Oregon Revised Statutes Property Rights and Transactions § 100.465

(1) Written notice has been given to the association, addressed to the individual authorized to accept service of process sent by first class mail, return receipt requested, notifying the association of the mortgagee or beneficiary's intent to accept a deed in lieu of foreclosure and stating that the lien of the association may be extinguished in the circumstances specified in this section; and

(2) The deed in lieu of foreclosure is recorded not later than 30 days after the date the notice is mailed to the association.