Exemption to certain disclosure and notice requirements
A vendor under a land sale contract, a mortgagee of a mortgage or a beneficiary of a trust deed who becomes a developer by reason of acquiring a unit or units in a condominium through foreclosure of its lien or acceptance of a deed in lieu thereof, is not required to submit a filing to the Real Estate Commissioner under ORS 100.635 (Filing with commissioner), or to distribute a disclosure statement under ORS 100.705 (Sale prohibited prior to issuance of disclosure statement) or provide the notice to purchaser required under ORS 100.740 (Notice to purchaser of cancellation rights) if the vendor, mortgagee or beneficiary sells, in a single sale, all of the units so acquired to a developer who agrees to comply with the provisions of ORS 100.635 (Filing with commissioner) and 100.705 (Sale prohibited prior to issuance of disclosure statement) before negotiating a sale of the unit or units to others. [1989 c.595 §46]
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