At least 30 days prior to the filing of an application for appointment of a receiver, the Director shall cause a notice to be sent by regular mail to all interested parties. The notice shall give the date upon which the County has the right to file with the court for the receiver, and in addition shall: State the address and legal description of the property; List the code violations which give rise to the proposed application; and Give the name, address, and telephone number of a person who can provide additional information concerning the violations and their remedy. If no interested party has taken any action to foreclose its security interest within 30 days of the date of the notice, the Director may thereafter apply to a court of competent jurisdiction for the appointment of a receiver. If, following the application for appointment of a receiver, one or more of the interested parties elects to correct the conditions at the property giving rise to the County's application for appointment of a receiver, the interested party shall be required to post security in an amount and character as the court deems appropriate to effect the timely completion of the abatement by the interested party.