Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 70 - HOME IMPROVEMENT LOAN PROGRAM
Section 813-070-0030 - Permissible Use of Property Improved by a Program Loan

Universal Citation: OR Admin Rules 813-070-0030

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

(1) Borrower shall continuously occupy the Residential Dwelling improved by a Program Loan as a permanent and primary residence during the time the Program Loan is outstanding. Borrower shall not sell, transfer, or otherwise dispose of (and may not be a party to any formal or informal arrangement to sell, transfer or otherwise dispose of) the Residential Dwelling improved by a Program Loan before repaying the Program Loan in full.

(2) Program Loans shall not be assumed by a subsequent purchaser but shall be due upon sale or transfer of the property.

(3) If the Borrower does not comply with the provisions of this rule, at the request of the Department the Approved Servicer may, at any time and without prior notice, accelerate all payments due under the Program Loan and exercise any other remedy allowable by law.

Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650

Stats. Implemented: ORS 456.690

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