Ordinance 2018-533 - Laserfiche WebLink

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The consumer notice described in this section must be delivered to the property owner by the program administrator and must be signed and dated by the property owner prior to or contemporaneously with the property owner's signing of any legally enforceable documents under the PACE program. (9) Confirmation of Terms: PACE Local Governments must confirm, by telephone with the property owner, each Program financing term listed below before the property owner signs the PACE Financing Agreement. Such telephonic confirmation shall be recorded. A voicemail shall not satisfy this requirement. When confirming terms of a Program Financing Agreement with a homeowner, the Program Administrator will request the property owner to describe the Qualifying Improvements being financed using the Program financing, and will ascertain that the property owner understands or acknowledges the following: (a) The Qualifying Improvements being installed are financed by the Program; (b) The total estimated annual payment, including estimated annual collection costs; (c) The date the first tax payment will be due; (d) The term of the Program financing; (e) The payments will be made through the property owner's property taxes and paid either directly to the county tax collector's office or through his or her mortgage impound account; (f) A notice of assessment summarizing the financing agreement executed in connection with the Qualifying Improvements will be recorded and appear as a lien against the Property until paid; (g) That they are able to meet the increased property tax payment; (h) Questions on tax benefits or deductibility must be directed to a tax professional; (i) The possibility that the assessment may (a) remain on the Property or (b) be required to be paid off if the homeowner sells or refinances the Property; and (j) The three-day right to cancel the financing. Page 7 of 17