In case the owner or owners of any parcel of land against which an assessment is imposed desires to avail himself or themselves of the privilege of paying such assessment in installments, and for and in consideration of such privilege, such owner or owners, within 30 days from the date of the return of the warrant made as required by Section 222 of this Article, shall make payment to the Department of Public Works for the contractor or his assigns or other person duly authorized to receive the same, of an amount equivalent to an installment payment on such assessment determinable by the number of installments made payable thereon, which amount so paid shall be deemed a payment of the first installment such assessment under the terms of the bond hereinafter provided for, and in such bond shall be so designated. The interest payable under the terms of said bond shall be computed from the date of the assessment on which such bond is issued. Such owner or owners must, within not more than 30 days from the date of the payment hereinbefore provided for, execute and acknowledge before an officer authorized by law to take acknowledgments of the conveyances of real property, and file with the Department of Public Works, a bond in triplicate, substantially in the following form:
August 23, 1999 Bond for Street Assessment
State of California,
Whereas, by proceedings duly and regularly taken, the validity and regularity whereof is hereby acknowledged and admitted, an assessment has been imposed upon the following described property, to-wit: (Description of property), and the amount of such assessment so imposed amounts to the sum of (amount of assessment) dollars;
Now, therefore, the undersigned, for and in consideration of the privilege given to pay such assessment in installments, hereby acknowledge (himself, herself or themselves) indebted, and promise to pay to (name of contractor) or order, said assessment in the sums, and at the times and place hereinafter set forth, to-wit:
Installment One-Amounting to $____________,
Installment Two-Amounting to $____________,
Installment Three-Amounting to $
Such interest shall be paid, as it accrues, on the dates for payment of said installments of principal. Said installments of principal and interest shall be payable at the office of the Director of Public Works at the City and County of San Francisco, in lawful money of the United States. In case (the undersigned) elect to pay all of said installments before maturity thereof (the undersigned) agree to pay, in addition to all other amounts due, six months’ interest in advance.
In the event of default in the payment of any installment of principal or of interest according to the terms of this bond, then all of said installments of principal and all interest thereon shall become immediately due and payable and said Director is hereby authorized to sell the property herein described to pay the amount so due, together with the expenses of such sale.
Such sale shall be made by said Director in the manner and form provided by law for the sale of real property upon execution and after mailing to the undersigned a notice that proceedings to make such sale will be had unless payment of the amount due shall be made within 10 days from the mailing thereof. Such notice shall be deposited in the United States Post Office addressed to the addresses given in this bond or such other addresses as may be hereafter filed with said Director.
Or the person in legal ownership of this bond shall, in the event of such default, have the right to foreclose the lien created by the said assessment for any unpaid portion thereof the same as if no bond had been given, and such lien shall continue until such assessment and accrued interest are fully paid. The undersigned agree to pay all expenses of said foreclosure including a reasonable attorney’s fee and cost of title search.
It is hereby expressly provided that a lien for the full amount of the sum obligated to be paid under this bond, principal, interest and costs, and expenses of foreclosure, is hereby created and acknowledged upon, in and to the real property described herein and the improvements thereon and appurtenances thereto.
This bond is dated ____________/____________/____________, 19____________.
In witness whereof ____________ set ____________ hand this ____________ day of ____________/____________/____________, 19____________.