1. (1) An Eligible Borrower who has received an ORR Loan shall not transfer ownership, lease, or otherwise encumber any property which serves as security for a ORR Loan without prior written consent from the Department. Consent will not be unreasonably withheld.

2. (2) A transfer of ownership means a sale, conveyance or other transfer of:

   1. (a) Any interest of a general partner;
   2. (b) Any interest in a joint venture;
   3. (c) More than twenty-five percent (25%) of the limited partner’s interest;
   4. (d) More than ten percent (10%) of a corporate owner’s interest; or
   5. (e) Any individual interest when the ownership is not a limited partnership, joint venture or corporation.
3. (3) The Department may collect from the Eligible Borrower a transfer processing charge of 1% of the current ORR Loan balance with a minimum of $100 and a maximum of $1,000, plus any incurred Department of Justice charges or other legal costs incurred.

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