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<br /> In the event of such election to pay in installments, <br />the assessments shall be payable in ten (10) equal annual <br />installments of pr inc ipal , the first of which installments of <br />principal shall be due and payable on September 1, 1987, at the <br />office of the County Treasurer of Boulder County. The remainder <br />of said installments of principal shall be due and payable <br />successively on or before September 1 each year thereafter un t il <br />paid in full, with interest on the un pa i d principal amount at the <br />rate of 10.60% per annum, payable semiannually on Harch 1 and <br />September 1 each year, beginning on Harch 1, 1987. The tenth <br />(10th) and last installment of principal will be due and payable <br />on September 1, 1996. The owner of any property not in default as <br />to any installment or payment may at any time pay the whole of the <br />unpaid principal with the interest acc ruing to the maturity of the <br />next installment of interest or principal. <br /> Section 3. Penal ty for Default or Non-Payment. Fa il ure <br />to pay any installment, whether of principal or interest, when due <br />shall cause the whole of the un pa i d principal to become due and <br />collectible immediately, and the whole amount of the unpa id <br />principal and accrued in teres t shall thereafter draw interest at <br />the rate of 1% per month or fraction of a mo nth un t il the date of <br />tax sal e . At any time prior to the date of tax sale, the owner <br />may pay the amount of all unpa id installments with interest at 1% <br />per month or fraction of a month and all penal ties accrued, and <br />shall be res tored to the right thereafter to pay in installments <br />in the same manner as if default had not been suffered. <br /> Section 4. Assessment Lien. All assessments levied <br />against the real property in the District, together with all <br />in teres t thereon and penalties for defaul t in payment thereof, and <br />all costs in collecting the same , shall constitute, from the date <br />of the final publ ica tion of this Ordinance, a perpe tual lien in <br />the several amo un ts assessed against each lot or tract of land. <br />Such lien shall have priority over all other liens except general <br />tax liens, and shall be enforced in accordance with the laws of <br />the State of Colorado. <br /> - 49 - <br />