Homeowner Agreement to Participate

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Homeowner Agreement to Participate Powered By Docstoc
					This document creates an agreement between a Homeowner and an entity offering
financing programs to the Homeowner in order to install certain energy saving home
improvements. This document provides for a repayment plan of any advanced amounts
as well as a notice to the Homeowner alerting the owner to important elements of
participating in the program. This template form contains both standard clauses and
opportunities for the use of optional terms and conditions making it fully customizable to
fit the needs of the contracting parties.
_____ Program [Instruction: Insert program name.] by _____ [Instruction: Insert name
of entity providing program.]



                          Homeowner Agreement to Participate
I, _____ [Instruction: Insert Homeowner name.] own the home located at _______
[Instruction and Comment: Insert property address. In the alternative, if the program
requires owner-occupancy, the foregoing phrase can be changed to read “own and reside in
the home located at _____.”]. It is my understanding that pursuant to ____ [Instruction: Insert
information providing authority for this program, whether pursuant to statute or
otherwise. If none, delete “that pursuant to ____”], _____ [Instruction: Insert name of
entity providing program.] (the “Distributor”) is authorized to enter into agreements with
homeowners, whereby Distributor will provide financing to eligible homeowners to install
financing eligible energy improvements. By signing this agreement, and subject to eligibility
requirements and approval by Distributor, I intend to participate in the _____ [Instruction:
Insert program name.] program (the “Program”) as made available by Distributor.

    1.  I understand that pursuant to the terms of the Program, Distributor, as part of its _____
       [Instruction: Insert description of Distributor’s service.] service has developed
       arrangements whereby funds may be advanced to eligible homeowners to install
       financing eligible energy improvements. I further understand and agree that prior to
       disbursement of such funds, I must enter into a separate repayment agreement to repay
       any such advanced funds.
    2. I understand that Distributor, in its sole discretion, upon review of my application and its
       eligibility requirements, and in the event I am approved by Distributor for participation in
       the Program, is willing to enter into this agreement and permit me to participate in the
       Program, in accordance with the terms and conditions set forth in this agreement, and the
       provisions contained in the _____ [Instruction: Insert name(s) of any regulations or books
         setting forth Homeowner’s, Distributor’s or Program’s rights, liabilities and/or obligations.
         If none, delete this reference.] (the “Manual”), the provisions of which are deemed
       incorporated herein by reference as if set forth in their entirety.
    3. I understand that if my home is a mobile or manufactured home and I do not own the land
       on which it is located and/or fixed and/or attached, the landowner must co-sign the loan
       agreement or must provide loan security acceptable to Distributor prior to Distributor
       permitting me to participate in the Program.
    4. I understand that repayment of any amount advanced shall be in equal consecutive
       monthly installments (covering principal amounts and interest) over a period of ___
       years (___ months) [Instruction: Insert applicable terms.]. I further understand that the
       rate at which financing will be made available will be the interest rate effective on the
       date I enter into the repayment agreement [Instruction: If this rate will be variable,

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        please state so in this sentence.]. This rate will not exceed ___ [Instruction: Insert
        maximum interest rate percentage.] percent per year.
    5. I understand that the total amount of financing for my home shall not exceed the amount
        specified in the attached table, set forth as Schedule A or the amount applied for and
        approved.
    6. I understand that any required security must be furnished before a repayment agreement
        will be entered into. I further understand that I may be responsible for expenses incurred
        by Distributor in securing the amount advanced. The amount for these expenses may be
        paid in advance, without penalty, or included in the amount financed.
    7. I understand that I must pay a non-refundable application fee of $___. [Instruction:
        Insert fee amount. If any additional amounts, including but not limited to any filing
        fees will be due, insert those as well, but indicate separately.]
    8. I understand that the improvements must be installed according to all mandatory Program
        requirements [Comment: If Program requires only certain contractors be permitted
        to conduct the work, please include a statement to that effect here, that Homeowner
        understands all work must be completed by such contractors.]. It is my
        responsibility to ensure the contractor I hire complies with these requirements. Within
        ten (10) [Instruction: Ensure Program requirements do not specify other time frame for
        notice.] days of completion of the work, I will ensure that Distributor has been contacted
        to arrange for closing the loan.
    9. I understand that I may be responsible for expenses incurred by Distributor in providing
        an inspection of the improvements or for closing the loan. The amount for these expenses
        may be paid in advance by me, without penalty, or included in the amount financed.
    10. Distributor shall have no obligation to advance funds for any improvement(s) until the
        installation of that improvement(s) has been determined to meet the Program guideline
        standards. Upon Distributor’s request, I shall submit the bill(s) from my private
        contractor(s) and the Distributor will identify any eligible amounts payable pursuant to
        the Program.
    11. I understand that this Program is part of my ____ [Instruction: Insert type of utility
        service.] utility service and that any repayment amounts will be included with my monthly
        utility bill as a separate item. I understand my obligations, including repayment for the
        service being provided by Distributor, will be subject to Distributor’s existing rules and
        regulations. I further understand that I will be responsible for paying the remaining
        balance in full before the end of my repayment term, upon the occurrence of certain
        events set out in the repayment agreement, including but not limited to the sale of my
        home.
    12. I understand that any inspection under the Program is provided as a service to me and that
        there is no guarantee or warranty, express, implied or otherwise, from Distributor or any
        other party concerning cost, adequacy or effectiveness of any work performed or
        information supplied in connection with the Program.


