A. This option can be taken advantage of only if the purchaser has made an attempt in the last 12 months to stay current on the purchaser’s payments.

B. A qualified purchaser may be offered the opportunity of refinancing at the discretion of the assembly’s commerce committee. The purchaser shall be notified of the opportunity by certified mail.

C. A purchaser shall have 90 days from notification of the opportunity by certified mail to request refinancing or the borough will proceed with foreclosure.

D. If a parcel is refinanced, the purchaser shall pay all costs accrued; the back principal and interest shall be added to the balance of the account.

E. The refinancing shall be for the length of time determined by the assembly’s commerce committee. Refinanced contracts/promissory notes shall be set up for monthly installments.

F. Refinancing will be at the same rate of interest as stated in the purchaser’s original contract.

G. A refinancing opportunity under this section can be applied only once per person/per parcel.

H. A good faith payment in an amount determined by the assembly’s commerce committee shall be required at the time of refinancing.