Any application for a tax deferral distributed to persons shall contain the following:
(1) A statement that the tax deferral granted under this subchapter is provided in exchange for a lien against the homestead of the applicant.
(2) An explanation of the manner in which the deferred taxes shall become due, payable and delinquent and include, at a minimum, the consequences of noncompliance with the provisions of this subchapter.