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3.1.2 Payment of Subject Fees. 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 that building or any portion thereof unless and until all Subject Fees are paid in full. <br /> Notwithstanding any other provision to the contrary, the deferred impact fees not paid at the <br /> time of building permit issuance shall be subject to interest on unpaid fees at the annual rate of <br /> interest that the City earns on its investment of pooled fiinds,which shall accrue from the date of <br /> issuance of the initial building permit until the deferred impact fees and all accrued interest is <br /> paid. <br /> 3.1.3 Subject Fees 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 Fees for each residential building to be developed on the Property shall be determined <br /> according to the rate of the Subject Fees adopted by the City and in effect on the date when the <br /> building permit for the residential building was issued by the City. Upon issuance of each <br /> building permit, the City shall complete and attach the form set forth in Exhibit `B" to this <br /> Agreement to reflect the amount of the Subject Fees 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 Fees. 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 /> 3.1.5 Processing Fee. A processing fee in the amount of five hundred and <br /> forty-three dollars and forty-five cents ($543.45) shall be paid by the Owner based upon the <br /> estimated costs for processing, administering, tracking and collecting the Subject Fees. The <br /> processing fee shall be paid by Owner as a condition precedent to the City approving this <br /> Agreement. <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 all Subject Fees as <br /> set forth in the Development Impact Fee Deferral Ordinance. Should Owner and/or the Property <br /> be deemed at any time prior or subsequent to execution of this Agreement to be ineligible for a <br /> deferral of Subject Fees pursuant to the Development Impact Fee Deferral Ordinance, regardless <br /> of whether Owner intentionally or unintentionally misrepresented to the City that Owner was <br /> eligible for a deferral of Subject Fees, City may terminate this Agreement and require all Subject <br /> Fees to be immediately paid in full. <br /> 3 <br />