OAR 813-030-0066. Transfer of Ownership

(1)(a) A Borrower who has received a loan or commitment from the Department shall not transfer ownership, lease, or otherwise encumber any property which serves or will serve as security for a loan from the Department without prior written approval from the Department; (b) The Borrower shall be required to submit underwriting documentation as requested by the Department. (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 25 percent of a limited partner's interest; (d) More than ten percent of a corporate owner's interest; or (e) Any individual interest when the ownership is not a limited partnership, general partnership, joint venture or corporation. (3) The Department may require a transfer application charge from Borrowers of Projects that received loans through the Department, who request the Department’s approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in Project ownership without prior written approval from the Department. (4) A 100-percent transfer of ownership means a sale, conveyance or other transfer of: (a) All interest of a general partnership; (b) All interest of a joint venture; (c) All interest of a corporation; (d) All general partners' interest in a limited partnership; and (e) All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation.