Deed of Trust

[sskrieger]

This is what I dont understand; The deed of trust says; promise to pay the sum of 44,300. dollars with interest from sept. 1, 2000 0n unpaid principal at the rate of 10% per annum, payable monthly, payable in regular installments of 841.07 dollars or more on or before the 1st day of each month, beginning on the 1st day of oct. 2000 and continuing until said principal and interest have been paid.

It goes on to say;

Any payment received more than 10 days past the due date shall be assessed a late charge of 25.00

Is the due date the first of the month? does this mean that they should be charged a late fee after the 10th?
According to capital title, they have until the 20th before they are charged a late fee. I dont see that in this contract. What are my options? If it should be late after the 10th then they owe us months worth of late fees. HELP.

Tempe, Az

[Edited by sskrieger on 01-18-2001 at 07:40 PM]

 

[David J. Miller]

According to what you have written the due date is the 1st. A late charge is assessed if the payment is not received by you on the 11th of each month. I would contact the title company and read that paragraph verbatim and see what they have to say about it. If after you speak with them there is still a disagreement, post back with their specific comments.