Md. Code Regs. 14.26.01.06

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.26.01.06 - Minimum Borrower Obligations

In addition to any other condition or requirement determined to be necessary by the Administration, a borrower shall:

A. Make a contribution to the project that is of a type and amount acceptable to the Administration;

B. Document that the anticipated energy savings to the borrower over a defined period after the completion of the project are greater than the total cost of the project to the borrower in a manner that allows the Administration to verify the anticipated energy savings at the time of the application;

C. Pay an interest rate and any other fees and expenses assessed by the Administration;

D. Repay the loan and interest in accordance with a schedule set by the Administration;

E. Execute necessary assurances including a promissory note and other forms of collateral required by the Administration; and

F. Provide the Administration with a letter of counsel that gives any assurances requested by the Administration.

Md. Code Regs. 14.26.01.06

Regulation .06 amended as an emergency provision effective 41:15 Md. R. 888, eff.7/1/2014
Regulations .06 amended effective 41:19 Md. R. 1082, eff.9/29/2014