(1) A developer may not transfer the developer’s interest in accommodations or facilities of a timeshare plan unless the transferee, as to each owner whose interest is involved in the transfer, agrees to:

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(a) Honor the right of each owner to occupy and use the accommodations and facilities;

(b) Honor the right of a purchaser to cancel a contract and receive an appropriate refund, as provided in ORS § 94.836;

(c) Comply with ORS § 94.803 and 94.807 to 94.945 as long as the transferee continues to sell the timeshare plan, or as long as the owner is entitled to occupy the accommodations or use the facilities; and

(d) Assume all of the developer’s obligations to the owners under the timeshare instrument.

(2) Within 30 days after the transfer of the developer’s interest, notice of the transfer shall be mailed to each owner.

(3) A person holding a blanket encumbrance on the property constituting timeshare property is not a transferee for purposes of this section, if the person has executed and recorded a nondisturbance agreement in accordance with ORS § 94.885. [1983 c.530 § 17]

[Repealed by 1971 c.478 § 1]

(Association of Owners; Management)