2016 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-483 Option to accelerate upon delinquency
35-483. Option to accelerate upon delinquency
A. If any installment is delinquent, the governing body may order that the whole of the unpaid principal amount of the assessment become immediately due and payable, and be collected by summary sale proceedings pursuant to section 35-482.
B. If such order is made, the amount for which the property is to be sold shall include, in addition to the delinquent installments, penalties, interest and charges, the other amounts necessary to prepay such assessment in full computed pursuant to applicable law.
C. If such order is made, the owner or persons interested may, at any time prior to sale, pay the delinquent installments, with interest, penalties and charges, and thereupon be restored to the right thereafter to pay in installments in the same manner as if default has not occurred, and the amount of interest, penalties and charges which shall accrue shall be unaffected by exercise of the option to accelerate hereby provided.
D. Notices pursuant to section 35-482 shall, when the option to accelerate has been exercised, so state and shall state the unpaid principal balance of the assessment for which the property is to be sold.
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