§ 61.1911.1 — Same — Bond Agreement with Low–Income Owner

§61.1911.1 Same — Bond Agreement with Low–Income Owner

Prior to final approval of any application for assessment deferral and to the City’s purchase of an assessment bond, the applicant shall make and file a bond agreement with the City Manager. Among other things, the bond agreement shall make provision concerning payments then due or thereafter to become due upon the bond, specify the times, amounts and circumstances under which contract payments shall be due the City, and shall specify the events of default under the bond agreement and City’s right to enforce the bond agreement in the event of default. The enforcement provisions may provide for enforcement of the bond by a City Treasurer’s sale or a judicial foreclosure. The bond agreement may also provide for the cancellation of the agreement and the bond and the substitution of a note and a mortgage therefor pursuant to Section 61.1912 and 61.1912.1.

(“Same — Bond Agreement with Low–Income Owner” added 10–26–1977 by O–12196 N.S.)