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3.1.2 Payment of Subject Fee. Owner, or its successor in interest to the <br />Property or any portion thereof, shall be liable for the payment of the Subject Fees pursuant to <br />this Agreement. The Subject Fees for a residential building constructed on the Property shall be <br />due and payable at the termination of the Deferral Period. No certificate of occupancy shall be <br />issued for the building, any portion, or any residential units thereof on the Property unless and <br />until all Subject Fees have been paid in full. Notwithstanding any other provision to the <br />contrary, any deferred development impact fees not paid at the time of building permit issuance <br />shall be subject to interest on unpaid fees at the annual rate of interest that the City earns on its <br />investment of pooled fonds, which shall accrue from the date of issuance of the initial building <br />permit until the deferred development impact fees and all accrued interest is paid. <br />3.1.3 Subject Fee Amount. Except as may otherwise be provided for by a <br />statutory development agreement for the Property, as approved by the City, the amount of the <br />Subject Fee for each residential unit to be developed on the Property shall be determined <br />according to the rate of the Subject Fee adopted by the City and in effect on the date when the <br />building permit for the residential building is issued by the City. Upon issuance of each <br />building permit, the City shall complete and attach the form set forth in xhibiY, "B' to this <br />Agreement to reflect the amount of the Subject Fee applicable at the time of issuance of that <br />building permit and attach a copy of the building permit, which shall collectively thereafter be <br />incorporated as part of this Agreement. <br />3.1.4 Obligation for Payment of Subject Fee. Owner hereby acknowledges <br />and agrees that Owner's obligation to pay the Subject Fees shall continue and remain an <br />obligation of Owner, as well as (jointly and severally) any successors in interest of Owner, <br />including, without limitation, any successor in interest to the Property or any portion of the <br />Property. Without limiting the nature of the foregoing, any Subject Fees that remain unpaid <br />following the time that they are required to be paid may be collected by the City as a personal <br />obligation of the Owner, or any successor of Owner, as a special assessment against the property <br />(collected at the same time and in the same manner as ad valorem property taxes), or by any <br />combination of the foregoing. <br />3.2 Covenant of Owner. Owner covenants that he, she or it is eligible to enter into <br />this Agreement and has fulfilled the requirements for approval of deferral of the Subject Fees. <br />Should Owner and/or the Property be deemed at any time prior or subsequent to execution of this <br />Agreement to be ineligible for a deferral of Subject Fee regardless of whether Owner <br />intentionally or unintentionally misrepresented to the City that Owner was eligible for a deferral <br />of Subject Fee, City may terminate this Agreement and require all Subject Fees to be <br />immediately paid in full. <br />3.3 Recordation of Agreement. Upon the execution of this Agreement, the City <br />shall cause this Agreement to be recorded in the Official Records of the County of Orange, <br />California. All costs assessed by the County of Orange for recordation of this Agreement shall <br />be paid by the Owner. <br />3.4 Lien against Property. From and after its execution, this Agreement shall <br />contractually bind Owner to pay all Subject Fees as provided in this Agreement, and shall <br />constitute a lien against the Property in an amount equal to the total Subject Fees, pursuant to <br />3 <br />25E 7--- - <br />