A.   Penalty Added: For failure to pay a license tax when due, the City shall add a penalty of five percent (5%) of said license tax on the last day of each month after the due date thereof, providing that the amount of such penalty to be added shall in no event exceed twenty five percent (25%) of the amount of the license tax due.
   B.   Delinquent Taxes; Payment Agreement: No license shall be issued, nor one which has been suspended or revoked shall be reinstated or reissued to any person, who at the time of applying therefor, is indebted to the City for any delinquent license taxes, unless such person, with the consent of the Collector, enters into a written agreement with the City, through the Collector, to pay such delinquent taxes, plus interest upon the unpaid balance, in monthly installments, or more often, extending over a period of not to exceed one year.
   C.   Failure To Pay: In any agreement so entered into, such person shall acknowledge the obligation owed to the City and agree that, in the event of failure to make timely payment of any installment, the whole amount unpaid shall become immediately due and payable and that his/her current license shall be revocable by the City upon thirty (30) days' notice. In the event legal action is brought by the City to enforce collection of any amount included in the agreement, such person shall pay all costs of suit incurred by the City or its assignee, including a reasonable attorney's fee. The execution of such an agreement shall not prevent the prior accrual of penalties on unpaid balances at the rate provided hereinabove, but no penalties shall accrue on account of taxes included in the agreement, after this execution of the agreement, and the payment of the first installment and during such time as such person shall not be in breach of the agreement. (1996 Code)