Sec. 6-178

Citation: Sec. 6-178 (b)
Parent Document: Portland City Code ch. 6
Jurisdiction: Portland (municipal)
Original Source: https://www.portlandmaine.gov/asset/c5af4c63-b877-4ea8-9d29-8420cbad7717 ↗

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(b) Judicial or nonjudicial sale or foreclosure. In the
event of a judicial or nonjudicial sale or foreclosure of a
property subject to a Commercial PACE Lien by a lienholder that
is not a Commercial PACE lienholder, the Commercial PACE Lien
must survive the foreclosure or sale to the extent of any unpaid
installment, interest, penalties or fees secured by the lien that
were not paid from the proceeds of the sale. All parties with
mortgages or liens on that property, including without limitation
Commercial PACE lienholders, must receive on account of such
mortgages or liens sale proceeds in accordance with the priority
established in the Commercial PACE Act and by applicable law. A
Commercial PACE Assessment is not eliminated by foreclosure and
cannot be accelerated. Only the portion of a Commercial PACE
Assessment that is in arrears at the time of foreclosure takes
precedence over other mortgages or liens (except liens for real
property taxes of the municipality and liens of municipal sewer,
sanitary and water districts); the remainder transfers with the
property at resale.

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