Common use of Payment of Annual Service Charge Clause in Contracts

Payment of Annual Service Charge. (a) The Annual Service Charge shall be due and payable to the City on the Annual Service Charge Payment Dates, commencing to accrue as of the Annual Service Charge Start Date. In the event that the Urban Renewal Entity fails to timely pay any installment of the Annual Service Charge, the amount past due shall bear until paid the highest rate of interest permitted under applicable State law then being assessed against other delinquent taxpayers in the case of unpaid taxes or tax liens. (b) Each installment payment of the Annual Service Charge is to be made to the City and shall be clearly identified as “Annual Service Charge Payment for the Project.”

Payment of Annual Service Charge. (a) The Annual Service Charge shall be due and payable to the City on the Annual Service Charge Payment Dates, commencing to accrue as of the Annual Service Charge Start Date. In the event that the Urban Renewal Entity fails to timely pay any installment of the Annual Service Charge, the amount past due shall shall, until paid, bear until paid the highest rate of interest permitted under applicable State law then being assessed against other delinquent taxpayers in the case of unpaid taxes or tax liens. (b) Each installment payment of the Annual Service Charge is to be made to the City and shall be clearly identified as “Annual Service Charge Payment for the PR II/GAR Tremley Property Two Urban Renewal LLC Project.”