The URL can be used to link to this page

Home My WebLink AboutNotice of Assessment and C-PACE Lien Agreement Madison StationINSTRUMENT PREPARED BY AND WHEN RECORDED, RETURN TO: Instrument # 465762 REXBURG, MADISON, IDAHO 12-31-2024 11:09:05 AM No. of Pages: 23 Greenworks Lending LLC Recorded for: CITY OF REXBURG c/o Nuveen Green Capital KIM H. MUIR Fee: 76.00 Deputy 19 Old Kings Highway South, Suite 210 Ex-Officio Recorder Dep, Darien, Connecticut 06820 Attention: Randall Abbott, Esq. NOTICE OF ASSESSMENT AND C-PACE LIEN (GRANTEE) CITY OF REXBURG, IDAHO (GRANTOR) MADISON STATION SPE, LLC Notice is hereby given that the City of Rexburg, Idaho, at the request of the property owner named below, is placing a C-PACE Lien pursuant to Section 67-3810 of the Commercial Property Assessed Capital Expenditure Act, Chapter 38 of Title 67, Idaho Code. In support of this lien the following information is submitted: 1. THE ASSESSMENT LIEN GRANTEE CITY OF REXBURG, IDAHO 2. DATE ON WHICH THE ASSESSMENT December 30, 2024 AGREEMENT WAS SIGNED GRANTING THE RIGHT TO PLACE AN ASSESSMENT AND C-PACE LIEN ON THE PROPERTY 3. THE PROPERTY OWNER(s) GRANTING THE MADISON STATION SPE, LLC PLACEMENT OF THE ASSESSMENT AND C-PACE LIEN 4. THE PROPERTY AGAINST WHICH THE 577 TREJO ST., REXBURG, IDAHO ASSESSMENT AND C-PACE LIEN IS PLACED IS 83440 LOCATED AT THE FOLLOWING MUNICIPAL ADDRESS: 5. LEGAL DESCRIPTION OF THE PROPERTY IS AS SEE EXHIBIT A TO THE FOLLOWS ASSESSMENT AGREEMENT ATTACHED HERETO 6. ASSESSOR'S PARCEL NUMBER OF THE RPR6N39E251804 and PROPERTY RPRWSTA02007B 7. PRINCIPAL AMOUNT OF ASSESSMENT SECURED BY C-PACE LIEN $14,910,000.00 8. TERMS AND LENGTH OF ASSESSMENT SEE EXHIBIT D TO THE SECURED BY C-PACE LIEN ASSESSMENT AGREEMENT ATTACHED HERETO 9. COPY OF ASSESSMENT AGREEMENT SEE EXHIBIT A HERETO (ATTACHED) IN WITNESS WHEREOF, Grantee and Grantor have caused this Notice of Assessment Interest and C-PACE Lien to be executed in their respective names by their duly authorized representatives, all as of the date first above written. GRANTEE: CITY OF REXBURG, IDAHO By: - ]Qa'c�� Name: Bret Stoddard Its: Building Official STATE OF IDAHO COUNTY OF MADISON Before me, ��4�hu�t2 , a Notary Public in and for the State and County aforesaid, personally appeared Bret Stoddard, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the Building Official of the City of Rexburg, Idaho, the within -named bargainor, a Local Government, and that he as such Building Official, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the Local Government by himself as such Building Official. WITNESS my hand and seal at office, on this the � day of UCx*vV6e +� , 202 Lf o Public My Commission Expires: 121, l? 2 Imn errrf \ AG [seal] 14%eQ�'''• • O�� IT ' C�0TA 9 �m c (f) o UB L1 �Q �' Executed as of the date of this Guaranty. GUARANTORS: Florida STATE OF ) COUNTY OF Miami -Dade ) ss.: kya h Nelsak RYAN J. NELSON 9'C Ql/K2 IV. a c- C/ a ka KEVIN CHAKA On the 26th day of December , in the year 2024 before me, the undersigned, personally appeared Ryan J. Nelson, personally known to me or proved to me on the basis of satisfactory evidence to be the individual and whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf the individual acted, executedre in ent. W 0eY4 /S a 'er iySAMUEL LOUI6 °� NOWyPudk-Stab of FbrWa ;3\'',,►I�IIk ° Commlabn a NH.noeo "00're4°4` Expim.—J.I'.,M' Notary Public ° Notarized remotely online using communication technology via Proof. STATE OF Florida ) COUNTY OF Miami-nade ) ss.: On the 26thday of December , in the year 2024 before me, the undersigned, personally appeared Kevin Chaka, personally known to me or proved to me on the basis of satisfactory evidence to be the individual and whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. s\ 6AMUEL LOUI6 Notary Public Stater ofFbtkla Notary Public ��• �= Commission k MN au(so o` Expires on duly lR.fiP M9iU@P Notarized remotely online using communication technology via Proof. EXHIBIT A ASSESSMENT AGREEMENT Assessment Agreement for C-PACE Financing CITY OF REXBURG, IDAHO COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE PROGRAM TABLE OF CONTENTS Page SECTION 1. PURPOSE 2 SECTION 2. THE PROPERTY SECTION 3. ASSESSMENT AND LIEN 2 SECTION 4. COLLECTION OF ASSESSMENT; PRIVATE FORECLOSURE 3 SECTION 5. TERM; AGREEMENT RUNS WITH THE LAND; 3 SECTION 6. ASSESSMENT BILLING, COLLECTION AND DISBURSEMENT TO CAPITAL PROVIDER 3 SECTION 7. RECORDATION OF DOCUMENTS 4 SECTION 8. AMENDMENT 