(b) The notice shall state the reasons for the proposed termination and shall require the owner to appear at a specified time, not less than 20 days after mailing the notice, to show cause, if any, why the exemption should not be terminated.
(2) If the owner fails to appear and show cause why the exemption should not be terminated, the city or county shall further notify every known lender and shall allow the lender a period of not less than 30 days, beginning with the date that the notice of failure to appear and show cause is mailed to the lender, to cure any noncompliance or to provide assurance that is adequate, as determined by the governing body, to assure the governing body that the noncompliance will be remedied.
(3)(a) If the owner fails to appear and show cause why the exemption should not be terminated, and a lender fails to cure or give adequate assurance that any noncompliance will be cured, within 10 days following the later of such failures, the city or county shall give notice to the owner that the exemption is terminated.
(b) On the same date, one copy of the notice shall be filed with the county assessor and another copy shall be sent to any affected lender at the lender’s last-known address. [Formerly 307.670; 2023 c.398 §15]