Or. Admin. Code § 690-095-0070

Current through Register Vol. 63, No. 10, October 1, 2024

Section 690-095-0070 - Loan Contract

(1) The loan contract shall contain the provisions required by Section 26(3) and (4) of chapter 907, Oregon Laws 2009, any provisions the director considers necessary to ensure expenditure of the loan proceeds for the purposes set forth in the approved application and any other provisions required by law or that the director determines are necessary to ensure timely repayment of the loan.

(2) Where the applicant is a water developer described in ORS 541.700(7)(e) through (o), the water developer shall represent and warrant in the loan contract that it is fully authorized to, and does, grant the State of Oregon, the liens required under the loan program and that granting the lien will not violate or conflict with any other agreement, pledge or contract to which the water developer is a party, or with any decree, order or judgment of any competent tribunal to which the water developer is subject.

WRD 2-2010, f. & cert. ef. 12-14-10

Stat. Auth: ORS 536.027 & 541.646

Stats. Implemented: ORS 541-600 - 541.646