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titleholder or owner of the beneficial interest in the Property and possesses all legal authority <br /> necessary to execute this Contract. <br /> Section 3. Assessment; Bonds; Installment; Prepayment; Collection. <br /> (a) The Assessment. The Record Owner hereby freely and willingly agrees that a <br /> special assessment (the "Assessment") in the amount specified in Schedule I (the "Assessment <br /> Amount") shall be levied by the Governmental Unit on the Property pursuant to the Act. The <br /> Assessment Amount includes an amount to pay all or a portion of the costs of(i) the Project, <br /> (ii) the Program Fees (including costs of issuance of Bonds and, if applicable, closing under the <br /> Warehouse Fund), Capital Provider Fees and Other Fees if so specified in Schedule I, (iii) <br /> capitalized interest on Bonds or, if applicable,the Warehouse Fund, if so specified in Schedule I, <br /> and (iv) funding any required debt service reserve or other reserve, if so specified in Schedule I <br /> (collectively, the "Financing Purposes"). The Record Owner acknowledges and agrees that the <br /> Assessment Amount does not exceed the special benefit conferred on the Property by the <br /> Financing Purposes thereon. <br /> (b) Bonds. The Governmental Unit hereby determines that bonds, which may be <br /> serial bonds, term bonds or both, shall be issued (i) by the Governmental Unit pursuant to the <br /> Act or (ii) upon assignment of this Contract to the Authority, by the Authority pursuant to the <br /> Authority Act, all in accordance with the Act (the "Bonds") and shall be secured by the <br /> Assessment to pay the cost of the Financing Purposes, and that, if applicable, interim financing <br /> prior to the issuance of Bonds may be provided through a Warehouse Fund by assignment of this <br /> Contract thereto. <br /> (c) Interest,Assessment Installments. Interest on the Assessment Amount shall begin <br /> to run from the date the Bonds are issued or, if applicable, interim financing from the Warehouse <br /> Fund is issued, and shall be computed at the rate specified in Schedule I. The payment of the <br /> Assessment shall be in annual installments of the Assessment Amount and the interest thereon <br /> (the"Assessment Installments") as set forth in Schedule I. <br /> (d) Collection. The annual Assessment Installment, plus the Assessment <br /> Administrative Fee(the"Annual Assessment Amount") corning due in any year shall be payable <br /> in the same manner and at the same time and in the same installments as the general taxes on the <br /> Property are payable or as otherwise provided in Schedule I attached hereto, and have the same <br /> priority, become delinquent at the same time and in the same proportionate amounts as the <br /> general taxes on the Property, and bear the penalties and interest after delinquency as set forth in <br /> the Act. The Annual Assessment Amount may be included in the regular property tax bills of the <br /> county in which the Property is located or the Governmental Unit,the Program Administrator or <br /> another third party may bill and collect the Annual Assessment Amount. Property Owner <br /> represents that all mortgagees to the Property have, in advance of the Effective Date, been <br /> provided notice of the imposition of the Assessment and have consented to the Assessment and <br /> Annual Assessment Amount in the amounts described on Schedule I. <br /> (e) Assessment Administrative Fees. In addition to the Assessment Installments, the <br /> Governmental Unit or any Assignee (as defined below) may (or may direct the Program <br /> Administrator or another third party on behalf of the Governmental Unit or any such Assignee, <br /> 3 <br />