Okla. Stat. tit. 62, § 62-690.15: Contract to loan - Security - Foreclosure and other

remedies.

A. When it has been determined by the Authority, upon

application of an enterprise and hearing thereon in the manner

provided in this act, that a particular project referred to in such

application will accomplish the purposes of this act, the Authority

may contract to loan such enterprise an amount up to one hundred

percent (100%) of the estimated cost of the building and equipment

necessary to such project. The Authority shall take as security for

its loan a first or second mortgage lien on such approved project.

B. The Authority is hereby authorized to take title by

foreclosure to any building and equipment on which it has a loan

outstanding, where such acquisition is necessary to protect any loan

previously made by the Authority. The Authority is hereby

authorized to sell, transfer and convey any such building and

equipment to any responsible buyer, provided, that all such property

shall be sold to the highest bidder at a public sale. The Authority

shall decline the highest bid and reoffer the property for sale if

it considers the price bid insufficient to recover the total cost of

the Authority's investment. In the event such sale, transfer and

conveyance cannot be effected with reasonable promptness, the

Authority may, in order to minimize financial losses and sustain

employment, lease such building and equipment to a responsible

tenant or tenants. Provided, that the terms of such lease shall be

sufficient to ensure that no financial loss shall be incurred by the

Authority, county or school district by the leasing of such

property.