4 SECTION 9. BINDING EFFECT; ASSIGNMENT 4 SECTION 10. NO LIABILITY OF THE LOCAL GOVERNMENT 4 SECTION 11. INDEMNIFICATION 4 SECTION 12. GOVERNING LAW; VENUE 5 SECTION 13. SEVERABILITY 5 SECTION 14. COUNTERPARTS 5 EXHIBIT A PROPERTY LEGAL DESCRIPTION A-1 EXHIBIT B DESCRIPTION OF QUALIFIED IMPROVEMENTS B-1 EXHIBIT C FORM OF NOTICE OF ASSESSMENT C-1 EXHIBIT D ASSESSMENT SCHEDULE D-1 Assessment Agreement for C-PACE Financing City of Rexburg, Idaho This ASSESSMENT AGREEMENT for C-PACE FINANCING (this "Agreement") is made and entered into as of this 301 day of December, 2024, (the "Effective Date") by and between the City of Rexburg, Idaho (the "Local Government") and Madison Station SPE, LLC, a Delaware limited liability company, the record owner(s) (the "Property Owner") of the fee title to the real property identified on Exhibit A (the "Property"). RECITALS WHEREAS, the Local Government has, on November 7, 2024 established the Commercial Property Assessed Capital Expenditure Program (the "Program") through the adoption of Resolution No. 2024-15 ("Local Government Resolution") to allow the financing of certain renewable energy, energy and water efficiency, and resiliency improvements ("Qualified Improvements"), through the levy of contractual assessments pursuant to the Commercial Property Assessed Capital Expenditure Act, Chapter 38 of Title 67, Idaho Code (as may be amended from time to time, the "C-PACE Act"); and WHEREAS, in the Local Government Resolution, the Local Government designated the Building Official of the Local Government and/or their designee (the "Program Administrator") as the Program Administrator as such term is defined in the Local Government Resolution; and WHEREAS, the purpose and method of approval of C-PACE financing under the Program are described in the Program Guidebook established by the Local Government, as the same may be amended from time to time prior to the Effective Date of this Agreement (the "Program Guidebook"); and WHEREAS, the Property is located in the boundaries of the Local Government and the Local Government has consented to owners of eligible properties within its jurisdiction participating in the Program; and WHEREAS, the Property Owner has requested to participate in the Program and has submitted application materials (the "C-PACE Application") including a description of the Qualified Improvements that will be acquired, constructed on and/or installed on the Property; and WHEREAS, the Local Government through the Program Administrator, has reviewed such application materials to assess compliance with the C-PACE Act, the Local Government Resolution, and Program Guidebook, and the Local Government has determined that the project proposed by the Property Owner complies with such criteria and is approved for participation in the Program (the "Approved Project"); and WHEREAS, the Approved Project is to be financed pursuant to a financing agreement between the Property Owner (the "Financing Agreement") and Greenworks Lending LLC, a Delaware limited liability company (the "Capital Provider") pursuant to which the Property Owner agrees to repay such Capital Provider; and WHEREAS, pursuant to the C-PACE Act, the Local Government and the Property Owner must enter into an agreement whereby the Property Owner voluntarily consents to have an assessment levied and a lien placed on the Property in exchange for receiving and repaying C-PACE financing; and WHEREAS, it is a condition to closing of the Financing Agreement that the Property Owner and the Local Government enter into this Agreement; and WHEREAS, the Property Owner voluntarily and willingly agrees to have an assessment levied on the Property and to enter into this Agreement in order to finance the installation of the Qualified Improvements on the Property contemplated as part of the Approved Project, all on the terms set forth in this Agreement and the Financing Agreement; NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements hereinafter contained, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Property Owner and the Local Government formally covenant and agree as follows, with the intent to bind themselves and their respective successors and assigns: AGREEMENT Section 1. P=ose. The Property Owner and the Local Government are entering into this Agreement for the purpose of subjecting the Property to a C-PACE assessment to finance or refinance the purchase, installation, or construction