New Hampshire Revised Statutes 53-F:7 – Financing Terms
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I. Improvements shall be financed pursuant to an agreement under this chapter only on terms such that the total energy cost savings realized by the property owner and the property owner’s successors during the useful lives of the improvements are expected to exceed the total cost to the property owner and the property owner’s successors of the improvements.
II. A property owner who escrows property taxes with the holder of a mortgage on a property subject to an agreement under this chapter may be required by the holder to escrow amounts due on the special assessment under this chapter and the mortgage holder shall remit such amounts to the municipality in the manner that property taxes are escrowed and remitted.
III. The maximum term of finance provided pursuant to an agreement under this chapter shall be 30 years.
II. A property owner who escrows property taxes with the holder of a mortgage on a property subject to an agreement under this chapter may be required by the holder to escrow amounts due on the special assessment under this chapter and the mortgage holder shall remit such amounts to the municipality in the manner that property taxes are escrowed and remitted.
Terms Used In New Hampshire Revised Statutes 53-F:7
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
III. The maximum term of finance provided pursuant to an agreement under this chapter shall be 30 years.