K2 Wind Energy Responds To Mortgage Concerns
Some Huron-Perth Landowners Association members are worried about mortgages associated with properties leased for the K2 Wind Energy Project.
They’re concerned those mortgages could affect what farmers and other landowners could do with their properties.
But K2 spokesman Jay Shukin says every land lease agreement gives the project’s banker a security interest in the project – including a security interest in the lease agreement.
Shukin says that ensures the lease remains intact regardless of any other transaction the landowner may undertake with the land.
However, he says it doesn’t affect the landowners title to the land.
Shukin says the landowner can still sell the land, rent the land, mortgage the land or transfer the land.
The K2 spokesman says the only recourse the bank has is that in the event the company goes out of business, the bank can take over that portion of the lease where the project infrastructure in situated.
Shukin says that interest is limited to the lease on the land where project infrastructure is located.
Shukin says the landowner can still sell, rent, mortgage or transfer the land involved.