of the Qualified Improvements identified on Exhibit B on the Property. Section 2. The Property. This Agreement relates to the real property identified in Exhibit A. The Property Owner has supplied to the Local Government current evidence of its ownership of fee title or an estate for years created pursuant to a written lease agreement or similar agreement to the Property and possesses all legal authority necessary to execute and deliver this Agreement. Section 3. Assessment and Lien. (a) The Property Owner agrees that upon the execution and delivery of this Agreement by the parties, the Property Owner voluntarily and willingly consents to the placement of an assessment levied against the Property by the Local Government pursuant to this Agreement and applicable law in the principal amount of $14,910,000.00 (the "Assessment"), together with all interest, penalties, and fees as described in the Financing Agreement and Exhibit D attached hereto. Upon execution and delivery of this Agreement, the Local Government will execute and cause to be recorded in the recorder's office of the county in which the Property is located, together with a copy of this Agreement, pursuant to Section 67- 3808(3) of the Act, the Notice of Assessment Interest and C-PACE Lien ("Notice of Assessment"), substantially in the form of Exhibit C. The recording of the Notice of Assessment will cause the Assessment to attach as a lien upon the Property for the benefit of the Local Government (the "C-PACE Lien") and provide record notice to third parties of the existence of the C-PACE Lien. (b) The execution and delivery of this Agreement by the parties authorizes and effectuates the levy of the Assessment by the Local Government against the Property without any further action required by the parties. (c) The Property Owner hereby promises to pay the Assessment for a period of 30 years on the due dates set forth in Exhibit D hereto (the "Assessment Schedule"). The Property Owner agrees to pay the amount due in installments according to the Assessment Schedule (each, an "Assessment Installment"), each such Assessment Installment to be paid by the Property Owner by its due date in order to avoid delinquencies and the accrual of interest and related penalties. (d) The Assessment shall be secured by the C-PACE Lien until paid in full. Failure to pay any Assessment Installment, like failure to pay any property taxes pertaining to the Property, will result in penalties and interest accruing on the amounts due on the terms and provisions set forth in Pa Exhibit D attached hereto and contained in the Financing Agreement. In addition, under those circumstances, the C-PACE Lien may be subject to foreclosure in the manner of a deed of trust as set forth in Chapter 15 of Title 45, Idaho Code. to the Property; (e) The Property Owner hereby certifies to the Local Government that: (i) the Property Owner is the legal owner of the Property; (ii) the Property Owner is current on mortgage and property tax payments related (iii) the Property Owner is not insolvent or in bankruptcy proceedings; (iv) title of the Property is not in dispute; (v) the amount of the Assessment plus any existing indebtedness on the property does not exceed ninety percent (90%) of the fair market value of the Property as completed or stabilized, as determined by a qualified appraiser in the appraisal report completed no more than twelve (12) months prior to the date on which the C-PACE Application was submitted; and (vi) if the Approved Project constitutes a retrofit of existing property, the amount of the Assessment does not exceed twenty-five percent (25%) of the fair market value of the Property as completed or as stabilized, as determined by a qualified appraiser in the appraisal report completed not more than twelve (12) months prior to the date on which the C-PACE Application was submitted; and (vii) if the Approved Project constitutes new construction, the amount of the Assessment does not exceed thirty-five percent (35%) of the fair market value of the Property as completed or as stabilized, as determined by a qualified appraiser in the appraisal report completed not more than twelve (12) months prior to the date on which the C-PACE Application was submitted. Section 4. Collection of Assessment: Assignment of Rights, Private Foreclosure. (a) The Assessment Installments shall be collected in the manner specified in the Program Guidebook. (b) The Local Government