Sec. 1508.112. APPOINTMENT OF TRUSTEE; ATTORNEY'S FEES. A contract under which a project is encumbered under this subchapter may provide for:
(1) the selection of a trustee to sell the project on:
(A) a default in the payment of principal or interest; or
(B) a violation of the terms of the encumbrance;
(2) the selection of a successor trustee if the original trustee or a substitute trustee is disqualified or fails to act; and
(3) attorney's fees in an amount not to exceed 10 percent of the unpaid principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1508 - Obligations for Municipal Parks, Recreational Facilities, and Airports
Section 1508.101. Applicability of Subchapter
Section 1508.102. Authority for Certain Health or Recreational Facilities
Section 1508.103. Authority to Issue Bonds, Notes, and Warrants
Section 1508.104. Pledge of Income
Section 1508.106. Obligation Not Payable From Taxes
Section 1508.107. Application of Other Law
Section 1508.108. Operating Expenses as First Lien
Section 1508.109. Rents and Concession Charges
Section 1508.110. Use of Income for Other Purpose Prohibited
Section 1508.111. Management and Control
Section 1508.112. Appointment of Trustee; Attorney's Fees
Section 1508.113. Notice to Governing Body Before Foreclosure or Other Action