Interest on Overdue Obligations. In the event Club fails to pay the City any amount owed by Club pursuant to the terms of this Agreement on or before the date which is thirty (30) days after the City delivers notice to Club of such failure, then such amount shall bear interest at the Default Rate from the date due until paid. No breach of Club’s obligation to pay the City any amount owed by Club pursuant to the terms of this Agreement shall have been cured unless and until the interest accrued thereon under this Section 13.2 shall have been paid. All payments shall first be applied to the payment of accrued but unpaid interest.
Appears in 4 contracts
Samples: Development Agreement, Development Agreement, Development Agreement
