2025-013 - Approved proposed assessments to be levied against certain assessable property within Improvement Area #1 of the Forestbrook Public Improvement District No. 1 pursuant to the provision of Chapter 372 of the Texas LGC, as amended

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E. Prepayment of Assessments The owner of any Assessed Property may, at any time,. pay all or any part of an Assessment in accordance with the PID Act. Prepayment Costs, if any, may be paid from a reserve established under the applicable indenture. If an Annual Installment has been billed, or the Annual Service Plan Update has been approved by the City Council prior to the Prepayment, the Annual Installment shall be due and payable and shall be credited against the Prepayment. If an Assessment on an Assessed Property is prepaid in full, with Prepayment Costs, (1) the Administrator shall cause the Assessment to be reduced on said Assessed Property and the Assessment Roll to be revised accordingly; (2) the Administrator shall prepare the revised Assessment Roll and submit such revised Assessment Roll to the City Council for review and approval as part of the next Annual Service Plan Update; and (3) the obligation to pay the Assessment and corresponding Annual Installments shall terminate with respect to said Assessed If an Assessment on an Assessed Property is prepaid in part with Prepayment Costs: (1) the Administrator shall cause the Assessment to be reduced to zero on said Assessed Property and the Assessment Roll revised accordingly; (2) the Administrator shall prepare the revised Assessment Roll and submit such revised Assessment Roll to the City Council for review and approval as part of the next Annual Service Plan Update; (3) the obligation to pay the Assessment will be reduced to the extent of the Prepayment made; and (4) the City shall provide the owner with a recordable "Notice of Assessment Termination." For purposes of Prepayments, the Improvement Area #1 Reimbursement Obligation is and will remain subordinated to any PID Bonds secured by a parity lien on the Improvement Area #1 Assessments issued to refinance all or a portion of the Improvement Area #1 Reimbursement 1301 M 11 F. Payment of Assessment in Annual lnstallment� Assessments that are not paid in full shall be due and payable in Annual Installments. Exhibit F-2 shows the estimated Improvement Area #1 Annual Installments. Annual Installments are subject to adjustment in each Annual Service Plan Update. Prior to the recording of a final subdivision plat, if any Parcel shown on the Assessment Roll is assigned multiple tax parcel identification numbers for billing and collection purposes, the Annual Installment shall be allocated pro rata based on the acreage of the Parcel not including any Non - Benefitted Property, as shown by the Lamar County Appraisal District for each tax parcel FORESTBROOK PUBLIC IMPROVEMENT DISTRICT NO. 1 20 SERVICE AND ASSESSMENT PLAN