Res 2020-174/approving the 2020 Annual Service Plan Update for the Trace Public Improvement District

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NOTICE OF OBLIGATION TO PAY PUBLIC IMPROVEMENT DISTRICT ASSESSMENTS TO THE CITY OF SAN MARCOS, TEXAS CONCERNING THE PROPERTY AT: STREET ADDRESS PRINCIPAL LOT TYPE 1 ASSESSMENT: $8,601.72 As the purchaser of the real property located at the street address set forth above, you are obligated to pay assessments to the City of San Marcos, Texas, for the costs of a portion of public improvements (the "Authorized Improvements") undertaken for the benefit of the property within "Trace Public Improvement District" (the "District") created under Subchapter A, Chapter 372, Local Government Code, as amended. THE PRINCIPAL OF THE LOT TYPE 1 ASSESSMENT AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS IS $ 8,601.72, WHICH MAY BE PAID IN FULL AT ANY TIME; HOWEVER IF NOT PAID IN FULL IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. An estimate of the annual installments is attached; however, it is only an estimate and is subject to change. The exact amount of the annual installments, including the annual installments thereof, will be approved each year by the City Council in the Annual Service Plan Update for the District. More information about the assessments, including the amounts and due dates, may be obtained from the City Secretary of the City of San Marcos. Your failure to pay any assessment, or any annual installment thereof, may result in penalties and interest being added to what you owe and could result in a lien on and the foreclosure of your property. The undersigned purchaser acknowledges receipt of the foregoing notice prior to the effective date of a binding contract for the purchase of the real property at the street address set forth above. mu0ui1liu11u 1HU111 HU TRACE PID 2020 ANNUAL SERVICE PLAN UPDATE 32