Ordinance 2018-533 - Laserfiche WebLink

Home Browse Search

. (10) . PACE Financing Agreement. The PACE Local Government shall enterinto a voluntary written agreement with each Eligible Participant which shall include, at a minimum, the following: (a) The full legal description of the Property subject to the PACE Assessment. (b) The amount of funding to be provided to the Eligible Participant. (c) Statement of express voluntary consent by the Eligible Participant to accept the non-ad valorem assessment collection process, set forth in Section 197.3632, Florida Statutes. (d) The length of time for the Eligible Participant to repay the non-ad valorem assessment, which shall not exceed 30 years. (e) Statement that the Eligible Participant is responsible for assuring the Qualifying Improvements are completed as reflected in the approved application documents; consent by the Eligible Participant to providing the PACE Local Government with access to the Property to verify that the Qualifying Improvements have been completed as proposed in the application. (f) Statement that at the time of a transfer of Property ownership (except a transfer resulting from foreclosure), the past due balances of any non-ad valorem assessment may be due for payment, but future payments may continue as a lien on the Property, if the buyer and the mortgagor, if any, agree. (g) Statement that at or before the execution of a contract for the sale and purchase of any Property for which a non-ad valorem assessment for the PACE Program has been levied and any unpaid financed-balance-is due, the-seller must-give-the prospective purchaser a Notice of the lien. (h) In bold face caps, in a font larger than the rest of the Agreement, a statement of the risks associated with participating in the PACE Program, including risks related to the failure of the Eligible Participant to.make payments, the risk that they may not be able to refinance the home or sell the home unless the PACE Assessment is paid off in full first, and the risk of issuance of a tax certificate and loss of the Property pursuant to Chapter 197, Florida Statutes. (i) Description of the Qualifying Improvements and their cost. (j) Notice of the non-ad valorem assessment shall be recorded in the public records for the Property. (k) In bold face caps, in a font larger than the rest of the Agreement, a statement of the interest rate to be charged, including points, as well as any and all fees or penalties that may be separately charged to the Eligible Participant, including potential late fees. The subsequent charging or collecting of any additional fees that were not specifically disclosed in the written agreement with the property owner is prohibited. Page 8 of 17