Common use of Payments; Interest Clause in Contracts

Payments; Interest. (1) Where by this Agreement any cost, fee, or amount is payable by the Developer to the Corporation, such cost, fee, or amount shall be paid at the time or times stated, or if a time is not stated, it shall be paid within thirty days of the mailing of a statement by prepaid first class mail addressed to the Developer as provided in this Agreement. If any such cost, fee, or amount is not paid within the time provided by this Agreement, interest shall be payable at the rate of eighteen (18%) per cent per annum from the due date or the date of mailing, as the case may be, until payment. The Corporation may draw on any letter of credit provided by the Developer for the faithful performance of its obligations and any amount paid on such draw shall be applied in payment of the cost, fee, or amount owing and any interest in respect thereto. (2) If any cost, fee, or amount is at any time unpaid, and the Corporation does not draw upon the letter of credit, or any draw made is insufficient to pay the cost, fee, or amount owing, or the balance thereof together with interest which may be payable, it may be recovered as a debt in an action in any court of competent jurisdiction together with all costs incurred therewith.