This form may be used to comply with the requirements of Tex. Prop. Code § 209.0062. The minimum term for a payment plan is three months. The maximum term is eighteen months from the date of the debtor’s request for a payment plan.
Alternative Payment Plan Agreement
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Date: |
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Debtor: |
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Debtor’s Mailing Address: |
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Debt |
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Principal Amount of Debt: |
[describe the delinquent regular assessments, special assessments, and/or other amount owed to the property owners’ association] |
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Administrative Fee: |
[state amount of fee and how often it accrues] |
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Property Owners’ Association: |
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Place for Payment: |
[mailing address of property owners’ association or |
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Maturity Date: |
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The terms of payment must be consistent with the property owners’ association’s recorded guidelines for alternative payment plans. See form 23-13 in this chapter. |
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Terms of Payment (principal and interest): |
[insert clause from form 6-2] |
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Debtor promises to pay to the Property Owners’ Association the Principal Amount of Debt plus interest at the Annual Interest Rate and the Administrative Fee. The Debt is payable at the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. If any amount is not paid either when due under the Terms of Payment or on acceleration of maturity, Debtor promises to pay any unpaid amount plus interest from the date the payment was due to the date of payment at the Annual Interest Rate on Matured, Unpaid Amounts.
If Debtor defaults in the payment of this agreement, the Property Owners’ Association may declare the unpaid principal balance, earned interest, and any other amounts owed immediately due. Debtor and each surety, endorser, and guarantor waive all demand for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law.
Debtor also promises to pay reasonable attorney’s fees and court and other costs if this agreement is given to an attorney to collect or enforce. These expenses will bear interest from the date of advance at the Annual Interest Rate on Matured, Unpaid Amounts. Debtor will pay the Property Owners’ Association these expenses and interest on demand at the Place for Payment. These expenses and interest will become part of the Debt evidenced by this agreement.
Interest on the Debt will not exceed the maximum rate or amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the Principal Amount of Debt or, if the Principal Amount of Debt has been paid, refunded. On any acceleration or required or permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid, credited on the Principal Amount of Debt or, if the Principal Amount of Debt has been paid, refunded. This provision overrides any conflicting provisions in this agreement and all other instruments concerning the Debt.
Each Debtor is responsible for all obligations represented by this agreement.
When the context requires, singular nouns and pronouns include the plural.
[Name of debtor]