OAR 690-093-0180
Loan Closing
(1)
If the Commission approves a loan, the Department and the applicant or applicants shall enter into an agreement for repayment; arrangements for repayment shall be made by the applicant and the Director.(2)
The loan agreement shall set forth the repayment schedule. The repayment schedule shall:(a)
Include the amortization of the principal plus interest and provide for full repayment of the loan within 50 years or the life of the project, from the date of the first payment, whichever occurs first; and(b)
Provide for commencement of repayment by the applicant of moneys used for construction and interest thereon not later than two years after the date of the loan contract or at such other time as the Director may provide.(3)
The loan agreement shall be a binding legal document between the applicant and the Director stating the terms of the loan, including but not limited to:(a)
The purpose of the loan describing the project and location;(b)
The amount of the loan and payment schedule;(c)
The description of good and sufficient collateral for the loan; and(d)
A statement allowing the Director to inspect the project to ensure that the developer complies with conditions for which the money was loaned. This shall remain in effect for the length of the agreement.(4)
The loan agreement shall include provisions for early prepayment of the loan.(5)
The ownership of a project shall not be assigned or transferred during the term of the loan without the prior written approval of the Director; such approval shall not be unreasonably withheld.
Source:
Rule 690-093-0180 — Loan Closing, https://secure.sos.state.or.us/oard/view.action?ruleNumber=690-093-0180.