(1) After December in any year any rent due to the Corporation in the preceding year shall be deemed to be a judgment debt due from its lessees and tenants as defendants in favour of the Corporation, as plaintiff, together with a further sum, by way of interest equal to 2½% of the amount of rent due, for every period of 3 months or part thereof, computed from 1 January preceding, until paid with costs; and execution for the recovery of the same may be issued on the written application of the Corporation as provided in subsections (2) and (3).