Common use of INTEREST AND LIEN Clause in Contracts

INTEREST AND LIEN. In the event that there are monies due from the Owner to the Municipality which have not been paid within 15 days after demand thereof by the Municipality, interest shall be payable on the amount due at the rate of 16.08% per annum calculated from the date of demand; and the amount due together with interest thereon shall constitute a lien upon the Land.

INTEREST AND LIEN. In the event that there are monies due from the Owner to the Municipality which have not been paid within 15 fifteen (15) days after demand thereof by the Municipality, interest shall be payable on the amount due at the rate of 16.08% fifteen percent (15%) per annum (in accordance with section 446 of the Municipal Act) calculated from the date of demand; and the . The amount due together with interest thereon shall constitute a debt to the Municipality and priority lien upon owing to the LandMunicipality.