Common ownership of property removed from unit ownership
- • valuation
- • liens
(1) If the property is removed from the provisions of this chapter, as provided by ORS 100.600 (Termination of association or removal of real property by unit owners) (1) and 100.605 (Removal of property from association), the property shall be considered owned in common by all the unit owners. The respective interest of a unit owner shall be the total of the fair market value of the unit of the unit owner and common element interest appertaining to such unit immediately before termination of the condominium. The proportion of any unit owners interest to that of all unit owners is determined by dividing the fair market value of that unit owners unit and common element interest by the total fair market values of all units and common element interests. The fair market value of each unit and common element interest appertaining to such unit shall be determined by:
(a) Agreement of all of the unit owners; or
(b) An independent appraiser selected by the board of directors of the association. The decision of the appraiser shall be distributed to the unit owners and shall become final unless within 15 days after the distribution, the board of directors receives written objection from at least 25 percent of the unit owners. In such event, a new appraiser shall be selected by the presiding judge for the judicial district in which the property is located. Such appraisers decision shall be final.
(2) All costs and expenses incurred under subsection (1) of this section shall be common expenses.
(3) In the event any part of the property has been damaged or destroyed, the appraiser may use any available data and information pertaining to the condominium including, but not limited to, building plans, prior appraisals and information on file with governmental authorities.
(4) Liens affecting any unit shall be liens, in accordance with the then existing priorities, against the undivided interest of the unit owner in the property owned in common.
(5) If a portion of the property is removed from the provisions of this chapter, as provided by ORS 100.600 (Termination of association or removal of real property by unit owners) (2), the respective interest of each unit owner and lienholder in the property removed and the remaining condominium shall be as stated in the amendment to the declaration in accordance with ORS 100.600 (Termination of association or removal of real property by unit owners) (2)(c) and (d). [Formerly 94.306; 1995 c.781 §37]
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