Interest Accrued on Delinquent Payments. Delinquent Assessment Payments shall incur a late payment penalty of [__________] percent ([__]%) of such amount, and interest shall accrue on delinquent balances (including principal, interest and fees), until paid in full, at the lesser of [__________] percent ([__]%) per annum or the maximum per annum rate permitted by law. Any fractional part of a month in which any portion of any payment remains unpaid is considered equivalent to a whole month. Further, any partial installment payment will first be applied to the total accrued interest before being applied to outstanding principal.
Interest Accrued on Delinquent Payments. The Benefit Assessment levied pursuant to the Act and this Agreement, shall be collected in the same manner as the property taxes of the Municipality on real property, including, in the Event of Default or delinquency, with respect to any penalties, fees and remedies. In conforming to Connecticut General Statute Sections 12-145 and 12-146, as may be amended, interest on delinquent payments shall accrue on the delinquent amount from the date the same became due until paid in full at an interest rate equal to 1.5% per month, or 18% per annum. Any fractional part of a month in which any portion of any Benefit Assessment payment remains unpaid is considered equivalent to a whole month. Further, any partial installment payment will first be applied to the total accrued interest before any reduction in the Benefit Assessment. If Connecticut General Statute Sections 12-145 and 12- 146 are amended, the interest and delinquent payment calculations described in this section shall conform to the amended language. [INSERT CLAUSE BELOW ONLY IF GREEN BANK HAS AGREED TO ALLOW BORROWER TO PAY INTEREST ON ADVANCES BEFORE THE REPAYMENT START DATE]
