§ 63-3. Establishment of an Energize NY Open C-PACE Financing Program.  


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  • A. 
    An Energize NY Open C-PACE Financing Program is hereby established by the Town of New Castle, whereby EIC, acting on its behalf, pursuant to the municipal agreement, may arrange for the provision of funds by financing parties to qualified property owners in accordance with the Enabling Act and the procedures set forth under this local law, to finance the acquisition, construction, reconstruction and installation of qualified projects and eligible costs and financing charges approved by EIC and by the financing party under the finance agreement. EIC, on behalf of the Town of New Castle, and with the consent of the benefited property owner, will record a benefit assessment lien on the benefited property in the secured amount (the "benefit assessment lien") on the land records for the municipality. Such recording shall be exempt from any charge, mortgage recording tax or other fee in the same manner as if recorded by the Town of New Castle.
    B. 
    Before a qualified property owner and a financing party enter into a finance agreement which results in a loan to finance a qualified project, repayment of which is secured by a benefit assessment lien, a written consent from each existing mortgage holder of the qualified property shall be obtained, permitting the benefit assessment lien and each annual installment lien to take priority over all existing mortgages.