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    13. I hereby authorize Distributor, its agents or representatives or my utility provider to check
        my credit as necessary for purposes of Program financing approval.
    14. Any notice authorized or required to be sent to Distributor pursuant to this agreement
        shall be written and addressed as follows: ______________ [Instruction: Insert contact
        name, address, city, state and zip code of Distributor’s contact.].
    15. I understand, unless otherwise agreed by Distributor, that I must enter into any repayment
        agreement(s) within ninety (90) days of the date of this agreement, to be eligible for
        consideration in obtaining Program financing, and further, that Distributor’s obligations
        under this agreement shall expire ninety (90) days from the date of the loan approval.
    16. I shall not have the right to assign any rights or interests occurring under this agreement
        without the written consent of Distributor, such consent which may be withheld in
        Distributor’s sole and absolute discretion.
    17. This agreement shall be governed by and interpreted according to the laws of the
        Province/State/Commonwealth of _____________________________. [Instruction:
        Insert jurisdiction.]. In case any one or more of the provisions contained herein shall
        for any reason be held to be invalid, illegal or unenforceable in any respect, such
        invalidity, illegality or unenforceability shall not affect any other provision of this
        agreement, but this agreement shall be construed as if such invalid, illegal or
        unenforceable provisions had not been contained herein.

    18.         This agreement and the schedules referred to herein constitute the entire
        agreement between the parties and supersede all prior agreements, representations,
        warranties, statements, promises, information, arrangements and understandings, whether
        oral or written, express or implied, with respect to the subject matter hereof. The parties
        further acknowledge and agree that, in entering into this agreement, they have not in any
        way relied, and will not in any way rely upon any oral or written agreements,
        representations, warranties, statements, promises, information, arrangements or
        understandings, express or implied, not specifically set forth in this agreement or in such
        schedules, documents or instruments. This agreement may be modified only by a further
        writing signed by the parties.
    19. This agreement shall be binding upon and inure to the benefit of the parties and their
        respective heirs, administrators, executors, successors and permitted assigns. Nothing
        herein, express or implied, is intended to confer upon any person, other than the parties
        and their respective heirs, administrators, executors, successors and permitted assigns,
        any rights, remedies, obligations or liabilities under or by reason of this agreement.

I have had the opportunity to read this agreement thoroughly, and understand it, prior to
executing same.




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                                       Important Notices to Homeowners

Take no Program action prior to receiving a copy of this agreement with a loan approval
number and date.

Choose only a member of the ____ network.

Program requirements must be precisely and completely followed or your eligibility and/or
participation in the Program may be limited or voided.



By signing this agreement, I understand, acknowledge and agree to the requirements,
statements made by me herein and agree to be bound by the terms of the Program and this
agreement.

_________________________                                   ______________
[Instruction: Insert Homeowner’s name, sign on line above.] [Instruction: Insert date.]
Homeowner’s Contact Information: _________ [Instruction: Have Homeowner insert
applicable address and phone number.]

Account Number________________
Loan Approval Number _____________
Loan Approval Date _______________



[Comment: Distributor should ensure prior to providing this agreement to Homeowner’s
that applicable state law does not require additional disclosures for this type of agreement,
for example, a 3 day right of rescission.]




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                                                           Schedule A




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DOCUMENT INFO
Description: This document creates an agreement between a Homeowner and an entity offering financing programs to the Homeowner in order to install certain energy saving home improvements. This document provides for a repayment plan of any advanced amounts as well as a notice to the Homeowner alerting the owner to important elements of participating in the program. This template form contains both standard clauses and opportunities for the use of optional terms and conditions making it fully customizable to fit the needs of the contracting parties.
This document is also part of a package Home Ownership Package 24 Documents Included