Oregon Revised Statutes Chapter 100 § 100.445 — Independent default clauses; option to purchase fee simple interest

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: (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]