§74-5063.4c. Security requirements.
148 words·~1 min read·
/ok/title-74-state-government/74-5063-4c·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise provided in Section 6 of this act, at the time of loan origination, the Oklahoma Development Finance Authority shall require such security from the applicant as it deems necessary in the circumstances of the insurance commitment. Except for the infrastructure and other publicly owned facilities of governmental entities and Quality Jobs Investment Program portfolio mix categories, such security will include, but not be limited to:
1. A first mortgage or coordinate first mortgage on real property, facilities or systems and fixtures located thereon; or
2. A second mortgage on real property, facilities or systems and fixtures located thereon, provided the amount thereof may not exceed One Million Dollars ($1,000,000.00). Added by Laws 1990, c. 342, § 11, emerg. eff. May 30, 1990. Amended by Laws 1993, c. 275, § 42, eff. July 1, 1994; Laws 2002, c. 299, § 16, emerg. eff. May 23, 2002.