Oregon Statutes 100.445 – Independent default clauses; option to purchase fee simple interest
Where a leasehold interest is submitted to the provisions of this chapter, the master lease shall:
Terms Used In Oregon Statutes 100.445
- association: means the association provided for under ORS § 100. See Oregon Statutes 100.005
- Declaration: means the instrument described in ORS § 100. See Oregon Statutes 100.005
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Leasehold: means the interest of a person, firm or corporation that is the lessee under a lease from the owner in fee and that files a declaration creating a condominium under ORS § 100. See Oregon Statutes 100.005
- Recorded: means to cause to be recorded by the county officer in the real property records for each county in which the condominium is located. See Oregon Statutes 100.005
- Recording officer: means the county officer charged with the duty of filing and recording deeds and mortgages or any other instruments or documents affecting the title to real property. See Oregon Statutes 100.005
(1) Contain independent default clauses, the effect of which shall be that a unit owner cannot be evicted because the board of directors of the association of unit owners has defaulted so long as the unit owner has paid the pro rata share of the unit owner of the funds necessary to correct the default or because another unit owner has defaulted.
(2) Contain the procedure for the submission of the fee simple interest in the property to the condominium if the lease includes an option for the unit owners to purchase the fee simple interest.
(3) Be recorded in the office of the recording officer before the declaration for the property is recorded in accordance with ORS § 100.100. [Formerly 94.190; 2001 c.756 § 45]