Oregon Statutes 94.821 – Content of timeshare instrument
A timeshare instrument shall include:
Terms Used In Oregon Statutes 94.821
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) A legal description of the timeshare property;
(2) The name or other identification of the project;
(3) Identification of timeshare periods by letter, name, number or a combination of letters, names and numbers and a description of the timeshare;
(4) Identification of the accommodations;
(5) The method for determining the owner’s liability for common expenses and real property taxes;
(6) The method for notice and appeal of property tax values;
(7) If additional accommodations may become part of the timeshare property or existing accommodations may be deleted from the timeshare property, the method for adding them to or deleting them from the property and the formula for allocation and reallocation of the liabilities for common expenses and of voting rights;
(8) Any restrictions on the use, occupancy or alteration of a timeshare accommodation and any specified procedure or method for amending existing rules or adopting additional rules and regulations;
(9) Any restriction on the alienation of a timeshare;
(10) The ownership interest of the owner in personal property and provisions for care and replacement of personal property;
(11) If the instrument creates timeshare licenses, the period the accommodations affected are committed to timeshare licenses and provisions for disposition of those accommodations at the end of the period, if the period is not infinite;
(12) Any requirement for or restriction on amending the timeshare instrument;
(13) The nature and duration of the owner’s rights in the timeshare plan, the circumstances under which the timeshare plan could be terminated and the procedure for terminating the timeshare plan;
(14) A description of the form of conveyance or other instrument used by the developer to transfer a timeshare to a purchaser;
(15) The identity of any person that has the power to grant an easement in the timeshare property or otherwise affect the title to the timeshare property;
(16) How and by whom the timeshare plan will be managed, including but not limited to provisions for selecting a replacement or successor managing entity and provisions for continuity of management throughout the duration of the timeshare plan;
(17) A description of the voting rights of a timeshare owner and the developer and other participation rights, if any, of a timeshare owner and the method for determining and allocating the voting rights; and
(18) Provisions for notifying a timeshare owner of any authorized change in the owner’s voting or participation rights. [1983 c.530 § 8; 1987 c.424 § 4]