Loading...
HomeMy WebLinkAboutSubmittal-Victoria Mendez-Ygrene Financing Agreement Section 8Submitted into the public record for item(s) (R E. ( I on 1-1, City Clerk www.CieaaEnerqyGreenCorrictor.corn (a) Agreement to Finance Final Improvements. The District hereby agrees to use the Assessment to finance the Final Improvements, including the payment of the District's and Administrators reasonable costs of administering the Program, subject to the Property Owner's compliance with the conditions for such financing established by the District. (b) Disbursement of Funds. The District will make one disbursement when the following conditions have been met. The District's obligation to disburse funds to pay the costs of the Final Improvements shall be conditioned upon the Property Owner providing, to the satisfaction of the District, (I) all required affidavits from all contractors and the Property Owner certifying that the Final Improvements have been completed in accordance with all applicable building codes, regulations, and other govemmental requirements, and (ii) final releases or waivers of all applicable contractors', mechanic's and materialmen's liens. Section 6. Term; Agreement Runs with the Land; Subdivision (a) Except as otherwise set forth in this Agreement, this Agreement shall expire upon the final payment or prepayment of the Assessment. (b) This Agreement establishes rights and obligations that are for the benefit of the Property and such rights and obligations run with the land. (c) In the event the Property is subdivided while the Assessment remains unpaid, the Assessment will be assigned to the newly -created parcel on which the Final Improvements are located. If the Final Improvements no longer exist, the Assessment will be assigned to each of the newly - created parcels on a per -acre basis, unless the District, in its sole discretion, determines that the Assessment should be allocated in an alternate manner. Section 7. Recordation of Documents The Property Owner hereby authorizes and directs the District to cause to be recorded in the public records of the County the various notices and other documents, including an Addendum, required by and other applicable laws to be recorded against the Property. Section 8. Special Disclosure Regarding Certain Mortgage Lenders MANY LENDERS THAT MAKE RESIDENTIAL LOANS DESIRE TO PRESERVE THE OPTION TO SELL THOSE LOANS TO U.S. GOVERNMENT -SPONSORED ENTERPRISES (CALLED "GSEs") THAT ARE REGULATED BY THE FEDERAL HOUSING FINANCE AGENCY ("FHFA"). THE FHFA APPEARS TO HAVE INSTRUCTED ITS GSEs NOT TO PURCHASE RESIDENTIAL LOANS WHERE THERE IS A SUPERIOR LIEN FOR QUALIFYING IMPROVEMENTS, SUCH AS THE ASSESSMENT LIEN. THUS, IN ORDER TO REFINANCE YOUR RESIDENTIAL LOAN, OR FOR A PROSPECTIVE PURCHASER OF YOUR PROPERTY TO OBTAIN A LOAN SECURED BY THE PROPERTY, YOU MAY NEED TO REMOVE THE ASSESSMENT LIEN BY PREPAYING THE ASSESSMENT OBLIGATION IN FULL. YOU THUS SHOULD CONSIDER THE LIKELIHOOD AND TIMING OF A POSSIBLE REFINANCING OR SALE OF YOUR PROPERTY, AND THE COSTS TO PREPAY THE ASSESSMENT OBLIGATION, IN DECIDING WHETHER TO PARTICIPATE IN THE PROGRAM BY EXECUTING THIS AGREEMENT. Section 9. Notice The Property Owner agrees that at or before the time a prospective purchaser executes a contract for the sale and purchase of the Property, the Property Owner shall give the prospective purchaser a written disclosure statement in the following form, which shall be set forth in the contract or in a separate writing: QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY, RENEWABLE ENERGY, OR WIND RESISTANCE. —The property being purchased is located within the jurisdiction of a local government that has placed an assessment on the property pursuant to s. 163.08, Florida Statutes. The assessment is for a qualifying improvement to the property relating to energy efficiency, renewable energy, or wind resistance, and is not based on the value of property. You are encouraged to contact the county property appraiser's office to leam more about this and other assessments that may be provided by law. Section 10. Waivers, Acknowledgement and Agreement This Agreement reflects the Property Owner's free and willing consent to the imposition of the Assessment. The Property Owner hereby waives its right to repeal the Assessment by initiative or any other action, or to file any lawsuit or other proceeding to challenge the Assessment or any aspect of the proceedings of the District undertaken in connection with the Program. The Property Owner hereby agrees that the Property Owner and its successors in interest to fee title in the Property shall be solely responsible for the installation, operation and maintenance of the Final Improvements, The Property Owner hereby acknowledges that the Property Owner will be responsible for payment of the Assessment regardless of whether the Final Improvements are properly installed, operated or maintained as expected. THE PROPERTY OWNER HEREBY AGREES THAT THE DISTRICT IS ENTERING INTO THIS AGREEMENT SOLELY FOR THE PURPOSE OF ASSISTING THE PROPERTY OWNER WITH THE FINANCING OF THE INSTALLATION OF THE QUALIFYING IMPROVEMENTS, AND THAT THE DISTRICT HAS NO RESPONSIBILITY OF ANY KIND FOR, AND SHALL HAVE NO LIABILITY ARISING OUT OF, THE INSTALLATION, OPERATION, FINANCING, REFINANCING OR MAINTENANCE OF THE QUALIFYING IMPROVEMENTS. BASED UPON THE FOREGOING, THE PROPERTY OWNER HEREBY WAIVES THE RIGHT TO RECOVER FROM AND FULLY AND IRREVOCABLY RELEASES THE DISTRICT AND THE ADMINISTRATOR AND ANY AND ALL AGENTS, EMPLOYEES, ATTORNEYS, REPRESENTATIVES AND SUCCESSORS AND ASSIGNS OF THE DISTRICT AND THE ADMINISTRATOR, FROM ANY AND ALL %rene FINANCING AGREEMENT 5/9/201 4��3 5 (oL IL I en O-utj'/°"'-e FICIhGC6241)