Maintenance and Enforcement of Assessment. Lender agrees to provide the Financing for the Project in the total amount of $ , according to the terms set out in the Financing Documents attached hereto as Exhibit B. In consideration for the Financing provided or to be provided by Lender for the Project, and subject to the terms and conditions of this Lender Contract, Local Government agrees to maintain and continue the Assessment for the benefit of Lender until the Financing, all contractual interest, any prepayment premium, additional penalties and interest imposed by the Lender under the Financing Documents according to the Financing Documents, and any statutory penalties, interest, attorney’s fees, or costs accrued in the event of default are paid in full. Local Government will not release the Assessment until which time Lender notifies Local Government that all amounts owing have been paid in full. Local Government shall not sell, assign or transfer the Assessment or the assessment lien against the Property to any third party without the prior written consent of the Lender. Local Government agrees to enforce the assessment lien against the Property for the benefit of Lender in the event of a default by Property Owner in accordance with the provisions set forth in paragraph 6. Local Government shall have no obligation to repurchase the assessment and no liability to Lender should there be a default or an event of default in the payment thereof or should there be any other loss or expense suffered by Lender or under any other circumstances.
Maintenance and Enforcement of Assessment. In consideration for Lender’s agreement to advance Financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Lender until the Assessment, Contractual Interest, any prepayment penalty, and any penalties, interest, fees, and costs, due under or authorized by the PACE Act and the Financing Documents are paid in full, and to release the Assessment upon notice from Lender of such payment. Local Government agrees to enforce the assessment lien against the Property at the request of Lender in the event of a default in payment by Property Owner, in accordance with the provisions set forth in paragraph 5. Authorized Representative will deliver an annual notice of assessment to Property Owner by electronic mail each year until the Assessment is released. If requested by Property Owner by marking the box below, Local Government agrees to also deliver an annual notice of assessment to Property Owner by first-class mail in the envelope with the tax xxxx of the Property each year until the Assessment is released. ☐ Property Owner requests an annual notice of assessment from Local Government. Any failure of Local Government or Authorized Representative to deliver an annual notice of assessment to Property Owner will not affect the Assessment or Property’s Owner’s obligations under this Owner Contract.
Maintenance and Enforcement of Assessment. In consideration for Lender’s agreement to advance financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Lender until the Assessment, including all interest, fees, penalties, costs, and other sums due under and/or authorized by the PACE Act, PACE Program and the Financing Documents are paid in full, and to release the Assessment upon notice from Lender of such payment. Local Government agrees to undertake reasonable efforts to enforce the Assessment against the Property for the benefit of Lender in the event of a default by Property Owner. Local Government agrees to send an annual notice of assessment to the Property Owner each year there is a XXXX xxxx balance.
Maintenance and Enforcement of Assessment. In consideration for Lender’s agreement to advance Financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Lender until the Assessment, including all interest, fees, penalties, costs, and other sums due under and/or authorized by the PACE Act, PACE Program and the Financing Documents are paid in full, and to release or cause the release of the Assessment upon notice from Lender of such payment. Local Government, through its delinquent property tax collection process, agrees to undertake reasonable efforts to enforce the Assessment against the Property for the benefit of Lender in the event of a default by Property Owner.
Maintenance and Enforcement of Assessment. In consideration for Capital Provider’s agreement to advance financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Capital Provider until the Assessment, including all interest, fees, penalties, costs, and other sums due under and authorized by the PACE Act, PACE Program and the Financing Documents are paid in full, and to release the Assessment upon notice from Capital Provider of such final payment. Local Government agrees to collect Assessment Installments, as defined here, and to enforce the Assessment against the Property for the benefit of Capital Provider in the event of a payment default by Property Owner. When the Assessment amount together with any prepayment premium, and/or default penalties and interest, if any, has been paid in full, upon notice from Capital Provider that all amounts owing have been paid in full, Local Government will execute a release of the Assessment and this Owner Contract. Thereafter, the Local Government will record the release.
Maintenance and Enforcement of Assessment. Lender agrees to provide the Financing for the Project in the total amount of $ , according to the terms set out in the Financing Documents attached hereto as Exhibit B. In consideration for the Financing provided or to be provided by Lender for the Project, and subject to the terms and conditions of this County Lender Contract, Local Government agrees to maintain and continue the Assessment for the benefit of Lender until the Financing, all contractual interest according to the Financing Documents, and any statutory penalties, interest, attorney’s fees, or costs accrued in the event of default are paid in full, and to release the Assessment upon notice from Lender of payment in full. In the event of a default by Property Owner and after written notice to Local Government from Lender, Local Government agrees to enforce the assessment lien against the Property for the benefit of Lender. Local Government shall have no obligation to repurchase the Assessment and no liability to Lender should there be a default or an event of default in the payment thereof, or any other loss or expense suffered by Lender under this or any other circumstance.
