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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(f)Mortgage lender notice and consent. Any financial institution holding a lien,
mortgage or security interest in or other collateral encumbrance on the
property for which a Commercial PACE Assessment is sought must be provided
written notice of the commercial property owner's intention to participate in
the Commercial PACE Program and must provide written consent to the commercial
property owner and City that the borrower may participate and enroll the
collateral property in the Commercial PACE Program. This written consent must
be filed in the Registry of Deeds and must include a written acknowledgement
and understanding by the financial institution holding the lien, mortgage or
security interest in or other collateral encumbrance on the property as
required by the Commercial PACE Act.

Sec. 5 – 161-9. Collection, default; foreclosure.

(a)A Commercial PACE Assessment and any interest, fees, penalties and attorney's
fees incurred in its collection must be collected in the same manner as the
real property taxes of the City. A Commercial PACE Assessment for which notice
is properly recorded under this section creates a lien on the property. The
portion of the assessment that has not yet become due is not eliminated by
foreclosure, and the lien may not be accelerated or extinguished until fully
repaid.

(1)If a Commercial PACE Assessment is delinquent or in default and the borrower
or property owner is delinquent in any tax debt due to the City, collection
may occur only by the recording of liens and by foreclosure under 36 M.R.S.
§§ 942 and 943, as may be amended. Liens must be recorded and released in
the same manner as liens for real property taxes.