Oregon Statutes 470.645 – Application for loan; contents
An application for an energy efficiency and sustainable technology loan must contain:
Terms Used In Oregon Statutes 470.645
- Applicant: means an applicant for a loan to construct a small scale local energy project. See Oregon Statutes 470.050
- Contract: A legal written agreement that becomes binding when signed.
- Energy efficiency and sustainable technology loan: means a loan for a small scale local energy project that is repayable by means of:
(a) A charge included with the participant's utility customer account billing; or
(b) An alternative repayment method identified by the department and the borrower and specified in the loan agreement. See Oregon Statutes 470.050
- Lien: A claim against real or personal property in satisfaction of a debt.
- Loan: includes the purchase or other acquisition of evidence of indebtedness and money used for the purchase or other acquisition of evidence of indebtedness. See Oregon Statutes 470.050
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
(1) Information sufficient to identify real or personal property located within this state against which a fixture filing and lien may be filed under ORS § 470.680 or 470.685 to secure the loan and sufficient to allow verification that the property owner is the applicant or has consented to the fixture filing and lien;
(2) A clear and conspicuous disclosure:
(a) That a lien or other form of security for the energy efficiency and sustainable technology loan need not be paid in full upon a sale of the property, but all amounts due under the repayment plan as of the sale date must be paid before the sale closes; and
(b) That some lenders may be unwilling to make a mortgage on a property that is subject to a lien or other form of security for the energy efficiency and sustainable technology loan;
(3) The loan applicant must sign a loan contract that recites all terms and conditions required under this chapter for an energy efficiency and sustainable technology loan; and
(4) The State Department of Energy must be satisfied that all conditions required under ORS § 470.090 to support the loan have been satisfied. [2009 c.753 § 29]