OAR 813-012-0110
Program Loans
(1)
To be eligible to receive a Program Loan for financing, an Eligible Borrower shall comply with the terms contained in the Commitment issued by the Department and those conditions of eligibility set forth in these Program rules.(2)
Loan Documents shall be on forms approved by the Department.(3)
Notwithstanding any other provision contained in the Program rules, the Department shall not disburse funds for a Program Loan until:(a)
The Project has been completed to the satisfaction of the Department;(b)
The Eligible Borrower executes a loan agreement, trust deed note and first lien trust deed or other evidence of security, and other program documentation satisfactory to the Department;(c)
The Eligible Borrower has satisfied all conditions contained in the Commitment; and(d)
If the Project is subject to requirements which may continue after payment of the Department’s loan, a regulatory agreement is recorded which details those requirements.(4)
Each Program Loan shall provide for the monthly collection of Escrow Payments for taxes, if applicable, and insurance plus any other required accounts to the extent permitted by law together with the monthly installment of principal and interest. All such payments shall be held for the benefit of the Department in an account in a financial institution acceptable to the Department and subject to the rules which apply to the deposit of public funds of the State of Oregon, pursuant to ORS Chapter 295 (Depositories of Public Funds and Securities).
Source:
Rule 813-012-0110 — Program Loans, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-012-0110.