(2) If any timeshare is owned by two or more persons as tenants in common, as tenants by the entirety or as tenants with rights of survivorship, nothing in this section shall prohibit the judicial sale of the timeshare in lieu of partition as between the cotenants.
(3) A court of competent jurisdiction, on petition of the developer of a timeshare plan or the developer’s successor in interest, may grant a waiver of the prohibition against partition under subsection (1) of this section, if the court is satisfied that:
(a) The developer retains at least 50 percent of the timeshares created in the timeshare plan;
(b) The timeshare plan has failed and the continuation of the use of timeshare property by timeshare owners is no longer possible in the manner prescribed by the timeshare instruments;
(c) It is in the best interest of timeshare owners to terminate the timeshare plan and that no reasonable alternative to partition of the timeshare property exists;
(d) The petition has not been brought by the developer to avoid the developer’s responsibilities under the timeshare instrument without good cause; and
(e) The holder of each blanket encumbrance consents to the proceeding under this section.
(4) Except as otherwise provided in subsection (5) of this section, upon a court declaration of timeshare plan failure under subsection (3) of this section, the court shall proceed to partition the timeshare property as otherwise provided by law.
(5) In the event of a court-ordered sale in connection with partition, proceeds of the sale shall be applied in the following order:
(a) Costs described in ORS 105.285 (1) and (2);
(b) Repayment to owners except the developer of down payments and payments of principal and interest paid by such owners for their timeshares less the value, as determined by the court, of the owners’ use of their timeshares;
(c) Payments to satisfy and discharge the remaining timeshare purchase money obligations of all owners except the developer. If the developer or an entity closely related to the developer holds the beneficial interest in any of such purchase money obligations, funds shall first be applied to discharge the purchase money obligations held by other holders, and then to the credit of the developer and its related entity for purchase money obligations held by the developer or such entity. Funds paid to the developer or the related entity’s credit shall be held by the court as proceeds available to lienholders and other claimants in such partition. If there are insufficient funds to fully discharge purchase money obligations of all owners except the developer, the balance of unsatisfied purchase money obligations of all owners except the developer shall be discharged by judgment of the court; and
(d) As otherwise provided by law. [1983 c.530 §6; 2003 c.576 §356]
Structure 2021 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 094 - Real Property Development
Section 94.504 - Development agreements; contents; duration; effect on affordable housing covenants.
Section 94.508 - Approval by governing body; findings; adoption.
Section 94.513 - Procedures on consideration and approval.
Section 94.518 - Application of local government law and policies to agreement.
Section 94.522 - Amendment or cancellation of agreement; enforceability.
Section 94.531 - Severable development interest in real property; transferable development credit.
Section 94.534 - Policy on transferable development credit systems.
Section 94.536 - Definitions for ORS 94.536 and 94.538.
Section 94.538 - Transferable development credit systems.
Section 94.550 - Definitions for ORS 94.550 to 94.783.
Section 94.560 - Legislative findings.
Section 94.570 - Applicability of ORS 94.550 to 94.783.
Section 94.580 - Declaration; recordation; contents.
Section 94.590 - Amendment of declaration by owners.
Section 94.600 - Declarant control of association.
Section 94.604 - Transitional advisory committee.
Section 94.609 - Notice of meeting to turn over administrative responsibility.
Section 94.616 - Turnover meeting; transfer of administration; receivership.
Section 94.622 - Obligations and liabilities arising from transfer of special declarant rights.
Section 94.623 - Acquisition of special declarant rights by successor declarant; exceptions.
Section 94.626 - Corporate dissolution of association.
Section 94.630 - Powers of association.
Section 94.635 - Association bylaws.
Section 94.639 - Criteria for board of directors membership.
Section 94.640 - Association board of directors; powers and duties; removal of director.
Section 94.641 - Assent of director to board action.
Section 94.644 - Meetings of board of directors; notice; executive sessions.
Section 94.645 - Adoption of annual budget.
Section 94.650 - Meetings of lot owners; notice.
Section 94.652 - Electronic notice to owner or director.
Section 94.655 - Quorum for association meetings.
Section 94.657 - Rules of order.
