A. The Oklahoma Energy Independence Act shall apply only to property zoned as commercial property on which property taxes are paid and on which the owners of the property are current in the payment of the property taxes. The Oklahoma Energy Independence Act shall not apply to any property zoned as residential property. Counties are authorized to establish commercial Property Assessed Clean Energy (PACE) programs to facilitate financing between commercial property owners and private lenders.

B. The repayment of any loan made pursuant to the Oklahoma Energy Independence Act shall be upon such terms as may be agreed to by a property owner and a private lender.

1. In the event of a mortgage on the property where a lien is recorded pursuant to the Oklahoma Energy Independence Act, the property owner shall obtain written consent from any mortgage holder or holders prior to the issuance of any loan pursuant to the Oklahoma Energy Independence Act.

2. Such loans issued in accordance with the Oklahoma Energy Independence Act between a commercial property owner and a private lender shall not accelerate upon default of a mortgage.

C. Any loan made pursuant to the Oklahoma Energy Independence Act shall constitute a lien on the property which is the subject of the loan only upon the recording of an assessment contract provided by the county on the property in the office of the county clerk. Any lien imposed pursuant to the Oklahoma Energy Independence Act shall run with the property and have the same priority and status as a lien for unpaid ad valorem property taxes and shall not be extinguished by virtue of a sale by the county for delinquent property taxes. The exclusive method of enforcing a lien for failure to repay any loan made pursuant to the Oklahoma Energy Independence Act shall be by the local government in the same manner and with the same priority as the enforcement of a lien for unpaid ad valorem property taxes.

D. Only appliances or improvements that are permanently affixed to the property shall be eligible for financing pursuant to the Oklahoma Energy Independence Act. Improvements shall be related to energy efficiency, water conservation or building resiliency and are available for new construction or improvements on existing buildings that are commercial properties.

Added by Laws 2009, c. 122, § 5, emerg. eff. April 28, 2009. Amended by Laws 2011, c. 275, § 1, eff. Nov. 1, 2011; Laws 2019, c. 359, § 1, eff. Nov. 1, 2019.