(1) The State Historic Preservation Officer has a lien upon any historic property that is the subject of a rehabilitation funded in whole or part from a loan from the Historic Preservation Revolving Loan Fund for the entire amount of principal and interest on the loan.

(2) The lien created under this section shall attach as of the day the loan contract is entered into under ORS § 358.670.

(3) The State Historic Preservation Officer shall file a written notice of claim of lien not later than 120 days after the lien attaches with the recording officer of the county in which the historic property is located.

(4) The notice of claim of lien required under subsection (3) of this section must be a statement in writing verified by the oath of the State Historic Preservation Officer or by the oath of an authorized agent, and must contain:

(a) A statement of the amount of principal and interest of the loan from the Historic Preservation Revolving Loan Fund;

(b) The name of the owner of the historic property to be charged with the lien; and

(c) A description of the property to be charged with the lien sufficient for identification.

(5) The recording officer of the county shall record a notice of claim of lien filed under this section in the county clerk lien records.

(6) A lien described in this section shall be foreclosed in the manner provided in ORS Chapter 88.

(7)(a) If a suit to foreclose a lien created under this section is not brought within five years from the date the notice of claim of lien is recorded, the lien shall cease to exist.

(b) Notwithstanding paragraph (a) of this subsection, a lien created under this section may be continued in force for a period longer than described in paragraph (a) of this subsection pursuant to an agreement to extend the period of time for which repayment of the loan is to occur, but may not be continued for a period longer than six months following the period for which the repayment is to occur. [2001 c.540 § 34]