may immediately demand payment in full for all amounts due and owed. The Housing Administrator may, at his discretion and for good cause, grant the borrower up to ninety (90) days to cure any default. Any such extension does not waive any of the County’s rights. c. Payment of County's Cost and Expenses: The County has the right to charge the borrower all reasonable costs and expenses, including attorney's fees and court costs, caused by the borrower's failure to pay. 3.14 PREPAYMENT a. There is no charge or penalty for prepayment of the principal amount at any time. 3.15 PLACE OF PAYMENT a. The principal amount, interest, late charges or any other amounts due under the Mortgage and Note shall be paid when due to the County or at such other place as the County may designate. 3.16 APPLICATION OF REGULAR PAYMENTS AND PREPAYMENT a. Application of Payments: Any payment made in conjunction with a rehabilitation loan shall be applied as follows: 1. first, to pay any applicable periodic payments for real property taxes, assessments, property and liability insurance that the County requires. 2. next, to pay all late charges, 7019RBLA -10- RRP RULES/07-07-2016