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Oregon Revised Statutes Property Rights and Transactions § 100.150

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) With regard to a flexible condominium, before the termination date, and by recording a supplemental declaration and a supplemental plat in accordance with ORS 100.115 and 100.120, the declarant may:

(a) Reclassify all or a portion of the property designated as variable in the declaration and on the plat, as one or more general common elements, limited common elements, units or a combination of the elements and units.

(b) Unless designated in the declaration or on the plat as nonwithdrawable property, withdraw all or a portion of the variable property from the condominium.

(2) Until variable property is withdrawn or reclassified as provided in subsection (1) of this section or under ORS 100.155 (1):

(a) The property shall be a distinct classification of property and may not be a common element or unit of the condominium.

(b) The property shall be considered a parcel of real property and shall be subject to separate assessment and taxation by any taxing unit in like manner as other parcels of real property.

(c) Unless otherwise specifically provided in the declaration or supplemental declaration:

(A) The declarant shall be responsible for the payment of all assessments, taxes and other expenses of the variable property. If the declarant fails to pay any expenses of any variable property designated as nonwithdrawable variable property, the board of directors may elect to pay the expenses and assess the unit owners as a common expense. All costs incurred may be charged to the declarant.

(B) Ownership or occupancy of variable property shall not confer any right to use the common elements of the condominium.

(C) Ownership or occupancy of units shall not confer any right to use variable property.

(D) Variable property shall not be subject to assessments for expenses of the condominium.

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Cite this article: FindLaw.com - Oregon Revised Statutes Property Rights and Transactions § 100.150 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-10-property-rights-and-transactions/or-rev-st-sect-100-150/

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