hereby irrevocably assigns its right to receive all installments of the Assessment required to be paid by the Property Owner pursuant to this Agreement, whether in accordance with the Assessment Schedule or upon prepayment of the Assessment in whole or in part in, and any and all sums collected pursuant to foreclosure and enforcement, together with all payments of interest due and payable, including penalty interest if delinquent, to the Capital Provider, its successors or assigns. The parties hereby acknowledge and agree that in the event an Assessment Installment is not received by the due date as indicated in the Assessment Schedule, the Capital Provider may enforce the C-PACE Lien as provided in the C-PACE Act in the same manner as that of a deed of trust, pursuant to Chapter 15 of Title 45, Idaho Code, irrespective of whether real property taxes (or any other taxes, charges, or assessments) are due and owing at the time. Section 5. Term; Agreement Runs with the Land. (a) Except as otherwise set forth in this Agreement, this Agreement shall terminate upon the final payment or prepayment of the Assessment. Following such termination, the Local Government at the direction of the Capital Provider shall cause to be executed, delivered, and/or recorded such instruments as are necessary in order to release the C-PACE Lien. The C-PACE Lien placed pursuant to this Agreement establishes rights and obligations that are for the benefit of the Property and, therefore, such rights and obligations run with the land. (b) The balance of the C-PACE Lien that has not yet become due is not accelerated or eliminated by a tax sale based upon the C-PACE Lien or any lien for taxes imposed by the state, a local government, or junior taxing district against the Property, or any other foreclosure of an indebtedness on the Property. (c) While any portion of the Assessment remains unpaid, the Property shall not be subdivided without the Capital Provider's prior written consent. In the event the Property is subdivided while any portion of the Assessment remains unpaid, the Assessment will be assigned to each of the newly created parcels on the basis of relative valuation at the time of the subdivision, unless the Financing Agreement provides that the Assessment should be allocated in an alternate manner. (d) The Property Owner hereby acknowledges and agrees that this Agreement constitutes written notice that the Property Owner may be responsible for the payment of any remaining principal balance of the Assessment upon the refinance or sale of the Property unless the remaining principal balance is assumed by the acquiring property owner. Section 6. Assignment of Assessment Billing, and Collection to Capital Provider. In accordance with Section 67-3808(4) of the C-PACE Act: (a) The Local Government shall, pursuant to an Assignment of Notice of Assessment Interest and C-PACE Lien and Assignment of Assessment Agreement ("Notice of Assignment"), delegate to the Capital Provider the sole responsibility for billing, collecting and enforcing the Assessment and C-PACE Lien. (b) Delinquencies Private Foreclosure. After one (1) year from the date of any delinquency related to the Assessment, the Capital Provider shall enforce any delinquent Assessment Installment as provided in the C-PACE Act in the same manner as a deed of trust, provided that any sale proceeds in excess of the amount of the overdue Assessment Installment and related penalties and interest will be distributed by the Capital Provider in accordance with applicable law governing distribution of proceeds following the foreclosure of a deed of trust. Section 7. Recordation of Documents. The Local Government shall cause to be recorded, or will delegate to the Capital Provider to record, in the recorder's office of the county in which the Property is located the Notice of Assessment, which includes this Agreement as an attachment, the Notice of Assignment and such other documents that are attached as Exhibits to this Agreement. Section 8. Amendment. (a) This Agreement may be modified only by the written agreement of the Local Government, or any successor or assign of the Local Government and the Property Owner. (b) The Property Owner agrees that it will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as may reasonably be required in order to carry out the expressed intention of this Agreement. Section 9. Binding Effect; Assignment. This Agreement inures to