1. (1)

   1. (a) A Borrower who has received a loan or commitment from the Department shall not transfer ownership, lease, or otherwise encumber any property which serves or will serve as security for a loan from the Department without prior written approval from the Department;
   2. (b) The Borrower shall be required to submit underwriting documentation as requested by the Department.

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 25 percent of a limited partner's interest;
   4. (d) More than ten percent of a corporate owner's interest; or
   5. (e) Any individual interest when the ownership is not a limited partnership, general partnership, joint venture or corporation.
3. (3) The Department may require a transfer application charge from Borrowers of Projects that received loans through the Department, who request the Department’s approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in Project ownership without prior written approval from the Department.

4. (4) A 100-percent transfer of ownership means a sale, conveyance or other transfer of:

   1. (a) All interest of a general partnership;
   2. (b) All interest of a joint venture;
   3. (c) All interest of a corporation;
   4. (d) All general partners' interest in a limited partnership; and
   5. (e) All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation.

Statutory/Other Authority

ORS 90.800 - 90.840, 183, 91.886, 456.515 - 456.723 & 458.210 - 458.650

Statutes/Other Implemented

ORS 456.515 - 456.720

History

OHCS 2-2007, f. & cert. ef. 1-11-07
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 11-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 7-1987, f. & ef. 3-10-87
HSG 3-1987(Temp), f. & ef. 2-5-87
1HD 11-1984, f. & ef. 9-4-84, Renumbered from 813-030-0070
1HD 15-1980, f. & ef. 12-4-80
1HD 3-1980(Temp), f. & ef. 3-4-80
OHCS 2-2007, f. & cert. ef. 1-11-07