Common use of Acceptance and Approval of Phase #3 Assessments and Lien on Property Clause in Contracts

Acceptance and Approval of Phase #3 Assessments and Lien on Property. Xxxxxxxxx consents to, agrees to, acknowledges and accepts the following: (i) each Assessment levied by the City on the Phase #3 Assessed Property within Phase #3 of the District (the “Phase #3 Assessments”) as shown on the assessment roll attached as Appendix H to the Service and Assessment Plan (the “Phase #3 Assessment Roll”); (ii) the Phase #3 Improvements specially benefit Phase #3 of the District, and the Landowner’s Parcel, in an amount at least equal to the Phase #3 Assessment levied on the Phase #3 Assessed Property within Phase #3 of the District, as such Phase #3 Assessment is shown on the Phase #3 Assessment Roll; (iii) each Phase #3 Assessment is final, conclusive and binding upon Landowner and any subsequent owner of a Phase #3 Assessed Property, regardless of whether such landowner may be required to prepay a portion of, or the entirety of, such Phase #3 Assessment upon the occurrence of a mandatory prepayment event as provided in the Service and Assessment Plan; (iv) the obligation to pay the Phase #3 Assessment levied on the Phase #3 Assessed Property owned by the Landowner and any subsequent owner of a Phase #3 Assessed Property when due and in the amount required by and stated in the Service and Assessment Plan and the Assessment Ordinance; (v) each Phase #3 Assessment or reassessment, with interest, the expense of collection, and reasonable attorney’s fees, if incurred, is a first and prior lien against the Phase #3 Assessed Property, superior to all other liens and monetary claims except liens or monetary claims for state, county, school district, or municipal ad valorem taxes, and is a personal liability of and charge against the owner of the Phase #3 Assessed Property regardless of whether such owner is named; (vi) the Phase #3 Assessment lien on the Phase #3 Assessed Property is a lien and covenant that runs with the land and is effective from the date of the Assessment Ordinance and continues until the Phase #3 Assessment is paid and may be enforced by the governing body of the City in the same manner that an ad valorem tax lien against real property may be enforced by the City; (vii) delinquent installments of the Phase #3 Assessment shall incur and accrue interest, penalties, and attorney’s fees as provided in the PID Act; (viii) the owner of a Phase #3 Assessed Property may pay at any time the entire Phase #3 Assessment, with interest that has accrued on the Phase #3 Assessment, on any parcel in the Landowner’s Parcel; (ix) the Annual Installments of the Phase #3 Assessments (as defined in the Service and Assessment Plan and Phase #3 Assessment Roll) may be adjusted, decreased and extended; and, the Landowner and any subsequent owner of the Landowner’s Parcel shall be obligated to pay their respective revised amounts of the Annual Installments, when due and without the necessity of further action, Phase #3 Assessments or reassessments by the City, the same as though they were expressly set forth herein; and (x) Landowner has received, or hereby waives, all notices required to be provided to it under Texas law, including the PID Act, prior to the Effective Date (defined herein).