| Colorado Petroleum Storage Tank Fund Eligibility Requirements: Certificate of Eligibility
The purpose of the Certificate of Eligibility is to encourage lenders to provide loans on property
with operative petroleum storage tanks and to ensure the lender's eligibility to the Petroleum
Storage Tank Fund in case the borrower defaults on the loan. The Certificate of Eligibility is
available to lenders only and may be requested FOR ANY LOAN DATED ON OR AFTER
9-30-95 on the property whether or not it involves a property transfer (for loans dated prior to
9-30-95 see Eligibility Requirements - Lender).
The Certificate of Eligibility allows lenders to be eligible to access the Petroleum Storage Tank
Fund pursuant to 8-20.5-206(3)(e). A Certificate of Eligibility will only be issued if all of the
following conditions have been met:
- The site is an operative site with underground or aboveground storage tanks.
- The tank operator is operating the site in full compliance with Division of Oil and Public Safety Regulations.
- Petroleum contamination does not exist on site at the time the Certificate of Eligibility is
issued.
- The mortgage or loan is dated on or after September 30, 1995.
To receive a Certificate of Eligibility the lender must submit the following documentation:
- A letter of request including the site name and address for which the certificate will be
issued and the name and address of the tank operator.
- Tank Addendum with information on ALL underground and aboveground storage tanks on
the site.
- Site map showing the location of tanks and lines on the property.
- Petroleum Tank Status Sheet fully completed and signed by the lender and tank
operator.
- Copy of the mortgage or loan
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