Not sure how I feel on this one, and looking for opinions, or prohibitions if anyone if familiar with any.
Commercial loans that we originate now have clauses in them stating that we will charge them a fee if they fail to turn in their annual financial statements (i.e. taxes, pfs, etc) upon our request.
Our older commercial loans do not have this wording in them, and hence those borrowers are not complying with your need to obtain their current financials.
On these older loans, may we still impose a fee for non-compliance even though it is not in the contract? If so, I cannot imagine that there is any required notice to be given, beyond courtesy reasons.
How about charging a fee for breaking certain more minorish covenents, instead of forcing them into foreclosure?
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