Utah Administrative Code
Topic - Governor
Title R362 - Office of Energy Development
Rule R362-5 - Commercial Property Assessed Clean Energy (C-PACE), Administrative Rules
Section R362-5-11 - Servicing and Repayment
Universal Citation: UT Admin Code R 362-5-11
Current through Bulletin 2024-06, March 15, 2024
(1) The assessment is repaid in installations over a period not to exceed 30 years.
(a) In the event of a default, payments may
not be accelerated to the total unpaid balance of the assessment.
(b) The third-party lender is be responsible
for, subject to, and in accordance with the terms of the financing agreement,
for all billing, collection, enforcement, and administrative duties pertaining
to the loan, the assessment payments, and the energy assessment lien.
(c) The state is not liable for
the acts or omissions of the C-PACE District or the C-PACE District's
directors, administrators, officers, agents, employees, third-party directors
or administrators, or third-party lenders, including any obligation, expense,
debt, or liability of the C-PACE District.
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