Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 15 - OREGON RURAL REHABILITATION PROGRAM
Section 813-015-0026 - Loan Security

Universal Citation: OR Admin Rules 813-015-0026

Current through Register Vol. 63, No. 9, September 1, 2024

Not withstanding any other provision contained in the Program rules, the Department will not disburse funds for an ORR Loan until:

(1) The Eligible Borrower has provided adequate verification, satisfactory to the Department, which determines the value of the security.

(2) The ORR Loan is secured by a fully executed trust deed note and other appropriate Loan Documents as determined by the Department.

(3) The trust deed is recorded and is in an acceptable lien position, as determined by the Department.

(4) The Eligible Borrower has satisfied all conditions contained in the Commitment letter.

Stat Auth: ORS 456.515 - 456.725

Stats Implemented: ORS 456.515 - 456.725, 566.310 - 566.360

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