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deposited in the Repayment.Subaccount. Money in the Repayment <br />Subaccourit shall be used only to.repay Advances. Earnings on the <br />Assessment.Deferr:al Account shall,be:credited to the Repayment <br />Subaccbun't. Any tialance in the Assessmemt;Deferral Account after <br />the repayment of all Adv:an'ces shall be paid:to -ttie Department. <br />G. Contracts. The Public Agency shaTl use Advances to <br />defer Sewer ASsessments €or property owners.who qualify under the <br />Loan Pr-ogram. Eacti a5sessment defer.ral shall be evidenced by a <br />Contract between:the,:Putilic'Agency and the property owner. The <br />Publ-sc Agency agrees that.no money will be withdrawn from the <br />Advance Account to de-fer assessments unless and until the Public <br />Agency has received afi executed Contraet, wh'ich requires the <br />property owner to pay interest at the Advan.ce.Rate on the amount <br />. of tHe withdrawal from t:he date o'f the wit'hdrawal until all <br />amoun'ts due under;the:Contract are. pai'd in.full. <br />~H. Collect~ion..Policv; F'oreclosure. The Public Agency <br />will obtain written approval from the Department of an assessment <br />collection and fo:recT'osu°re,po`licy which will apply to the <br />Contracts (the "Foreclosure'P,olicy"), be'fore any Advances are <br />~ <br />~ disbursed to trie PubT'ic Agency. The Public Agency agrees to <br />eomply wi'th the provisions of the Foreelosure Policy regarding <br />the Contracts and to,pursue,.;on behalf of the Department, all <br />reasonable remedies avai'].ab1e fo- it in_connection with delinquent <br />< . <br />Contracts prbmptly: The Public Agency agrees to enforce and <br />foreclose the Contrac:ts no less strictly than it enforces and <br />" f.orecloses d'elinquen''t' asse;ssinent. contracts in which the Public <br />Ageney has a direet financial interest. The Foreclosure Policy <br />will.addres's. the responsib'ilities of the Publ'ic Agency and the <br />Department. in ~the e"vent that liens~are forecfiosed on property <br />subj~ect to the-Iien of a`Contract. ' <br />I: Administrative Costs`: The Public Agency agrees to <br />pay all administrafive costs ihcurred 6y the.Pu'blic Agency in . <br />connection with its Loan`Program and this Agre:ement, including <br />costs of fore'closing delinqu'ent Contracts, from`the Public <br />Agency's:own funds; such eosts~shall not be paid from money on <br />deposit.in the Assessmen°t.Defexral Account. The Public Agency <br />shal,l not be entitled to reimbursement for any of such costs from <br />the Department or money'in the Assessment Deferral Account. <br />J. Re~resentatio:ns o~f the Public Agency. <br />(1} The Public Agency:;is required by federal grant. <br />agreement or by an`order issued by the.Envirorimental Quality <br />Commission or the Or`egbn Health Divis'ion to construct a sewage <br />collection system, and Sewe;r Ass.essments or charges in lieu of <br />assessmerits levi'ed against some benefitted praperties will <br />subj:.ect property.owners to extreme f'inancial hardship. <br />Page_5 - Assesament Deferral Loan Agreement <br />