§ 10-15-103. PARTICIPATION; CASH VALUE OF LOAN.

(a)

Participation. Commercial property owners may participate in the program for nonaccelerating loans, for a term of up to 20 years.

(b)

Value.

(1)

The loan amount under this program:

(i)

Shall be at least $5,000 and not more than 20% of the:

1.

Full cash value of the property; or

2.

Appraised value of the property; and

(ii)

Together with the outstanding balance of the mortgage or deed of trust may not be more than 90% of the full cash value or the appraised value of the property.

(2)

The full cash value is determined by the State Department of Assessments and Taxation.

(3)

The appraised value must be certified by a certified real estate appraiser not more 12 months before the date of the loan application.

(c)

Eligibility. In order to be eligible for a loan, the property owner shall:

(1)

Have a 100% ownership interest in the property located in Baltimore County for which the improvements are proposed;

(2)

Demonstrate that the most recent property taxes, assessments and charges on the property have been paid;

(3)

Provide a copy of written notice to all current holders of a mortgage or deed of trust who have a priority recorded lien on the property and written proof of express consent to the Clean Energy Loan as a priority lien by all current holders of a mortgage or deed of trust on the property; and

(4)

Establish that the owner of the commercial property is able to repay the loan provided under the Clean Energy Loan Program, in a manner substantially similar to that required for a mortgage loan under §§ 12-127, 12-311, 12-409.1, 12-925, and 12-1029 of the Commercial Law Article of the Annotated Code of Maryland.

(Bill No. 63-16 , § 1, 10-16-2016; Bill No. 58-17 , § 1, 11-13-2017)