Oregon Statutes 458.430 – Authority of state to lease property not owned by state
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(1) The authority to lease property granted by ORS § 458.420 includes authority to lease property not owned or controlled by the state at the time of entering the lease. Such lease shall be conditioned upon the subsequent acquisition of the interest covered by the lease.
Terms Used In Oregon Statutes 458.430
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Any lease of state real property to be used for the purposes of ORS § 458.405 to 458.460 exceeding five years shall be approved in advance by the Oregon Department of Administrative Services. [1989 c.440 § 6]