Parkside Apartment Partners v. The Cadle Co.
Plaintiff, Parkside Apartment Partners (Parkside), appeals from a judgment of the trial court dismissing its complaint against defendant, The Cadle Company II, Inc. (Cadle), in which Parkside sought to recoup a late charge paid to Cadle on a note. Cadle had imposed the late charge following Parksides default on the final payment of the note. Parkside claimed the late charge provision of the note applied only to interim installment payments and not the final payment. The trial court disagreed, concluding the late charge provision applied to all scheduled payments. Court conclude the language of the late charge provision, read in the context of the rest of the note, the conduct of the parties, and legal principles relating to penalty clauses, demonstrates it was not intended to apply to the final payment. Court therefore reverse the judgment.
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