Solar Photovoltaic Systems

Requirements

For any PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with an acceptable Solar PV SystemSolar PV SystemA renewable energy system located on the Property that converts sunlight into electricity and/or a battery storage system containing lithium ion batteries or equivalent technology capable of storing electricity received from the electric grid or a renewable energy system and delivering stored…, you must ensure:

• All equipment, including energy storage, is located on the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). and owned by the BorrowerBorrowerPerson who is the obligor per the Note. . 
• The BorrowerBorrowerPerson who is the obligor per the Note. has all required permits, licenses, and certificates to comply with all utility tariffs and laws governing the
  • generation,
  • storage,
  • transmission, and
  • distribution of electricity.
• The PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). will remain connected to the utility grid even if the Solar PV SystemSolar PV SystemA renewable energy system located on the Property that converts sunlight into electricity and/or a battery storage system containing lithium ion batteries or equivalent technology capable of storing electricity received from the electric grid or a renewable energy system and delivering stored… output is sufficient for all of the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). energy needs.
• The BorrowerBorrowerPerson who is the obligor per the Note. will not be characterized or regulated as a public utility.
• Any power generated from the Solar PV SystemSolar PV SystemA renewable energy system located on the Property that converts sunlight into electricity and/or a battery storage system containing lithium ion batteries or equivalent technology capable of storing electricity received from the electric grid or a renewable energy system and delivering stored… that is not consumed or stored on-site is only sold to the local utility, not to any other third party.
• Any battery storage system is designed only for on-site uses (e.g., peak shaving), and the BorrowerBorrowerPerson who is the obligor per the Note. has not arranged for ancillary services with any utility or third party.
• The BorrowerBorrowerPerson who is the obligor per the Note. executes Modifications to Multifamily Loan and Security Agreement (Mortgage Loan with installed Solar Photovoltaic System) (Form 6270).