Common use of Payment Agreement Clause in Contracts

Payment Agreement. The Landowner hereby agrees to repay the Assessment Amount according to the Repayment Schedule attached hereto as Exhibit B, with annual payment coupons provided by the County Treasurer. It is generally the intent of the parties that the Landowner will repay the Assessment Amount over the course of five years with an interest rate of five percent (5%) with said payment to be made in two, semi-annual installments each year. Payments will be applied first to interest and then to the outstanding Assessment Amount. This section is an express covenant within the meaning of IC 32-29-1-2 acknowledging that, in addition to the mortgage created by this agreement, Landowner will also be personally liable for repayment as described herein. If more than one Landowner has signed this Agreement, Landowner obligations are joint and several. County may proceed against any, all or, none of the Landowners at its discretion, in order to enforce its rights under this Agreement. Absent a written agreement to the contrary, transfer of the Real Estate securing this Payment Agreement shall not relieve