11 - Expansion of Property Assessed Clean Energy Program

Home Browse Search

Government to impose an assessment on the Property to repay the financing of such Qualified Improvements. E. The financing of such Qualified Improvements will be provided to Property Owner by ("Lender"), a qualified lender selected by Property Owner, pursuant to a written contract executed by Lender and Local Government as required by Section 399.006(c) of the PACE Act (the "Lender Contract"). Lender will be responsible for all servicing duties other than those specifically undertaken by Local Government in the Lender Contract. THEREFORE, Local Government hereby gives notice to the public pursuant to Section 399.013 of the PACE Act that it has imposed an assessment on the Property in the principal amount of $ (the "Assessment"). The Assessment includes only those costs and fees for which an assessment may be imposed under Section 399.006(e) of the PACE Act. In the event that the actual total of costs and fees for which an assessment may be imposed is different from the amount stated or any other term requires correction, Local Government, Property Owner, and Lender will execute an amended Owner Contract and Lender Contract, and Authorized Representative will record an amended Notice of Contractual Assessment Lien. The Assessment and contractual interest thereon due to the Lender (the "Contractual Interest") are due and payable in installments ("Installments") in accordance with the terms and payment schedule included in the financing documents executed between Property Owner and Lender that are described in or copies of which are attached hereto as Exhibit C (the "Financing Documents"). Pursuant to Section 399.014 of the PACE Act, 1. The Assessment and any interest or penalties thereon, (i) are a first and prior lien against the Property from the date on which this Notice of Contractual Assessment Lien is recorded in the real property records of Lamar County, Texas, until the Assessment, interest, or penalty is paid; and (ii) such lien has the same priority status as a lien for any other ad valorem tax. 2. The lien created by the Assessment runs with the land, and according to Section 399.014(b) of the PACE Act, any portion of the Assessment that has not yet become due will not be eliminated by foreclosure of: (i) a property tax lien, or (ii) the lien for a delinquent Installment of the Assessment. In the event of a sale or transfer of the Property by Property Owner, the obligation for the Assessment and the Property Owner's obligations under the Financing Documents will be transferred to the succeeding owner without recourse to Local Government, or Authorized Representative. As provided in Section 399.014(a-1) of the PACE Act, after this Notice of Contractual Assessment Lien is recorded in the real property records of the county in which the Property is located, the lien created by the Assessment may not be contested on the basis that the improvement is not a "qualified improvement" or the project is not a "qualified project", as such terms are defined in Section 399.002 of the PACE Act. v.7AR PACE Notice of Contractual Assessment Lien 2