City of South Portland, ME, Code of Ordinances ch. 5 (Buildings), Art. VII (Rental Registration)

Citation: City of South Portland, ME, Code of Ordinances ch. 5 (Buildings), Art. VII (Rental Registration)
Jurisdiction: South Portland (municipal)
Source: Official source
Original Source: https://southportland.gov/DocumentCenter/View/1421/Ch-05-Buildings ↗

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PACE agreement. “PACE agreement” means an agreement between the owner of
qualifying property and the Trust that authorizes the creation of a PACE
mortgage on qualifying property and that is approved in writing by all owners
of the qualifying property at the time of the agreement, other than mortgage
holders.

 PACE assessment. “PACE assessment” means an assessment made against qualifying
property to repay a PACE loan.

 PACE district. “PACE district” means the area within which the City
establishes a PACE program hereunder, which is all that area within the City’s
boundaries.

 PACE loan. “PACE loan” means a loan, secured by a PACE mortgage, made to the
owner(s) of a qualifying property pursuant to a PACE program to fund energy
saving improvements.

 PACE mortgage. “PACE mortgage” means a mortgage securing a loan made pursuant
to a PACE program to fund energy saving improvements on qualifying property.

 PACE program. “PACE program” means a program established under State statute
by the Trust and a City under which property owners can finance energy savings
improvements on qualifying property.

 Qualifying property. “Qualifying property” means real property located in the
PACE district of the City.