Know Thy Addenda
Solar Panel Systems
1. Solar System. A solar photovoltaic panel system (the "System") has been installed on the Property. The System includes, but is not limited to, all System components, solar panels, inverters, charge controllers, batteries, battery charge controller, backup generator, solar array disconnect, power meter, power converter and cables, if applicable, that are presently in place on the Property.
2. Financial Status of the System. The System is currently: (Check Applicable Box)
A. Owned by Seller free and clear (not subject to an existing lease, power purchase agreement or loan) and shall be included in the sale of the Property and conveyed to Buyer at Closing; or
B. Subject to an existing lease agreement ("Lease"), power purchase agreement ("PPA") or financed by an unpaid loan ("System Financing").
3. The System is Subject to an Existing Lease, PPA or System Financing (ONLY applies if Section 2(B) is checked). Buyer and Seller agree that: (Check Applicable Box)
A. Seller shall pay off the System Financing or buy-out/pre-pay the remainder of the Lease or PPA and shall include the System as part of the sale of the Property and convey the System to Buyer at Closing. The provisions of this Section 3(A) shall survive Closing; or
B. Buyer shall assume the Lease, PPA or System Financing. Seller shall provide to Buyer a completed Seller's Property Condition Disclosure form by the Seller Disclosure Deadline. Seller shall work in good faith to assist Buyer in obtaining approval from the solar company or loan servicer to assume the applicable Lease, PPA or System Financing. Buyer shall assume the Lease, PPA or System Financing at Closing and Seller shall be released from all future liability under the applicable Lease, PPA or System Financing. The provisions of this Section 3(B) shall survive Closing.