(a) Subject to ORS 100.605, the condominium may be terminated if all of the unit owners remove the property from the provisions of this chapter by executing and recording an instrument to that effect and the holders of all liens affecting the units consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the undivided interest of the unit owner in the property after the termination. The instrument shall state the interest of each unit owner and lienholder as determined under ORS 100.610.
(b) The recording of an instrument of termination shall vacate the plat but shall not vacate or terminate any recorded covenants, restrictions, easements or other interests not imposed under the declaration or bylaws or any easement granted by the plat unless the instrument of termination otherwise provides.
(c) Before the instrument of termination may be recorded, it must be signed by the county assessor for the purpose of acknowledging that the county assessor has been notified of the proposed termination.
(d) The person offering the instrument of termination for recording shall cause a copy of the recorded instrument, including the recording information, to be filed with the commissioner, the county assessor and the county surveyor. Upon receipt of the instrument of termination, the county surveyor may make appropriate annotations on the surveyor's copy of the plat and any copies filed under ORS 92.120. Corrections or changes are not allowed on the original plat once it is recorded with the county clerk.
(e) Failure to file the copies as required under paragraph (d) of this subsection does not invalidate the termination.
(2) A portion of the property may be removed from the provisions of this chapter by recording simultaneously with the recording officer an amendment to the declaration and an amended plat approved as required under ORS 100.110, 100.116 and 100.135. The amendment to the declaration shall:
(a) Include a metes and bounds legal description of the property being removed;
(b) Include a metes and bounds legal description of the resulting boundaries of the condominium after the removal;
(c) State the interest of each owner in the property being removed;
(d) State the allocation of interest of each unit in the common elements after the removal;
(e) Be approved and executed by the owner of any unit being removed and the owner of any unit to which a limited common element being removed pertains and acknowledged in the manner provided for acknowledgment of deeds;
(f) Be approved by the holder of any first mortgage on a unit or limited common element being removed;
(g) Be approved by at least 90 percent of owners, including any owner whose approval is required under paragraph (e) of this subsection;
(h) Be approved by any other mortgagees whose approval is required under the declaration or bylaws;
(i) Include any other approvals required by the declaration or bylaws; and
(j) Include a statement by the local governing body or appropriate department thereof that the removal will not violate any applicable planning or zoning regulation or ordinance. The statement may be attached as an exhibit to the amendment.
(3) The amended plat required under subsection (2) of this section must:
(a) Comply with ORS 100.116;
(b) Include a "Statement of Removal" that the property described on the amended plat is removed from the condominium and that the condominium exists as described and depicted on the amended plat. The statement must be made and executed by the association and acknowledged ; and
(c) Include such signatures of approval as may be required by local ordinance or regulation.
(4) The tax collector for any taxing unit having a lien for taxes or assessments may consent to such a transfer of any tax or assessment lien under subsection (1) of this section or the removal of a portion of the property under subsection (2) of this section.
Amended by 2019 Ch. 69,§ 32, eff. 1/1/2020.
Formerly 94.295; 1991 c.763 §29; 1997 c.816 §12; 1999 c.710 §8; 2001 c.756 §62; 2005 c. 22, § 78; 2009 c. 641, § 35