OAR 813-015-0026: Loan Security

Not withstanding any other provision contained in the Program rules, the Department will not disburse funds for an ORR Loan until: (1) The Eligible Borrower has provided adequate verification, satisfactory to the Department, which determines the value of the security. (2) The ORR Loan is secured by a fully executed trust deed note and other appropriate Loan Documents as determined by the Department. (3) The trust deed is recorded and is in an acceptable lien position, as determined by the Department. (4) The Eligible Borrower has satisfied all conditions contained in the Commitment letter.