Or. Admin. Code § 813-038-0025

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-038-0025 - [Effective until 1/27/2025] Program Loan Terms

(1) Loans may have a term of up to a maximum of five (5) years.unless otherwise specified in writing by the Department.

(2) The interest rate applicable to Program Loans will be established from time to time by the Department as it determines appropriate in consideration of factors it may determine to be relevant, potentially including, but not necessarily limited to current market rates, the availability of Funds, the credit-worthiness of the Borrower, the size and term of the Loan, any determination by the Department with respect to the need for the Project, the quality of Collateral, or market conditions in general. Unless otherwise established by the Department, interest will accrue as simple interest due and payable under the terms of the Commitment Letter and Loan Documents.

(3) Loans shall be repaid with the sooner of the first available funding sources and otherwise in accordance with the Application, the proposed repayment plans, and within the specified term of the loan.

(4) Due to the limited amount of Funds available, the Department discourages any Loan term extensions. The Department may extend the term of a Loan at its sole discretion and subject to such additional conditions and charges as it determines to be appropriate.

(5) All conditions contained in the Commitment and Loan Documents shall be timely fulfilled by the Borrower to the satisfaction of the Department.

(6) The Borrower shall repay the Loan within the terms of the Commitment Letter and applicable Loan Documents.

(7) The Loan shall not be transferred to another party or assumed by another party unless approved in writing by the Department prior to the change.

Or. Admin. Code § 813-038-0025

OHCS 12-2007, f. & cert. ef. 5-10-07; OHCS 24-2024, temporary amend filed 07/31/2024, effective 8/1/2024 through 1/27/2025

Statutory/Other Authority: ORS Ch. 183, 456.555(2) & 456.625(12)

Statutes/Other Implemented: ORS 456.561, 456.574, 456.620 & 456.625