Freddie Mac Loan Number:___________________
Property Name:_____________________________
C-PACE ANALYSIS
(Revised 10-11-2017)
TO: [SELLER/SERVICER] and Freddie Mac
FROM: [SELLER’S/SERVICER’S COUNSEL]
DATE: _______________
RE: Borrower: _____________________
Property Address: _____________________ (“Property”)
Seller/Servicer and/or its counsel must complete the following analysis of the C-PACE Financing:
1. Name and Date of C-PACE Financing Documentation (including any amendments)
2. Parties to C-PACE Financing
3. Compliance with Section ___ of the Guide
[ ] Section ___ is satisfied
[ ] Section ___ is satisfied except for the following:
Recommendation for approval:
4. C-PACE Financing Status
Has C-PACE Financing on the Property been approved by the applicable municipality?
[ ] Yes. If yes, provide the following:
Copies of documentation from the applicable municipality approving the C-PACE Financing
Status of the energy retrofitting at the Property: ________
[ ] No. If no, provide the following:
Status of the application process: _______________
Copies of any documentation submitted and/or received by Borrower in connection with the municipality’s approval of the C-PACE Financing
(iii) Summary of the further actions necessary before the C-PACE
Financing will be approved: ___________________
(iv) Estimated date by which the C-PACE Financing will be approved: __________________
5. Terms of C-PACE Financing
Commencement date of the C-PACE Financing: ___________
Maturity of the C-PACE Financing: ___________
Amount of C-PACE Financing: $_____________
Amount of annual C-PACE assessment: $___________
Does or will the C-PACE Financing lien assume a senior priority position to the Mortgage?
What on-going reporting or evidence of energy savings at the Property do the C-PACE Financing documents require Borrower to deliver to the C-PACE lender or funder?
What restrictive covenants, if any, does the C-PACE Financing impose on Borrower and/or mortgage lender or funder?
If a monetary default occurs under the C-PACE Financing, will Borrower be able to cure this by paying only the missed payment?
What non-monetary defaults exist under the C-PACE Financing documents, and what remedies are available to the C-PACE lender or funder (i.e., what remedies exist for the municipality in the event the energy retrofit is not completed?)
What rights does Freddie Mac or its successors and assigns have to cure a default?
What foreclosure rights exist under the C-PACE Financing and who controls the exercise of those rights; what other remedies does the C-PACE lender or funder have under the C-PACE documents for default?
What prepayment premiums or other restrictions exist for prepayment of the C-PACE Financing?
Will assessment payments be reflected on Property tax bill?
Confirm assessment runs with the Property and binds subsequent owners.
Does the successor in interest to Borrower automatically assume the Borrower’s obligations under the C-PACE Financing documents? List any transfer restrictions, consent rights and/or any requirements of a new owner to document assumption of the C-PACE Financing.
What evidence does Borrower need to provide to C-PACE Financing lender of on-going compliance of C-PACE Financing terms?
How does the municipality assure compliance that the scope of the energy retrofit will meet its standards?
Any requirements regarding casualty or condemnation?
Are there any material provisions, rights, obligations or requirements under the C-PACE documents or applicable statute of which Freddie Mac should be made aware and are not discussed above?
6. Energy Retrofit Work
Describe the energy retrofit work Borrower has proposed to do at the Property: ________
7. C-PACE Financing Documentation
A copy of all documents evidencing the C-PACE Financing between Borrower and the applicable municipality or C-PACE lender must be delivered to Freddie Mac in the final underwriting package, upon municipality approval and/or upon request
A copy of the applicable statute or ordinance must be delivered to Freddie Mac in the final underwriting package, upon municipality approval and/or upon request
C-PACE
Analysis Page
Tags: (revised 10-11-2017), number, cpace, property, analysis, freddie, (revised