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Nonperformance
Failure to fulfill a contractual duty or obligation.
Late Charges
Additional fees charged to a borrower for failing to make payments on time.
Time Of Essence
A contractual clause declaring that specific timelines and deadlines are crucial to the contract, with any delay constituting a breach.
Election Day
A designated day on which voters cast ballots to elect public officials or to decide on other political or legal questions.
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