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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(2)  If only a Commercial PACE Assessment is delinquent but the borrower or
property owner is current on payment of all municipal taxes due to the City,
then a Commercial PACE lienholder shall accept an assignment of the
Commercial PACE Lien, as provided in the written agreement between City and
the Capital Provider. The assignee shall have and possess all the same
powers and rights at law as the City and its tax collector with regards to
the priority of the Commercial PACE Lien, the accrual of interest and fees
and the costs of collection. The assignee shall have the same rights to
enforce the Commercial PACE Lien as any private party or lender holding a
lien on real property, including, but not limited to, the right of
foreclosure consistent with 14 M.R.S. §§ 6203-A and 6321, as may be amended,
and any other action in contract or lawsuit for the enforcement of the
Commercial PACE Lien.

(b)Judicial or non-judicial sale or foreclosure. In the event of a judicial or
non-judicial 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
 SOUTH PORTLAND CODE