Oregon Statutes 35.390 – Effect of failure of condemner to use property as required; price of repurchase; form of offer of repurchase
(1) If a condemner fails to use the real property or any portion thereof acquired under this chapter within the time specified in an agreement entered into under ORS § 35.385 (1) or with the terms of a judgment given under ORS § 35.325 and 35.385 (2), whichever applies, and the prior owner of the real property has not waived the right to repurchase the real property, the condemner shall offer such property or any portion thereof, that has not been used for a public purpose within the specified period, to the prior owner or the beneficiary of the prior owner designated as provided in ORS § 35.400. The condemner shall, at its expense, insure the title to any property or portion thereof conveyed or vested in the owner or beneficiary under any provision of ORS § 35.385 to 35.415, free and clear of any and all encumbrances except those subject to which the condemner originally took such property.
Terms Used In Oregon Statutes 35.390
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Condemner: means the state, any city, county, school district, municipal or public corporation, political subdivision or any instrumentality or any agency thereof or a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Property: means real or personal property or any interest therein of any kind or nature that is subject to condemnation. See Oregon Statutes 35.215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) The prior owner or beneficiary described in subsection (1) of this section may repurchase from the condemner the real property that is subject to the right of repurchase for a price equal to the sum of the compensation and damages paid by the condemner for the real property plus interest at the rate of seven percent per year from the date of the conveyance of the real property by the prior owner to the condemner.
(3) If only a portion of the real property acquired by a condemner is subject to the right of repurchase under ORS § 35.385 to 35.415, the prior owner or beneficiary may acquire such portion for a price equal to the sum of:
(a) The fair cash market value of the portion subject to the right of repurchase, as of the date of the commencement of any action subject to ORS § 35.385;
(b) The damages for diminution in value of the remainder, if any, of the former owner’s property not so acquired, as of the date of the commencement of any action subject to ORS § 35.385; and
(c) Interest at the rate of seven percent per year from the date of the conveyance of the real property by the prior owner to the condemner.
(4) The offer to repurchase only a portion of real property as provided in subsection (1) of this section and ORS § 35.400 (3), shall be in writing and shall include the price for repurchase as determined by the condemner, including an itemization of the components thereof, pursuant to subsection (3) of this section. [1973 c.720 § 3; 2003 c.14 § 19]