Oregon Statutes 280.431 – Required condition of purchase for low income single room occupancy housing project
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Low income single room occupancy housing projects shall not be sold to any purchaser who does not agree as a condition of purchase to maintain the property as low income single room occupancy housing for at least 30 years or the term of the mortgage, whichever period is shorter. [1981 c.368 § 7]
Terms Used In Oregon Statutes 280.431
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.