Common use of Security for Payment of Annual Service Charges Clause in Contracts

Security for Payment of Annual Service Charges. In order to secure the full and timely payment of the Annual Service Charges, the Township on its own behalf or on behalf of the Bondholder reserves the right to prosecute an In Rem Tax Foreclosure action against the Land and the Improvements erected thereon, including any Unit, as more fully set forth in this Agreement. If any installment of the Annual Service Charge has not been received from an Owner for application under the Indenture, the Owner hereby waives any objection or right to challenge the use by the Township (or the Trustee as assignee and agent of the Township) of the enforcement of remedies to collect the Annual Service Charge as are afforded the Township by Applicable Law, including the Tax Sale Law. The Township's remedies shall be limited solely to the collection of delinquent and unpaid amounts past due for payment, including interest, penalties and costs of collection provided for by Applicable Law, including, without limitation, the Tax Sale Law.