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.
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