2023-31 Ordinance Creating PACE Area and Establishing Illinois Finance Authority Program Administrator and Bond Issuer

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provides for the repayment of the financed amount of the cost of an energy project through assessments on the property benefitted; WHEREAS, the Property is located in the PACE Area established by the Governmental Unit as of the last date entered with the signatures of the parties below(the"Effective Date"); WHEREAS, the Record Owner has requested the Governmental Unit enter into this Contract and the Governmental Unit has verified the information required by Section 25(c)of the Act as further described herein; WHEREAS, [INSERT NAME AND CORPORATE DESIGNATION OF PROGRAM ADMINISTRATOR], is authorized to act as a program administrator (together with any successors thereto, the "Program Administrator") for the PACE Program as it pertains to this Contract; WHEREAS, the Record Owner has completed an application (the "PACE Project Application") for financing under the PACE Program("PACE Funding") for the energy project, including the acquisition, construction, installation, and modification thereof, described in Exhibit A (the "Project") and has satisfied the PACE Program requirements, including without limitation, obtaining a written consent from any and all holders of mortgages recorded against the Property, and the Program Administrator has issued an approval of the Record Owner's PACE Project Application, all in accordance with the PACE Program guidelines administered by the Program Administrator with respect to the PACE Program and in effect on the Effective Date(the"Program Guidelines"); WHEREAS, the Program Administrator and the Record Owner may request that the Illinois Finance Authority,a body politic and corporate duly organized and validly existing under and by virtue of the laws of the State of Illinois (the "Authority"), finance or refinance the Project through the sale of bonds pursuant to subsection (d) of Section 825-65 of the Authority Act, and if applicable, that a Warehouse Fund (as defined in the Act) provide interim financing prior to the issuance of bonds by the Authority;and WHEREAS,pursuant to the Act,the Governmental Unit and the Record Owner desire to enter into this Contract,pursuant to which the Record Owner will agree to pay the assessment in order to finance or refinance the Project and the Governmental Unit may agree to assign this Contract in furtherance of providing financing for the Project. NOW, THEREFORE, in consideration of the foregoing and the material covenants hereinafter contained, the Record Owner and the Governmental Unit formally covenant, agree and bind themselves and their successors and assigns as follows: AGREEMENT Section 1. Purpose. The Record Owner and the Governmental Unit are entering into this Contract for the purpose of financing or refinancing the Project. Section 2. The Property. This Contract relates to the Property. The Record Owner has provided to the Governmental Unit sufficient evidence that the Record Owner is the 2