Section 94.658 - Voting or granting consent.
Section 94.660 - Method of voting or consenting.
Section 94.661 - Electronic ballot.
Section 94.665 - Authority of association to sell, transfer, convey or encumber common property.
Section 94.667 - Recording association information with county clerk.
Section 94.671 - Application of ORS 94.670 (5).
Section 94.673 - When compliance with specified provisions of ORS 94.640 and 94.670 required.
Section 94.675 - Insurance for common property; fidelity bond coverage.
Section 94.676 - Insurance deductible for certain planned communities.
Section 94.680 - Blanket all-risk insurance.
Section 94.685 - Specification of insurance for individual lots.
Section 94.704 - Assessment and payment of common expenses.
Section 94.728 - Taxation of lots and common property.
Section 94.761 - Legislative findings regarding electric vehicle charging stations.
Section 94.762 - Electric vehicle charging stations.
Section 94.763 - Association use of pesticides on lots; notice to owners; owner opt out.
Section 94.764 - Changes or actions that require approval or consent of mortgagee.
Section 94.775 - Judicial partition of lots.
Section 94.776 - Development and division of lots; allocations for newly created lots.
Section 94.778 - Prohibition against installation of solar panels void and unenforceable.
Section 94.803 - Definitions for ORS 94.803 and 94.807 to 94.945.
Section 94.806 - Legislative finding.
Section 94.808 - Managing entity as taxpayer.
Section 94.809 - Valuation of timeshare property; exclusions from value.
Section 94.813 - Character of timeshare estates.
Section 94.816 - Partition prohibited; exception.
Section 94.818 - Recording of timeshare instrument; payments required.
Section 94.821 - Content of timeshare instrument.
Section 94.823 - Notice of intent to sell timeshares; form and content; rules.
Section 94.826 - Information on exchange program; content; rules.
Section 94.828 - Public report on plan.
Section 94.829 - Sale not allowed before issuance of public report; distribution and uses of report.
Section 94.831 - Filing fees; inspection advance payment; disposition of moneys.
Section 94.833 - Sale of timeshare plan located out-of-state.
Section 94.836 - Cancellation of purchase within five days.
Section 94.839 - Notice of cancellation right.
Section 94.843 - Limits on developer right to transfer.
Section 94.846 - Designation of managing entity; duties and powers of entity.
Section 94.848 - How managing entity of developer terminated.
Section 94.853 - Payment of common expenses.
Section 94.858 - Owners’ association; powers and duties.
Section 94.863 - Developer’s duty to managing entity.
Section 94.867 - Judicial declaration of failure in management.
Section 94.869 - Insurance coverage.
Section 94.871 - When purchase money agreement prohibited; escrow requirements.
Section 94.873 - Escrow account; closing; release.
Section 94.876 - Requirements for closing escrow.
Section 94.878 - Duties of escrow agent.
Section 94.881 - Who may serve as escrow agent.
Section 94.885 - Rights of lienholder.
Section 94.890 - Lien payment trust; payments; delinquencies.
Section 94.895 - Trust irrevocable without alternative arrangement.
Section 94.900 - Alternative to lien payment trust.
Section 94.915 - Inspection of records; rules; uniform standards.
Section 94.920 - Consent to service by out-of-state developer.
Section 94.925 - Civil penalty.
Section 94.930 - Commissioner order; injunctive relief.
Section 94.940 - False practices prohibited.
Section 94.953 - Definitions for ORS 94.953 to 94.989.
Section 94.959 - Application for registration.
Section 94.962 - Exemptions from registration.
Section 94.965 - Effective date of registration.
Section 94.968 - Denial, suspension and revocation of registration; other sanctions.
Section 94.974 - Written disclosures required; procedures; inspection of records.
Section 94.975 - False practices prohibited.
Section 94.976 - Advertising regulation.
Section 94.977 - Registration as salesperson or broker.
Section 94.980 - Application for registration; fee.
Section 94.983 - Cancellation of contract by purchaser; notice of right to cancel.
Section 94.986 - Requirements for sale of membership camping contract; nondisturbance agreements.
Section 94.987 - Judicial declaration of failure in management.