Default in the payment of an installment of an assessment -- Interest and costs -- Restoring the property owner to the right to pay installments

(1) If an assessment is payable in installments and a default occurs in the payment of an installment when due: (a) the local entity may: (i) declare the delinquent amount to be immediately due and subject to collection as provided in this chapter; (ii) if the financed improvements are not completed by the completion deadline to which the property owner agreed in the bond or financing documents, then within 60 days after the completion deadline, accelerate payment of the total unpaid balance of the assessment and declare the whole of the unpaid principal and the interest then due to be immediately due and payable; and (iii) charge and collect all costs of collection, including attorney fees; and (b) except as provided in Subsection (1)(a)(ii), the local entity may not accelerate payment of the total unpaid balance of the assessment. (2) Delinquency interest accrues from the date of delinquency on all applicable amounts described in Subsection (1)(a) until the property owner pays the delinquency in full. (3) A local entity shall ensure that any interest that the local entity assesses under this section and any collection costs that the local entity charges under this section are the same as for delinquent real property taxes for the year in which the balance of the fee or charge becomes delinquent unless the local entity determines otherwise. (4) Notwithstanding Subsection (1), a property owner may regain the right to pay an assessment in installments as if no default had occurred if the owner pays the amount of all unpaid installments that are past due with interest, collection and foreclosure costs, and administrative, redemption, and other fees, including attorney fees, before: (a) the final date that payment may be legally made under a final sale or foreclosure of property to collect delinquent assessment installments, if the governing body enforces collection under Title 59, Chapter 2, Part 13, Collection of Taxes; or (b) the end of the three-month reinstatement period provided in Section 57-1-31, if the governing body enforces collection through the method of foreclosing trust deeds.