OAR 274-020-0200: Definitions for OAR 274-020-0200–274-020-0450

As used in OAR 274-020-0200 to 274-020-0450: (1) "Acquisition" means the purchase of a home or farm. (2) "Department" means the Oregon Department of Veterans’ Affairs established under ORS 406.005. (3) “Director” means the Director of the Oregon Department of Veterans' Affairs. (4) "Farm" means a home, as defined in this rule, and a parcel of land being used to obtain a profit in money by utilizing accepted farming practices to raise crops or livestock or poultry or dairying or combinations thereof. (5) "Home" means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran, and includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. (6) "Lease" means the giving of possession and use of profits of secured property for a period of time in return for compensation. (7) "Lease Option" means a lease of real property with an option to purchase the property within a stipulated period of time. (8) "Loan to Value Ratio" is the loan amount or balance divided by the net appraised value. (9) “Manufactured home” means a structure that is: (a) At least 20 feet in width; (b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities; (c) Intended for human occupancy; (d) Being used for residential purposes; (e) Classified and taxed as real property in the county where the structure is located; and (f) Constructed in accordance with the Oregon Manufactured Dwelling Installation Specialty Code adopted under ORS 446.155 or the Model Manufactured Home Installation Standards established by the Department of Housing and Urban Development. (10) “Mortgage” means a loan in which real property is used as collateral. (11) "Net Appraised Value" means the lesser of the appraised value or the purchase price. The "appraised value" is the value established by an appraisal obtained by or at the direction of the Department, or an appraisal approved by the Department. (12) “ODVA" means the Oregon Department of Veterans’ Affairs established under ORS 406.005. (13) "Possession" means exclusive dominion and physical control of the secured property but occupancy is not necessary. (14) "Rent" means the giving of possession of secured property for occupancy for a specific period of time in return for a stipulated amount of compensation. (15) “Resides in the State of Oregon” means a person who: (a) Maintains a primary legal residence in Oregon, or (b) Intends to occupy a home in Oregon, secured by an ODVA loan, that will be their primary legal residence. (16) "Security" means all of the real property that is to be acquired for a home and which serves as collateral for the loan. (17) "Transfer" means a change of ownership, either by operation of law, act of the parties, or both, such as deed, contract, certificate, court decree, property settlement, foreclosure, easement, condemnation, or adverse possession of the premises. (18) “Trust deed” means a deed, executed in conformity with ORS 86.705 to 86.815, that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary. (19) "Underwriter/Designated Loan Officers" means those employees of the Department whose paramount responsibility shall be the approval or rejection of all applications for loans. (20) “Veteran” means a person who: (a) Resides in the State of Oregon at the time of applying for a loan from the fund; (b) Is a veteran, as that term is defined by Oregon law in ORS 407.087; (c) Served under honorable conditions on active duty in the Armed Forces of the United States; and (d) Satisfies the requirements applicable to the funding source for the loan from the Oregon War Veterans' Fund.