the benefit of and is binding upon the Local Government, the Property Owner and their respective successors and assigns; provided, however, that the Local Government may not assign its rights and obligations under this 4 Agreement without the prior written consent of the Capital Provider. The obligation to pay the Assessment set forth in this Agreement is an obligation of the Property and no agreement or action of the Property Owner (other than repayment of the Assessment in full in accordance with the terms of the Financing Agreement) will impair in any way the right to pursue a foreclosure with respect to the C-PACE Lien or the right to enforce the collection of the Assessment or any Assessment Installment against the Property. Section 10. No Liability of the Local Government. Pursuant to the C-PACE Act, so long as the Local Government complies in good faith with the C-PACE Act, the Local Government Resolution, and its obligations under this Agreement, the Local Government shall incur no liability as a result of any provision of this Agreement, nor shall any members of the governing body, employees, board members and executives of the Local Government be personally liable for exercising any rights or responsibilities pursuant to or in furtherance of this Agreement. This provision shall inure only to the Local Government, its governing body, employees, board members, and executives, and not to the benefit of the Local Government's successors or assigns of this Agreement. Section 11. Indemnification. Property Owner agrees to defend, indemnify and hold the Local Government, its commissioners, employees, agents and contractors harmless from any and all claims, including but not limited to reasonable attorney fees, demands, losses and liabilities to or by third parties arising from, resulting from or connected with this Agreement, the Approved Project, the Assessment and the C-PACE Lien. Property Owner's duty to indemnify the Local Government shall not apply to liability for damages to the extent caused by or resulting from the sole or contributory negligence or willful misconduct of the Local Government, its commissioners, employees, agents or contractors. Property Owner agrees to defend, indemnify and hold the Capital Provider, its directors, officers, employees, agents and representatives harmless hereunder in the same manner provided in the Financing Agreement. Section 12. Governing Law, Venue. This Agreement is governed by and construed in accordance with the laws of the State of Idaho. Any legal action brought under this Agreement must be instituted in a court of the State of Idaho located in the Local Government. Section 13. Severability. Each and every provision of this Agreement is, and shall be construed to be, a separate and independent covenant and agreement. If any term or provision of this Agreement or the application thereof shall to any extent be held to be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to circumstances other than those to which it is invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and shall be enforced to the extent permitted by law. Section 14. Counterparts. This Agreement may be executed in several counterparts, each of which is an original and all of which constitutes one and the same instrument. Signatures Appear on Following Page IN WITNESS WHEREOF, the Local Government and the Property Owner have caused this Agreement to be executed in their respective names by their duly authorized representatives, all as of the date first above written. LOCAL GOVERNMENT: CITY OF REXBURG, IDAHO B Name: Bret Stoddard Its:-Buildinia Official PROPERTY OWNER: MADISON STATION SPE, LLC, a Delaware limited liability company By:_ Name: LOCAL GOVERNMENT'S ACKNOWLEDGEMENT STATE OF IDAHO COUNTY OF MADISON Before me, � �� 1 "O�l 2 Z , a Notary Public in and for the State and County aforesaid, personally appeared Bret Stoddard, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the Building Official of the City of Rexburg, Idaho, the within -named bargainor, a Local Government, and that he as such Building Official, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the Local Government by himself as such Building Official WITNESS my hand and seal at office, on this the 7 day of Lccaotb&r , 20`I!7 My Commission Expires: AoCPZblic PROPERTY OWNER'S ACKNOWLEDGEMENT STATE OF IDAHO ) COUNTY OF ) [seal] UB00 o: = y O, Ot Before me, the undersigned, a Notary Public of the