Common use of Cancellation Fee Clause in Contracts

Cancellation Fee. If City cancels this Agreement in accordance with Paragraph 10 above, Owner shall pay a cancellation fee of twelve and one-half percent (12.5%) of the full value of the property at the time of cancellation. The full value shall be determined by the County Assessor, without regard to any restriction on the Property imposed pursuant to this Agreement. The cancellation fee shall be paid to the State Controller at such time and in such manner as the Controller shall prescribe and shall be deposited in the State General Fund.

Cancellation Fee. If City cancels this Agreement in accordance with Paragraph 10 above, Owner shall pay a cancellation fee of twelve and one-half percent (12.512 ½ %) of the full value of the property at the time of cancellation. The full value shall be determined by the County Assessor, without regard to any restriction on the Property imposed pursuant to this Agreement. The cancellation fee shall be paid to the State Controller at such time and in such manner as the Controller shall prescribe and shall be deposited in the State General Fund.