Or. Admin. Code § 274-020-0450 - Due on Sale
(1) By
ORS 407.335(5) the
Director has discretion to decide when a second sale or transfer of the
property, or any part thereof, securing an ODVA loan, will cause the entire
balance of the loan to be immediately due and payable.
(2) Effective with sales, or transfers of
ownership, occurring after June 30, 1989, the Director will not declare the
entire unpaid balance on any loan to be immediately due and payable because of
a second sale, or transfer of ownership, of the property or any part thereof,
securing the loan.
Notes
Stat. Auth.: ORS 406 & ORS 407
Stats. Implemented: ORS 407.335
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