state and Local Government mentioned, personally appeared , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be of Madison Station SPE, LLC, the within named bargainor, a limited liability company, and that he as such , executed the foregoing instrument for the purpose therein contained, by signing the name of the company by himself as WITNESS my hand and seal at office, on this the day of , 20 Notary Public My Commission Expires: [seal] PROPERTY OWNER: MADISON STATION SPE, LLC, a Delaware limited liability company By: kyah Nels t Name: Ryan J. Nelson Title: Authorized Signatory STATE OF IDVM Florida ) COUNTY OF Miami -Dade Before me, the undersigned, a Notary Public of the state and Municipality mentioned, personally appeared Ryan J. Nelson, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be Ryan J Nelson of Madison Station SPE, LLC, the within named bargainor, a limited liability, and that he as such is authorized , executed the foregoing instrument for the purpose therein contained, by signing the name of the company by himself as Authorized Signatory Witness my hand and seal, this 20 24 Q1-0, otary Public My Commission Expires: 07/16/2027 26th day of December SAMUEL LOUIS r �] Notary Public - State of Florida s a. :Q \ Commission # HH 422050 Expires on July 16, 2027 Notarized remotely online using communication technology via Proof. [Property Owner Signature Page to Financing Agreement] EXHIBIT A PROPERTY LEGAL DESCRIPTION MADISON STATION SPE LLC PARCEL 2 - 8.56 ACRES NEW SITUATED IN THE STATE OF IDAHO, COUNTY OF MADISON, BEING PART OF LOT 7, BLOCK 2 WESTATES SUBDIVISION AND PART OF THE SOUTHEAST'/., SECTION 25, TOWNSHIP 6 NORTH, RANGE 39 EAST, OF B.M., BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A REBAR WITH BRASS CAP FOUND MARKING THE SOUTH '14 CORNER OF SAID SECTION 25; THENCE NORTH 89°46'34" EAST, A DISTANCE OF 1.320.02 FEET ALONG THE SOUTH LINE OF SAID SECTION 25 TO A POINT, THENCE NORTH 00016' 13" WEST, A DISTANCE OF 1044.46 FEET WITH EAST LINE OF PIONEER VILLAGE SUBDIVISION TO A 5/8" REBAR WITH A PLASTIC CAP FOUND TO THE POINT OF BEGINNING; THENCE NORTH 00" 16' 13" WEST, A DISTANCE OF 604.85 FEET TO A POINT; THENCE NORTH 89°47'52" EAST, A DISTANCE OF 599.95 FEET TO A POINT; THENCE NORTH 00015*55" WEST, A DISTANCE OF 151.68 FEET TO A POINT; THENCE ALONG A NON -TANGENT CURVE TO THE LEFT, HAVING A DELTA ANGLE 06619'06", A RADIUS OF $34.44 FEET, AN ARC LENGTH OF 92.02 FEET, WITH A CHORD BEARING OF NORTH 74005'39" EAST, AND A CHORD LENGTH OF 91.97 FEET. THENCE SOUTH 22°24'20" EAST, A DISTANCE OF 36.59 FEET TO A POINT; THENCE SOUTH 6949' 17" EAS"T, A DISTANCE OF 41.02 FEET TO A POINT; THENCE SOUTH 45000'00" EAST, A DISTANCE OF 164.33 FEET TO A POINT; THENCE SOUTH 3000714" WEST, A DISTANCE OF 130.99 FEET TO A POINT; THENCE NORTH 58°45'44" WEST, A DISTANCE OF 123.73 FEET TO A POINT; THENCE SOUTH 32043'00" WEST, A DISTANCE OF 140.41 FEET TO A POINT; THENCE SOUTH 18°47'36" WEST, A DISTANCE OF 43.69 FEET TO A POINT; THENCE SOUTH 29013'35" WEST, A DISTANCE OF 175.53 FEET TO A POINT; THENCE SOUTH 43045'00" WEST, A DISTANCE OF 143.06 FEET TO A POINT; THENCE SOUTH 46*15'00" EAST, A DISTANCE OF 137.22 FEET TO A POINT; THENCE SOUTH 5701511" EAST, A DISTANCE OF 101.13 FEET TO A POINT; THENCE SOUTH 89°43'47" WEST, A DISTANCE OF 590.93 FEET TO THE POINT OF BEGINNING. CONTAINING 8.56 ACRES OF LAND, MORE OR LESS. THE ABOVE DESCRIPTION WAS PREPARED BY JEFFREY M. ROWE, PLS 13856 IN DECEMBER 2024, AND IS SUBJECT TO EASEMENTS AND RIGHTS - OF -WAY OF RECORD. Parcel ID: RPR6N39E251804 EXIT B QUALIFIED IMPROVEMENTS • Building Envelope o Roof Upgrade o Wall Upgrade o Windows Upgrade • Interior and Exterior LED Lighting Improvements • Plumbing / Domestic Hot Water o Low Flow Fixture and Water Heating Improvements • HVAC Upgrade EXHIBIT C FORM OF NOTICE OF ASSESSMENT INSTRUMENT PREPARED BY AND WHEN RECORDED, RETURN TO: Greenworks Lending LLC c/o Nuveen Green Capital 19 Old Kings Highway South, Suite 210 Darien, Connecticut 06820 Attention: Randall Abbott, Esq. NOTICE OF ASSESSMENT AND C-PACE LIEN (GRANTEE) CITY OF REXBURG (GRANTOR) MADISON STATION SPE, LLC Notice is hereby given that the City of Rexburg, Idaho, at the request of the property owner named below, is placing a C-PACE Lien pursuant to Section 67-3810 of the Commercial Property Assessed Capital Expenditure Act, Chapter 38 of Title 67, Idaho Code. In support of this lien the following information is submitted: 1. THE ASSESSMENT LIEN