Daily Amount. If the Owner fails to correct a default as contemplated in section 5.1, the Owner will pay to the City, within 30 days of receiving a written request by the City, the Daily Amount for every day that the default continues. The Daily Amount will be increased on January 1 of each year by an amount calculated by multiplying the Daily Amount as of the previous January 1 by the percentage increase in the CPI during the immediately preceding calendar year. The Daily Amount is due and payable immediately upon receipt by the Owner of an invoice from the City for the same. This section is without prejudice to any other remedy available to the City under this Agreement and at law or in equity.
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Sources: Housing Agreement and Covenant, Housing Agreement and Covenant