Maintenance and Enforcement of Assessment. In consideration for Lender’s agreement to advance Financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Lender until the Assessment, Contractual Interest, any prepayment penalty, and any penalties, interest, fees, and costs, due under or authorized by the PACE Act and the Financing Documents are paid in full, and to release the Assessment (as recorded by the Authorized Representative) upon notice from Lender of such payment. Local Government, through its delinquent property tax collection process, agrees to enforce the assessment lien against the Property at the request of Lender in the event of a default in payment by Property Owner, in accordance with the provisions set forth in paragraph 5. Authorized Representative will deliver an annual notice of assessment to Property Owner by electronic mail or first class mail each year until the Assessment is released. Any failure of Local Government or Authorized Representative to deliver an annual notice of assessment to Property Owner will not affect the Assessment or Property’s Owner’s obligations under this Owner Contract.
Maintenance and Enforcement of Assessment. Lender agrees to provide Financing for the Project in the total principal amount of $ , according to the terms set out in the Financing Documents attached hereto as Exhibit B. In the event the actual total of costs and fees for which an assessment may be imposed under the PACE Act is different from the stated amount or any other term requires correction, Local Government (pursuant to the discretion of the Commissioners Court), Property Owner, and Lender agree to execute an amended Owner Contract and Lender Contract, and Authorized Representative will record an amended Notice of Contractual Assessment Lien. In consideration for the Financing provided or to be provided by Lender for the Project, and subject to the terms and conditions of this Lender Contract, Local Government agrees to maintain and continue the Assessment for the benefit of Lender until the Assessment, all contractual interest due to Lender according to the Financing Documents (“Contractual Interest”), any prepayment penalty, and any penalties, interest, attorney’s fees, or costs due under or authorized by the PACE Act and the Financing Documents are paid in full, and to release the Assessment upon notice from Lender of such payment. The Authorized Representative shall record a release of lien in the property records of the County. Local Government will not release, sell, assign or transfer the Assessment or the lien securing it without the prior written consent of Lender. Local Government agrees to enforce the assessment lien against the Property at the request of Lender in the event of a default in payment by Property Owner in accordance with the provisions set forth in paragraph 6, as may be limited by applicable law. Local Government shall have no obligation to repurchase the Assessment and no liability to Lender should there be a default in the payment thereof or should there be any other loss or expense suffered by Lender or under any other circumstances. The Lender shall never be entitled to demand payment from the County from any other source of funds other than the Assessments.
Maintenance and Enforcement of Assessment. Capital Provider agrees to provide the Financing for the Project in the total amount of $ , according to the terms set out in the Financing Documents. In consideration for the Financing provided or to be provided by Capital Provider for the Project, and subject to the terms and conditions of this Capital Provider Contract, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Capital Provider until the Financing, all contractual interest, any prepayment premium, additional penalties and interest imposed by the Capital Provider under the Financing Documents according to the Financing Documents, and any statutory penalties, interest, attorney’s fees, or costs accrued in the event of default are paid in full. Local Government will not release the Assessment until which time Capital Provider notifies Local Government that all amounts owing have been paid in full. Upon notice from Capital Provider that all amounts owing have been paid in full, Local Government will execute a release of the Assessment. Thereafter, the Local Government will record the release. Local Government agrees to collect Assessment Installments, as defined here, and to enforce the Assessment against the Property for the benefit of Capital Provider in the event of a payment default by Property Owner in accordance with the provisions set forth in paragraph 6.
Maintenance and Enforcement of Assessment. In consideration for Lender’s agreement to advance financing to Property Owner for the Project pursuant to the Financing Documents, Local Government agrees to maintain and continue the Assessment on the Property for the benefit of Lender until the Assessment, including all interest, fees, penalties, costs, and other sums due under and/or authorized by the PACE Act, PACE Program and the Financing Documents are paid in full, and to release the Assessment upon notice from Lender of such payment. Local Government agrees to undertake reasonable efforts to enforce the Assessment against the Property for the benefit of Lender in the event of a default by Property Owner. Interest and penalties in the event of default are explicitly authorized by Section 399.014(d) of the PACE Act. □ Notices (Optional – only applies if checked). Local Government agrees to send an annual notice of assessment to the Property Owner with a utility xxxx each year there is an Assessment balance. This notification may be listed with other charges, or appear alone as a separate insert.