GRANTEE CITY OF REXBURG, IDAHO 2. DATE ON WHICH THE ASSESSMENT December 30, 2024 AGREEMENT WAS SIGNED GRANTING THE RIGHT TO PLACE AN ASSESSMENT AND C-PACE LIEN ON THE PROPERTY 3. THE PROPERTY OWNER(s) GRANTING THE MADISON STATION SPE, LLC PLACEMENT OF THE ASSESSMENT AND C-PACE LIEN 4. THE PROPERTY AGAINST WHICH THE 577 TREJO ST., REXBURG, IDAHO ASSESSMENT AND C-PACE LIEN IS PLACED IS 83440 LOCATED AT THE FOLLOWING MUNICIPAL ADDRESS: 5. LEGAL DESCRIPTION OF THE PROPERTY IS AS SEE EXHIBIT A TO THE FOLLOWS ASSESSMENT AGREEMENT ATTACHED HERETO 6. ASSESSOR'S PARCEL NUMBER OF THE RPR6N39E251804 PROPERTY 7. PRINCIPAL AMOUNT OF ASSESSMENT SECURED BY C-PACE LIEN $14,910,000.00 8. TERMS AND LENGTH OF ASSESSMENT SEE EXHIBIT D TO THE SECURED BY C-PACE LIEN ASSESSMENT AGREEMENT ATTACHED HERETO 9. COPY OF ASSESSMENT AGREEMENT SEE EXHIBIT A HERETO (ATTACHED) IN WITNESS WHEREOF, Grantee and Grantor have caused this Notice of Assessment Interest and C-PACE Lien to be executed in their respective names by their duly authorized representatives, all as of the date first above written. GRANTEE: CITY OF REXBURG, IDAHO By: - Name: Bret Stoddard Its: Building Official STATE OF IDAHO COUNTY OF MADISON Before me, �Man'(01VUL 6nZfiLt Z' a Notary Public in and for the State and County aforesaid, personally appeared Bret Stoddard, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the Building Official of the City of Rexburg, Idaho, the within -named bargainor, a Local Government, and that he as such Building Official, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the Local Government by himself as such Building Official. WITNESS my hand and seal at office, on this the I' -day of v✓l �s , 20 �!� oluec Not ublic My Commission Expires: JT'`1,11111 IF [S, P. • N . G p��,,,s —�— •N= A UB L� oar •�� NO.SQ. .r ; r 7.,r . GRANTOR: MADISON STATION SPE, LLC, a Delaware limited liability company By:_ Rya ki Nelrak Name: Ryan J. Nelson Its: Authorized signatory STATE OF Florida COUNTY OF Miami -Dade On this 26th day of December , 2024, before me, the undersigned, a Notary Public, in and for said State, personally appeared Ryan J. Nelson, known to me, or identified to me on the basis of satisfactory evidence, to be the Authorized Signatory , of Madison Station SPE, LLC, that executed the instrument and that the foregoing instrument was signed on behalf of said company being duly authorized to do so and acknowledged to me that such company executed the same. WITNESS XJY HAND AND OFFICIAL SEAL. (SEAL) Notary Public Residing at: Florida Commission Expires: 07/16/2027 It11YItlP SAMUEL LOUIS Notary Public -State of Florida <` Commission # HH 422050 0 ?F Expires on July 16, 2027 Notarized remotely online using communication technology via Proof. ASSESSMENT SCHEDULE Period Bill Date Delinquent After Date Interest Accrual Date Days Elapsed Payment Interest Principal Principal Remaining Total Payment Due 1 12/20/2026 12/20/2026 12/20/2026 183 $679,144.45 $621,498.50 $57,645.95 $14,852,354.05 $679,144.45 2 6/20/2027 6/20/2027 6/20/2027 182 $679,144.45 $615,712.59 $63,431.86 $14,788,922.19 $679,144.45 3 12/20/2027 12/20f2O27 12/20/2027 183 $679,144.45 $616,451.57 $62,692.88 $14,726,229.31 $679,144.45 4 6/20/2028 6/20/2028 6/20/2028 183 $679,144.45 $613,838.33 $65,306.12 $14,660,923.19 $679,144.45 5 12/20/2028 12/20/2028 12/20/2028 183 $679,144.45 $611,116.15 $68,028.30 $14,592,894.89 $679,144.45 6 6/20/2029 6/20/2029 6/20/2029 182 $679,144.45 $604,956.56 $74,187.89 $14,518,707.00 $679,144.45 7 12/20/2029 12/20/2029 12/20/2029 183 $679,144.45 $605,188.10 $73,956.35 $14,444,750.65 $67%144.45 8 6/20/2030 6/20/2030 6/20/2030 182 $679,144.45 $598,815.16 $80,329.29 $14,364,421.36 $679,144.45 9 12/20/2030 12/20/2030 12/20/2030 183 $679,144.45 $598,756.96 $80,387.49 $14,284,033.87 $679,144.45 10 6/20/2031 6/20/2031 6/20/2031 182 $679,144.45 $592,152.56 $86,991.89 $14,197,041.98 $679,144.45 11 12/20/2031 12/20/2031 12/20/2031 183 $679,144.45 $591,780.03 $87,364.42 $14,109,677.56 $679,144.45 12 6/20/2032 6/20/2032 6/20/2032 183 $679,144.45 $588,138.39 $91,006.06 $14,018,671.50 $679,144.45 13 12/20/2032 12/20t2O32 12/20/2032 183 $679,144.45 $584,344.96 $94,799.49 $13,923,872.01 $679,144.45 14 6/20/2033 6/20/2033 6/20/2033 182 $679,144.45 $577,221.85 $101,922.60 $13,821,949.41 $679,144.45 15 12/20/2033 12/20/2033 12/20/2033 183 $679,144.45 $576,144.92 $102,999.53 $13,718,949.88 $679,144.45 16 6/20/2034 6/20/2034 6/20/2034 182 $679,144.45 $568,726.69 $110,417.76 $13,608,532.121 $679,144.45 17 12/20/2034 12/20/2034 12/20/2034 183 $679,144.45 $567,248.98 $111,895.47 $13,496,636.65 $679,144.45 18 6/20/2035 6/20/2035 6/20/2035 182 $679,144.45 $559,510.57 $119,633.88 $13,377,002.77 $679,144.45 19 12/20/2035 12/20/2035 12/20/2035 183 $679,144.45 $557,598.07 $121,546.38 $13,255,456.39 $679,144.45 20 6/20/2036 6/20/2036 6/20/2036 183 $679,144.45 $552,531.61 $126,612.84 $13,128,843.55 $679,144.45 21 12/20/2036 12/20/2036 12/20/2036 183 $679,144.45 $547,253.96 $131,890.49 $12,996,953.06 $679,144.45 22 6/20/2037 6/20/2037 6/20/2037 182 $679,144.45 $538,795.91 $140,348.54 $12,856,604.52 $679,144.45 23 12/20/2037 12/20/2037 12/20/2037 183 $679,144.45 $535,906.13 $143,238.32 $12,713,366.20 $679,144.46 24 6/20/2038 6/20/2038 6/20/2038 182 $679,144.45 $527,039.66 $152,104.79 $12,561,261.41 $679,144.45 25 12/20/2038 12/20/2038 12/20/2038 183 $679,144.45 $523,595.25 $155,549.20 $12,405,712.21 $6799144.45 26 6/20/2039 6/20/2039 6/20/2039 182 $679,144.45 $514,285.69 $164,858.76 $12,240,853.45 $679,144.45 27 12t20/2039 12/20/2039 12/20/2039 183 $679,144.45 $510,239.57 $168,904.88 $12,071,948.57 $679,144.46 28 6/20/2040 6/20/2040 6/20/2040 183 $679,144.45 $503,199.06 $175,945.39 $11,896,003.18 $679,144.45 29 12t20/2040 12/20/2040 12/20/2040 183 $679,144.45 $495,865.07 $183,279.38 $11,712,723.80 $679,144.45 30 6t20/2041 6/20/2041 6/20/2041 182 $679,144.45 $485,557.47 $193,586.98 $11,519,136.82 $679,144.45 31 12/20/2041 12/20/2041 12/20/2041 183 $679,144.45 $480,156.02 $198,988.43 $11,320,148.39 $679,144.45 32 6/20/2042 6/20/2042 6/20/2042 182 $679,144.45 $469,283.04 $209,861.41 $11,110,286.98 $679,144.45 33 12/20/2042 12/20/2042 12/20/2042 183 $679,144.45 $463,113.80 $216,030.65 $10,894,256.33 $679,144.46 34 6/20/2043 6/20/2043 6/20/2043 182 $679,144.45 $451,627.45 $227,517.00 $10,666,739.33 $679,144.45 35 12/20/2043 12/20/2043 12/20/2043 183 $679,144.45 $444,625.25 $234,519.20 $10,432,220.13 $679,144.45 36 6/20/2044 6/20/2044 6/20/2044 183 $679,144.45 $434,849.71 $244,294.74 $10,187,925.39 $679,144.45 37 12/20/2044 12/20/2044 12/20/2044 183 $679,144.45 $424,666.69 $254,477.76 $9,933,447.63 $679,144.45 38 6/20/2045 6/20/2045 6/20/2045 182 $679,144.45 $411,796.59 $267,347.86 $9,666,099.77 $679,144.45 39 12/20/2045 12/20/2045 12/20/2045 183 $679,144.45 $402,915.26 $276,229.19 $9,389,870.58 $679,144.45 40 6/20/2046 6/20/2046 6/20/2046 182 $679,144.45 $389,262.30 $289,882.15 $9,099,988.43 $679,144.45 41 12/20/2046 12/20/2046 12/20/2046 183 $679,144.45 $379,317.85 $299,826.60 $8,800,161.83 $679,144.45 42 6/20/2047 6/20/2047 6/20/2047 182 $679,144.45 $364,815.60 $314,328.85 $8,485,832.98 $679,144.45 43 12/20/2047 12/20/2047 12/20/2047 183 $679,144.45 $353,717.80 $325,426.65 $8,160,406.33 $679,144.45 44 6/20/2048 6/20/2048 6/20/2048 183 $679,144.45 $340,152.94 $338,991.51 $7,821,414.82 $679,144.45 45 12/20/2048 12/20/2048 12/20/2048 183 $679,144.45 $326,022.64 $353,121.81 $7,468,293.01 $679,144.45 46 6/20/2049 6/20/2049 6/20/2049 182 $679,144.45 $309,602.24 $369,542.21 $7,098,750.80 $679,144.45 47 12/20/2049 12/20/2049 12/20/2049 183 $679,144.45 $295,899.60 $383,244.85 $6,715,505.95 $679,144.45 48 6/20/2050 6/20/2050 6/20/2050 182 $679,144.45 $278,395.03 $400,749.42 $6,314,756.53 $679,144.45 49 12/20/2050 12/20/2050 12/20/2050 183 $679,144.45 $263,220.10 $415,924.35 $5,898,832.18 $679,144.45 50 6/20/2051 6/20/2051 6/20/2051 182 $679,144.45 $244,539.37 $434,605.08 $5,464,227.10 $679,144.45 51 12/20/2051 12/20/2051 12/20/2051 183 $679,144.45 $227,767.20 $451,377.25 $5,012,849.85 $679,144.45 52 6/20/2052 6/20/2052 6/20/2052 183 $679,144.45 $208,952.29 $470,192.16 $4,542,657.69 $679,144.45 53 12/20/2052 12/20/2052 12/20/2052 183 $679,144.45 $189,353.11 $489,791.34 $4,052,866.35 $679,144.45 54 6/20/2053 6/20/2053 6/20/2053 182 $679,144.45 $168,013.83 $511,130.62 $3,541,735.73 $679,144.45 55 12/20/2053 12/20/2053 12/20/2053 183 $679,144.45 $147,631.35 $531,513.10 $3,010,222.63 $679,144.45 56 6/20/2054 6/20/2054 6/20/2054 182 $679,144.45 $124,790.45 $554,354.00 $2,455,868.63 $679,144.45 57 12/20/2054 12/20/2054 12/20/2054 183 $679,144.45 $102,368.79 $576,775.66 $1,879,092.97 $679,144.45 58 6/20/2055 6t20(2055 6/20/2055 182 $679,144.45 $77,898.84 $601,245.61 $1,277,847.36 $679,144.45 59 12/20/2055 12/20/2055 12/20/2055 183 $679,144.45 $53,264.94 $625,879.51 $651,967.85 $679,144.45 60 6/20/2056 6/20/2056 6/20/2056 183 $679,144.04 $27,176.19 $651,967.85 i$679,144.04