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owner has demonstrated the financial ability to fulfill the financial <br />obligations to be paid through assessments; and <br />(C) All other information required by the Authorized Representative. <br />0) Financial Eligibility Requirements. The Authorized Representative will <br />determine whether the owner, the property and the improvements are eligible for financing <br />under the program. The eligible lender chosen by the owner will determine whether the <br />owner has demonstrated the financial ability to repay the financial obligations to be <br />collected through contractual assessments. The statutory method6 for ensuring such a <br />demonstration of financial ability must be based on appropriate underwriting factors, <br />including the following: <br />(1) verification that the person requesting to participate in the program <br />is the legal record owner of the benefitted property, <br />(2) the applicant is current on mortgage and property tax payments, <br />(3) the applicant is not insolvent or in bankruptcy proceedings, <br />(4) the title of the benefitted property is not in dispute; and <br />(5) there is an appropriate ratio of the amount of the assessment to the <br />assessed value of the property. <br />(k) Mortgage Holder Notice and Consent. As a condition to the execution of a <br />written contract between the Authorized Representative and the property owner imposing <br />an assessment under the program, the holder of any mortgage lien on the property must be <br />given notice of the owner's intention to participate in the program on or before the 30th <br />day before the date the contract is executed, and the owner must obtain the written consent <br />of all mortgage holders.? <br />(1) Imposition of Assessment. The Authorized Representative will enter into a <br />written contract with the property owner, only after: <br />(1) The property owner delivers to the Authorized Representative <br />written consent of all mortgage lien holders; <br />(2) The Authorized Representative's determination that the owner and <br />the property are eligible to participate in the program, that the proposed <br />improvements are reasonably likely to decrease energy or water consumption or <br />6 TX, Local Gov't Code §399.009(b). <br />7 TX. Local Gov't Code §399.010. <br />M <br />