The Mosaic Home Solar Loan is secured by a lien only on the solar equipment itself. We do not file a lien against the home, and as a result Mosaic does not hold any formal position (first, second, or otherwise) as it relates to the home.
Since the lien Mosaic files is not a real estate lien, it is unnecessary for us to release or subordinate our filing if a homeowner wishes to pursue a second mortgage or refinance.
Mosaic will not accommodate requests to subordinate our lien filing.
Our security interest is detailed in Section 7 of the Mosaic Home Solar Loan agreement:
7. GRANT OF SECURITY INTEREST IN COLLATERAL. As consideration for the loan we are providing to you and to secure your obligations under this Agreement, you hereby grant to us a security interest in the following property (collectively “Collateral”), whether you own it now or acquire it later, whether now existing or hereafter arising, regardless of where the Collateral is located:
a. all Solar Equipment;
b. all accessions, attachments, accessories, tools, parts, supplies, replacements of and additions to any of the Solar Equipment;
c. all proceeds from warranty claims related to the Solar Equipment, the Home Improvement Agreement and (if you receive an Operations and Maintenance Loan Amount) the Operations and Maintenance Agreement;
d. all rebates and incentives that are payable as a result of installing the Solar Equipment except for such rebates and incentives which have been assigned to your Installation Contractor or Operations Maintenance Contractor;
e. all your rights, title, interests, and remedies under all agreements, statements and other documentation relating to the Solar Equipment (including, without limitation, the Home Improvement Agreement, and Operations and Maintenance Agreement), and
f. all consideration received from the collection, sale or other disposition of any property that constitutes Collateral, including any payment received from any insurer arising from any loss, damage or destruction of any Collateral and any other payment received as a result of possessing any Collateral, or any other proceeds of Collateral.
Home sale is directly affected by the lien Mosaic files. A home cannot be sold with an active lien filing against the solar equipment. The loan should be paid in full through the proceeds of the home sale whenever possible. Please contact Mosaic to discuss the possibility of a loan transfer if this is not a viable option.
If you have any further questions about Mosaic's lien filing on the solar equipment, please feel free to send us an email at firstname.lastname@example.org.