OAR 813-030-0025. Loan Security

Notwithstanding any other provision contained in the program rules, the Department shall not disburse funds for a program loan until: (1) The loan is secured by a fully executed promissory note and first lien trust deed in such form as required by the Department, provided a shared first lien with a trust deed securing a loan from the Department under the programs funded under Article XI-Q of the Oregon Constitution and ORS 458.480 through 458.490, in such form as the Department may determine, will also be acceptable. (2) The borrower has satisfied all conditions required by OHCS.