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.
Statutory/Other Authority
ORS 456.515 - 456.725
Statutes/Other Implemented
ORS 456.515 - 456.725 & 566.310 - 566.360
History
OHCS 19-2006, f. & cert. ef. 11-15-06