OAR 813-070-0030: Permissible Use of Property Improved by a Program Loan

(1) Borrower shall continuously occupy the Residential Dwelling improved by a Program Loan as a permanent and primary residence during the time the Program Loan is outstanding. Borrower shall not sell, transfer, or otherwise dispose of (and may not be a party to any formal or informal arrangement to sell, transfer or otherwise dispose of) the Residential Dwelling improved by a Program Loan before repaying the Program Loan in full. (2) Program Loans shall not be assumed by a subsequent purchaser but shall be due upon sale or transfer of the property. (3) If the Borrower does not comply with the provisions of this rule, at the request of the Department the Approved Servicer may, at any time and without prior notice, accelerate all payments due under the Program Loan and exercise any other remedy allowable by law.