OAR 813-015-0040. Transfer of Ownership

(1) An Eligible Borrower who has received an ORR Loan shall not transfer ownership, lease, or otherwise encumber any property which serves as security for a ORR Loan without prior written consent from the Department. Consent will not be unreasonably withheld. (2) A transfer of ownership means a sale, conveyance or other transfer of: (a) Any interest of a general partner; (b) Any interest in a joint venture; (c) More than twenty-five percent (25%) of the limited partner’s interest; (d) More than ten percent (10%) of a corporate owner’s interest; or (e) Any individual interest when the ownership is not a limited partnership, joint venture or corporation. (3) The Department may collect from the Eligible Borrower a transfer processing charge of 1% of the current ORR Loan balance with a minimum of $100 and a maximum of $1,000, plus any incurred Department of Justice charges or other legal costs incurred.