7.1 HRSR 04-07-2014 - Laserfiche WebLink

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Title costs may be included in the PACE OF MN Financing request. E. Application Review During the Application Review process, the Port Authority verifies that: • The Application is complete and accurate; • The property owner(s) owns the Property without federal or state income tax liens, judgment liens or similar involuntary liens on the Property; • The Property is developed and within a City, County or Town (the "Host Jurisdiction") that has agreed to participate in PACE OF MN; • The Property is not exempt from secured property taxes; • The Property owner is current on property taxes; • Property owner is current on mortgage(s) and all lender have given consent to PACE OF MN Financing; • The Property owner has provided all financial information requested by the Port Authority or the Lender; • The property owner has declared that the property owner(s) and the Property is/are not currently involved in a bankruptcy proceeding. If property owner has been in bankruptcy in the past three years, the bankruptcy must have been concluded at least one year before application was filed. In addition, all mortgage payments due on the property must have been timely paid during the six months preceding the application; • The property owner has executed all declarations required in the Application; • The proposed Improvements and costs are eligible to be financed under the Program. If the proposed Improvements are part of a project that includes new construction (e.g., a room addition), the costs of the work have been properly allocated between adding PACE OF MN Improvements and new construction; • The cost estimate(s)/bid(s) is/are reasonable for the Improvements; • Improvement costs are reasonable to property value. As a guideline, proposed Improvements should not exceed ten percent of assessed value. If more costly Improvements are proposed, the Port Authority and the Lender may require additional information supporting both the reasonable relationship of the Improvements to the property, and information related to the ability of the property owner to repay the assessment; 2 9835459v6