Temporary relocation of floating structure
- • security interests upon termination of condominium
(1) A floating structure described in ORS 100.020 (Condominium provisions) (3)(b)(D) that constitutes part of a condominium may be temporarily relocated for purposes of safety, renovation, repair or remodeling without affecting its status as a condominium or real property. However, if the floating structure is not returned to its original location within 18 months after the relocation, the condominium shall be terminated or, if there are remaining units, partially terminated pursuant to ORS 100.600 (Termination of association or removal of real property by unit owners) and subsection (2) of this section.
(2) If the condominium is terminated, all security interests affecting any interest in the condominium shall continue to be considered a security in real property after the termination, notwithstanding that the floating structure portion of the condominium may be physically moved from its permanent moorage.
(3) When a floating structure has been relocated under subsection (1) of this section, the board of directors of the association shall give written notice of the temporary location of the structure to the county assessor within 10 days of the relocation. [1997 c.816 §18]
Note: 100.140 (Temporary relocation of floating structure) was added to and made a part of ORS chapter 100 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
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