OAR 813-037-0035
Loan & Project Oversight

(1) Within five years of receiving a loan, a loan recipient must present the Department with an updated development plan if the development has not been completed and placed into service.
(a) The development plan must include a current development design, committed and anticipated financial resources dedicated to the project and an estimated development scheduled that includes completion of the project within eight years.
(b) The updated development plan must be substantially consistent with the original development plan.
(2) Within eight years of receiving a loan under the LAP, the project must be completed and placed into service or the loan interest rate limit will be reestablished at the current market rate. Failure to place a project in service within eight years of receiving a loan under LAP may also be deemed by the Department to be an event of default.

Source: Rule 813-037-0035 — Loan & Project Oversight, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-037-0035.

Last Updated

Jun. 8, 2021

Rule 813-037-0035’s source at or​.us