Common use of Exceeding Payments Clause in Contracts

Exceeding Payments. If the amount of property taxes paid exceeds the amount of property taxes owed (on the parcel of real property for which the prepayment has been made), the Collector will apply the excess amount towards the property taxes for the following year, unless the property owners request a refund in writing to theCollector. Written notification is required no less than fifteen (15) days before the next payment is scheduled, for the followingchanges: - Fixed Monthly prepayment amounts; - Sale or transfer of property; - Cancellation of the Property Tax Prepayment Plan; or, - Banking information (i.e. financial institution or bankaccount) After notice of such change, the new authorization will continue in respect of any new account to be used for payment to the Town of Ladysmith.