(1) Subject to subsection (3) of this section, when a change to the declaration, bylaws or other governing document or another action to be taken by the board of directors, association or unit owners requires approval or consent of a mortgagee, if the mortgagee receives a request to approve or consent to the change or action, the mortgagee is deemed to have approved or consented to the request unless the mortgagee delivers or posts a negative response to the requesting party within 60 days after receipt of the request.

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Terms Used In Oregon Statutes 100.920

  • 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
  • Governing document: means articles of incorporation, bylaws, a declaration or a rule, regulation or resolution that was properly adopted by the association of unit owners or any other instrument or plat relating to common ownership or common maintenance of a portion of a condominium that is binding upon units within the condominium. See Oregon Statutes 100.005
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagee: means any person who is:

    (a) A mortgagee under a mortgage;

    (b) A beneficiary under a trust deed; or

    (c) The vendor under a land sale contract. See Oregon Statutes 100.005

  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.

(2) The request must:

(a) Be in writing.

(b) Name the mortgagor.

(c) Identify the property securing the mortgage by legal description as required for recordation in ORS § 93.600 or by address.

(d) Identify the mortgage by loan number or reference to the county recording office and date of recording and recording index numbers of the mortgage.

(e) Be delivered to the mortgagee by certified or registered mail, return receipt requested.

(3) This section does not apply to:

(a) The consent of a mortgagee required under ORS § 100.100 or 100.600.

(b) The extent a provision in the declaration or bylaws prescribes a different procedure for approval or consent. [2011 c.532 § 15]

 

CRIMINAL PENALTIES

 

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