Section 648-5-8 - PREPARING AND APPROVING C-PACE LOAN APPLICATIONS1. Defining Project and Establishing Compliance with C-PACE Program Requirements. a. An applicant for a C-PACE Loan must complete the application process and forms prescribed in the Program Guidelines to demonstrate compliance with the requirements of the C-PACE Program.b. Eligibility for a C-PACE Loan is limited to a Qualifying Project sited at a Qualifying Property. c. To be considered a "Qualifying Property" eligible for C-PACE financing, a property must be physically located in a C-PACE Municipality and demonstrate that it: (i) Does not have a residential mortgage;(ii) Consists of five or more rental units if the property is a commercial building designed for residential use;(iii) Is not owned by a residential customer or small commercial customer as defined in 35-A M.R.S. §3106(1)(C) and (D), respectively; and,(iv) Is not owned by a federal, state or municipal government or public school.d. To be considered a "Qualifying Project" eligible for C-PACE financing, a C-PACE Project must: (i) Comprise at least one Energy Savings Improvement where the type and quality of the improvement satisfies the minimum requirements of section 5; and(ii) Satisfy the underwriting standards in section 6. 2. Registered Capital Provider - The Property Owner shall select a Registered Capital Provider to finance the Qualifying Project. The Registered Capital Provider shall receive and review the information about the project and shall: a. Verify that the subject property is a Qualifying Property;b. Verify that the proposed Energy Savings Improvements constitute a Qualifying Project; c. Verify that the Technical Reviewer has provided the SIR certificate and completed the accompanying disclosures as required by the Program Guidelines;d. Ensure that each financial institution that holds a lien, mortgage or security interest in or other collateral encumbrance of the property for which a C-PACE assessment is sought has been provided written notice of the Property Owner's intention to participate in the C-PACE Program, and that each such financial institution has acknowledged to the Property Owner and the Municipality that it has received such notice and has provided written consent that the applicant may participate and enroll the Property in the C-PACE Program, in compliance with 35-A M.R.S. §10205(4); ande. Record all written consents in the appropriate Registry of Deeds of the county in which the Property is located.3. Application Completeness and Submittal. A completed C-PACE Program application form shall be submitted, with an application fee, to the Program Administrator. The schedule for the application fee shall be published in the Program Guidelines and shall reasonably reflect the Program Administrator's costs.4. C-PACE Application Review. The Program Administrator shall review the application to determine: a. Whether the application has established that the property and the project meet the eligibility requirements of a Qualifying Property and Qualifying Project;b. That the Technical Reviewer has prepared and executed the SIR certificate and completed the disclosures required by the Program Guidelines;c. That the Capital Provider has certified that all required underwriting standards have been satisfied;d. That the Capital Provider has certified that all required consents from all financial institutions holding a lien, mortgage or security interest in or other collateral encumbrance on the Property have been received; ande. That all C-PACE Program terms and conditions have been satisfied.5. Application Approval. If the Program Administrator determines that the application has met standards (2)(a) through (e) above, the Trust shall issue a written Notice of Approval.6. Executing Agreements and Installing Energy Savings Improvements.a. After receiving a Notice of Approval by the Program Administrator, the Property Owner and the Registered Capital Provider may close on the financing of the C-PACE Loan. A C-PACE Loan must be secured by a C-PACE Assessment and C-PACE Lien on Qualifying Property. A C-PACE Lien remains on the Property until the amounts due under the terms of the C-PACE Agreement are paid in full. A notice of C-PACE Agreement shall be prepared which must include, at a minimum: (i) The amount of funds disbursed or to be disbursed pursuant to the C-PACE Agreement;(ii) The names and addresses of the current owners of the Qualifying Property subject to the C-PACE Assessment;(iii) A description of the Qualifying Property subject to the C-PACE Assessment, including its tax map and lot number;(iv) The duration of the C-PACE Agreement;(v) The name and address of the entity filing the notice; and(vi) Written verification of mortgage lender consent, if there is a mortgage on the property.b. A Notice of C-PACE Agreement must be filed in the appropriate Registry of Deeds by the Registered Capital Provider, the Property Owner, or an agent of either party, along with the executed Mortgage Lender Consent documents. It is the responsibility of the Registered Capital Provider to take the steps necessary to secure the lien against the commercial Property subject to the C-PACE Assessment until the amounts due under the C-PACE Agreement are paid in full.