Or. Admin. Code § 813-060-0044

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-060-0044 - Loan Closing

Before the loan closing takes place, the Department shall provide the escrow officer written instructions for closing the loan. The Department shall not authorize disbursement of loan funds until all conditions of the Commitment are satisfied and the Department has approved. The following closing documentation may be required:

(1) Cost certification;

(2) Certificate or policy of insurance for fire and extended coverage, liability, business income and flood insurance (if applicable), with the appropriate loss deductible. All insurance coverage shall be in the amounts set forth in the Department's Regulatory Agreement and Declaration of Restrictive Covenants;

(3) Contingency Escrow Account;

(4) Notice of Completion;

(5) Certificate of occupancy or final inspection report from the local government, as required;

(6) Commercial leases, if applicable;

(7) Ground leases, if applicable;

(8) All other relevant leases, if applicable;

(9) Tax abatement approval;

(10) American Land Title Association (ALTA) mortgagee's preliminary title insurance report from the title company of the Sponsor's Borrower's choice;

(11) Any licenses required by the state;

(12) For Acquisition Loans:

(a) Certification of completion of work on repairs from the general contractor and owner.

(13) All other reasonable requirements of the Department.

Or. Admin. Code § 813-060-0044

1HD 13-1984, f. & ef. 9-4-84; HSG 4-1987(Temp), f. & ef. 2-5-87; HSG 10-1987, f. & ef. 3-10-87; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 15-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 4-1993(Temp), f. & cert. ef. 10-1-93; HSG 6-1996, f. & cert. ef. 6-14-96; OHCS 5-2007, f. & cert. ef. 1-11-07

Stat. Auth.: ORS 456.555

Stats. Implemented: ORS 456.555 & 456.625