38-01 Environmental Remediation Detroit & Hird

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late charges payable hereunder, and then to the Project Repayment Principal Amount payable hereunder. The obligation of the LPE to pay the charges set forth shall not be assignable, and the LPE shall not be discharged therefrom, without the prior written consent of the County. If the LPE does not pay any of the charges set forth in this Section 4.1 on or before the 5th day after the Due Date, the amount of such default shall bear interest at the Default Rate from the Due Date 'until the date of the payment thereof. Interest at the Default Rate shall be calculated for the actual number of days of default from the Due Date until payment on the basis of a 360 day year. If the LPE does not pay any of the charges set forth in this Section 4.1 on or before the 30th day after the Due Date, in addition to the interest calculated at the Default Rate, a "late charge" of one .percent (1%) on the amount of each default shall also be paid to the County by the LPE from the Pledged Nontax Revenues for failure to make the payment as provided herein. Thereafter, for each additional thirty 00) days during which the charges remain unpaid, the LPE shall continue to pay from the Pledged Nontax Revenues an additional late charge of one percent (1%) on the amount of such default until such charges are paid. In no event shall the County collect interest or late charges in excess of the maximum amount permitted by law. In addition to the foregoing, in the event of a default as aforesaid, all of the costs incurred by the County in curing such default including, but not limited to, court costs and attorney fees, shall (to the extent not previously repaid to the County) be paid as part of the Eligible Project Costs hereunder and be repaid by the LPE to the County as part of the Project Repayment Principal Amount. The LPE shall secure the payments provided for in this Section by authorizing, executing and filing for record a mortgage substantially in the form attached hereto as Exhibit B at the time of the acquisition of the Project Site by the LPE, or at the time of the execution of this Agreement, if the LPE has acquired the Project Site at the time of this Agreement. Anything in this Agreement to the contrary notwithstanding, neither the general resources of the LPE shall be required to be used, nor shall the general credit of the LPE be pledged for the performance of any dUty under this Agreement, but any payment to be made under this Agreement shall be required to be made only from the Pledged Nontax Revenues; provided., however, that, if otherwise lawful, nothing' herein shall be deemed to prohibit the LPE from using, of its own volition, any of its general resources for the fulfillment of any of the terms and conditions of this Agreement. Section 4.2. It is agreed that, no later than May 15 and November 15 of each year of the Contract Period of Years, the County shall invoice the LPE for the sum owing by the LPE pursuant to Section 4.1 and that payment of each such invoice shall be made by the LPE to the County not later than the first day of the' following month. No failure by the County to send any such invoice and no failure by the LPE to receive any such invoice shall relieve the LPE from its obligation to pay the amount due hereunder on the applicable Due Date. Section 4.3. The LPE hereby covenants and agrees'that: it shall appropriate in its annual appropriation measure for each calendar .year Nontax Revenues in an amount sufficient to pay all LPE Loan Repayment Amounts due and payable hereunder pursuant to Section 4. i hereof for the then current calendar year. In the event that the amount so appropriated in the B-Il