CCP 08-31-1987 - Laserfiche WebLink

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\. i th interest accrued t:hereon, which shall . hereinafter be called the "Accelerated Amount" . The City may--at its option-- ~ demand in such written notice immediate payment of the Accelerated Amount or it may give the defaulting or delinquent Developer until May l5 or October l5, whichever is earlier, next following the giving of such written notice to pay the Accelerated Amount, together with interest thereon. In addition to the Accelerated Amount plus accrued interest thereon, the defaulting or delinquent Developer shall owe the City attorneys' fees and costs reasonably incurred by the City in effecting collection of the Accelerated Amount. Notwithstanding anything herein to the contrary, the Accelerated Amount shall be reduced by the amount(sl by which the defaulting or delinquent Developer, or others, have previously paid special assessments in excess of the required installment amounts thereof. Section l2 hereof shall not apply to this Section 5 (d) . In other words, this Section 5(d) . shall not apply to the successors and assigns of either Opus Corporation or George J. Reiling and Mary Jane Reiling. 6. Default. If either of the Developers defaults in any of its obligations hereunder or breaches any of the terms hereof other than the payment of installments of special assessments, the City may--at its option--cancel, revoke or deny any building permit for that Developer's construction of structures within the Subdivision. In addition, if either of the Developers fails to pay any installment of any special assessment levied pursuant hereto, or any interest thereon, when the same is to be paid, the City may--at its option--cancel, revoke or deny a building permit to any lot in the Subdivision on which the assessment has not been paid until it has been paid. . Developer acknowledges that the rights of the City to perform its obligations with Developer contemplated in this - 14 - , -~_.~ - ---~-~