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 (Property submitted to unit ownership by declaration). [Formerly 94.190; 2001 c.756 §45]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information