Orange County NC Website
Browse       Search
10 <br /> <br />7. Billing, Collection, and Enforcement <br />Billing, collection and enforcement of C-PACE assessments and C-PACE liens will be the sole <br />responsibility of capital providers. Delinquent assessment payments shall incur interest and <br />penalties as specified in the Financing Agreement and shall be paid in accordance with the <br />amortization schedule. Capital providers will enforce delinquent assessment payments in the <br />same manner as foreclosure of a deed of trust. C-PACE assessment payments not yet billed or <br />due may not be accelerated or extinguished by foreclosure of the delinquent assessment payment <br />or payments. <br /> <br />Outstanding or delinquent State, local, or federal taxes or liens at the time of the foreclosure <br />proceeding will be satisfied first, but the C-PACE lien shall be superior to all other liens on the <br />property from the date on which the Notice of the C-PACE Assessment was recorded and until <br />the assessment, interest, penalties, and charges accrued or accruing are paid. <br /> <br />8. Consent from Mortgage and Lien Holder(s) Required <br />Before entering into an Assessment Agreement, the property owner must submit to the statewide <br />administrator, EDPNC, a written statement by each holder of a mortgage, deed of trust, or other <br />lien securing indebtedness on the property regarding their consent to placement of the C-PACE <br />Assessment. Each consenter must also attest that placement of the assessment does not <br />constitute an event of default under the terms of the mortgage, deed of trust, or other <br />indebtedness secured by the lien. <br /> <br />If lienholder consent is not available at time of Project Application, EDPNC may issue conditional <br />approval if all other requirements are met. In this case, lienholder consents are executed at <br />closing, the signatures of the local government will be held in escrow and will not be released until <br />the consents are obtained. Capital Providers may provide their own form of consent that conforms <br />to the C-PACE Act. <br /> <br /> <br /> <br />28