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terms and conditions through a process established by the applicable PACE Project <br /> Administrator. <br /> Each PACE Project Administrator shall institute quality assurance protocols. Despite the <br /> presence of these protocols and procedures, responsibility for the successful operation of any <br /> PACE Project is that of the record owner and its registered professionals. None of the <br /> Governmental Unit, the Authority, the PACE Area Administrator, the PACE Project <br /> Administrator, capital provider, trustee, servicer, or any of their respective directors, managers, <br /> officers, employees, advisors, or agents shall have any liability for the acquisition, construction, <br /> installation,modification,and operation of any eligible PACE Project. <br /> Program Underwriting Guidelines <br /> Each PACE Project Administrator is likely to have underwriting requirements separate and apart <br /> from the underwriting guidelines prescribed by the IFA PACE Program. At a minimum, each <br /> PACE Project Administrator shall determine that a PACE Project meets the following program <br /> underwriting guidelines, in addition to those guidelines prescribed in the PACE Handbook and <br /> the PACE Act, which will be evidenced by the Compliance Certificate described hereafter. At <br /> no time will the PACE Area Administrator be a party to negotiations of any proposed financing <br /> and assessment between a record owner and the PACE Project Administrator. <br /> Record Owners <br /> In addition to the eligibility requirements described herein, a record owner must be current on all <br /> mortgage debt on the applicable property and the record owner must not have filed for <br /> bankruptcy in the last two years. <br /> Properties/Assets <br /> Pursuant to the PACE Act, the following characteristics disqualify any eligible property from <br /> participating in the IFA PACE Program: <br /> • Any delinquent taxes, special assessments,or water or sewer charges on the property;or <br /> • Any delinquent assessments on the property under a property assessed clean energy <br /> program;or <br /> • Any notices of default or other evidence of property-based debt delinquency have been <br /> recorded and not cured;or <br /> • The property is an asset in a current bankruptcy proceeding. <br /> Each PACE Project Administrator must have further received evidence of whether there are any <br /> involuntary liens on the applicable property, including, but not limited to, construction or <br /> mechanics liens, lis pendens or judgments against the record owner, environmental proceedings, <br /> or eminent domain proceedings. PACE Project Administrators and capital providers (or their <br /> designated transferee(s)) have discretion to evaluate the risk, if any, such involuntary liens pose <br /> to the financing and assessment of the applicable PACE Project. <br /> 8 <br />