- • uses and restrictions
(1) If by the termination date specified in the declaration there is any remaining variable property:
(a) Any property designated nonwithdrawable variable property shall become part of the common elements and any interest in such property held for security purposes shall be automatically extinguished by reclassification.
(b) Any property designated withdrawable variable property shall be automatically withdrawn from the condominium as of the termination date.
(c) Subject to paragraph (d) of this subsection, the association may record in the office of the recording officer in the county in which the condominium is located:
(A) For property reclassified under paragraph (a) of this subsection, a "Statement of Reclassification of Variable Property" stating that the remaining nonwithdrawable variable property has been reclassified to common elements pursuant to paragraph (a) of this subsection.
(B) For property withdrawn under paragraph (b) of this subsection, a "Statement of Withdrawal of Variable Property from Condominium" stating that remaining withdrawable variable property has been withdrawn from the condominium pursuant to paragraph (b) of this subsection.
(d) A statement described in paragraph (c) of this subsection shall:
(A) Include the name of the condominium, a reference to the recording index numbers and date of recording of the declaration, the plat creating the affected variable property and any applicable supplemental declaration.
(B) Include a description of the reclassified or withdrawn variable property complying with ORS 93.600 (Description of real property for purposes of recordation).
(C) Be executed by the chairperson and secretary of the association and acknowledged in the manner provided for acknowledgment of deeds.
(e) After recording a statement under paragraph (c) of this subsection, the association shall provide a copy of the recorded statement to the county surveyor. Upon receipt of the copy or other notification, the county surveyor shall, upon the surveyor’s copy of all previously recorded plats relating to the condominium and any copies of the plat filed under ORS 92.120 (Recording plats) (3), make appropriate marks and notations, including the date and the surveyor’s name or initials, with archival quality black ink in a manner that denotes the reclassification or withdrawal. The recording index numbers and date of recording of the statement shall also be referenced on the copy of each plat. The original plat may not be changed or corrected after it is recorded with the county clerk.
(2)(a) Unless expressly prohibited by the declaration, any variable property automatically withdrawn from the condominium under subsection (1)(b) of this section or voluntarily withdrawn under ORS 100.150 (Declarant's options until termination date) (1)(b) may be later annexed to the condominium by the recording of a supplemental declaration and plat in accordance with ORS 100.120 (Supplemental declaration and plat required to annex additional property or reclassify variable property) (2) if such action is first approved by at least 75 percent of all voting rights in the manner required for an amendment to the declaration.
(b) The supplemental declaration and plat shall be executed by the chairperson and secretary on behalf of the association and acknowledged in the manner provided for acknowledgment of deeds by such officers. Except for the termination date, the supplemental declaration shall comply with ORS 100.120 (Supplemental declaration and plat required to annex additional property or reclassify variable property) (1) and shall state that the annexation was approved by at least 75 percent of all voting rights.
(3)(a) Unless expressly prohibited by the declaration and notwithstanding the termination date, the association may, with respect to any variable property automatically reclassified, exercise any rights previously held by the declarant. The exercise of any right shall first be approved by at least a majority of all voting rights. All other actions relating to such reclassified general common elements shall be regulated and governed in like manner as other general common elements of the condominium.
(b) If a supplemental declaration and plat is required for any action, the plat shall be executed by the chairperson and secretary of the association and shall comply with the requirements of this chapter as to a supplemental declaration and the recording of plats.
(4) Title to any additional units created under subsection (3) of this section shall automatically be vested in the association upon the recording of a supplemental declaration and plat. The board of directors acting on behalf of the association shall have the power to hold, convey, lease, encumber or otherwise deal with a unit or any interest therein in like manner as other property owned by the association.
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