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(a) The assignment or transfer is made to a qualified lender as defined in the <br />Lender Contract; <br />(b) Property Owner and Authorized Representative are notified in writing of <br />the assignment or transfer and the address to which payment of the future Installments <br />should be mailed at least 30 days before the next Installment is due according to the <br />payment schedule included in the Financing Documents, and <br />(c) The assignee or transferee executes a written assumption agreement <br />according to the Financing Documents of all of Lender's rights and obligations under the <br />Lender Contract related to the receipt of the Installments or the enforcement of the <br />assessment lien and provides a copy of such assumption to Property Owner and Authorized <br />Representative within 10 days after execution of the agreement. <br />Lender may assign or transfer the right to receive the Installments or the right to require <br />enforcement of the assessment lien separately. Upon written notice to Property Owner and <br />Authorized Representative of an assignment or transfer that meets all of these conditions, the <br />assignor will be released of all of the rights and obligations of the Lender under such Lender <br />Contract accruing after the date of the assignment that are specified in the assignment or transfer <br />document, and all of such rights and obligations will be assumed by and transferred to the assignee. <br />Any attempt to assign or transfer the right to receive the Installments or require enforcement of the <br />assessment lien that does not meet all of these conditions is void. Lender will retain all of the <br />rights and obligations of Lender under the Lender Contract until such rights and obligations are <br />assigned or transferred according to this paragraph. <br />Lien Priority and Enforcement. Pursuant to Section 399.014 of the PACE Act: <br />(a) Delinquent Installments will incur penalties and interest on the principal of <br />the Installment in the same manner and in the same amount as delinquent property taxes, <br />that is, a delinquent Installment incurs a penalty of 6% of the principal amount of the <br />Installment for the first calendar month it is delinquent plus 1% for each additional month <br />or portion of a month the Installment remains unpaid prior to July 1 of the year in which it <br />becomes delinquent. However, an Installment delinquent on July I incurs a total penalty <br />of 12% of the principal amount of the delinquent Installment without regard to the number <br />of months it has been delinquent. A delinquent Installment will also accrue interest on the <br />principal of the Installment at the rate of 1% for each month or portion of a month that the <br />Installment remains unpaid. Subject to paragraph 16 below, penalties, interest, fees, and <br />costs payable under this paragraph will be retained by Local Government to compensate it <br />for the cost of enforcing the Assessment. Additional interest at any default rate imposed by <br />Lender pursuant to the Financing Documents, along with any other fees that become due <br />pursuant to the Financing Documents, may be imposed and retained by Lender. <br />(b) The Assessment and any interest or penalties thereon, <br />(1) are a first and prior lien against the Property from the date on which <br />the Notice of Contractual Assessment Lien is recorded in the real property records <br />4 <br />v. 7—AR—ONLY PACE Owner Contract <br />