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s. D,el,inq,uenc. Under the terms of the form lender contract attached as Exhibit 3, <br />if a property owner fails to pay an agreed installment when due on the PACE <br />assessment, the lender will agree to take at least the following steps to collect the <br />delinquent installment: <br />(1) Mail to the owner a written notice of delinquency and demand for <br />payment by both certified mail (return receipt requested) and first-class <br />mail, and <br />(2) Mail to the owner a second notice of delinquency and demand for <br />payment by both certified mail (return receipt requested) and first-class <br />mail, at least 30 days after the date of the first notice if the delinquency is <br />continuing. <br />If the owner fails to cure the delinquency within 30 days after mailing the second <br />notice of delinquency, the lender may notify the Authorized Representative of the <br />owner's default. Pursuant to Texas Local Government Code Section 399.414(c), <br />the Authorized Representative will initiate steps for the Local Government to <br />enforce the assessment lien in the same manner as a property tax lien against real <br />property may be enforced, to the extent the enforcement is consistent with Section <br />50, Article XVI, of the Texas Constitution. Delinquent installments will incur <br />penalties and interest in the same manner and at the same rate as delinquent <br />property taxes, according to Texas Local Government Code Section 399.014(d), <br />and such statutory penalties and interest will be due to the Local Government to <br />offset the cost of collection. <br />If the Local Government files suit to enforce collection, the Local Government <br />may also recover costs and expenses, including attorney's fees, in a suit to collect <br />a delinquent installment of an assessment in the same manner and at the same rate <br />as in suit to collect a delinquent property tax. If a delinquent installment of an <br />assessment is collected after the filing of a suit, the Local Government will remit <br />to the lender the net amount of the delinquent installments and contractual interest <br />collected and remit to the Authorized Representative the amount of any <br />administrative fees collected but will retain any statutory penalties, interest, and <br />attorney's fees collected. <br />11 <br />