{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-690.15","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-690.15","heading":"Contract to loan - Security - Foreclosure and other","body":"remedies.\n\nA. When it has been determined by the Authority, upon\n\napplication of an enterprise and hearing thereon in the manner\n\nprovided in this act, that a particular project referred to in such\n\napplication will accomplish the purposes of this act, the Authority\n\nmay contract to loan such enterprise an amount up to one hundred\n\npercent (100%) of the estimated cost of the building and equipment\n\nnecessary to such project. The Authority shall take as security for\n\nits loan a first or second mortgage lien on such approved project.\n\nB. The Authority is hereby authorized to take title by\n\nforeclosure to any building and equipment on which it has a loan\n\noutstanding, where such acquisition is necessary to protect any loan\n\npreviously made by the Authority. The Authority is hereby\n\nauthorized to sell, transfer and convey any such building and\n\nequipment to any responsible buyer, provided, that all such property\n\nshall be sold to the highest bidder at a public sale. The Authority\n\nshall decline the highest bid and reoffer the property for sale if\n\nit considers the price bid insufficient to recover the total cost of\n\nthe Authority's investment. In the event such sale, transfer and\n\nconveyance cannot be effected with reasonable promptness, the\n\nAuthority may, in order to minimize financial losses and sustain\n\nemployment, lease such building and equipment to a responsible\n\ntenant or tenants. Provided, that the terms of such lease shall be\n\nsufficient to ensure that no financial loss shall be incurred by the\n\nAuthority, county or school district by the leasing of such\n\nproperty.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b6b24ae3322097a0bab73a3f67f5743e83c074ab466d21a205fc8b574fcd0d93","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-690.14","next":"us-ok/okla.-stat.-tit.-62-62-690.16"},"notice":"GroundRules: Original legal text. Not legal advice."}