Terms Used In Oregon Statutes > Chapter 370 - County Road Bonding Act

• Assessment: means any charge imposed or levied by the association of unit owners on or against a unit owner or unit pursuant to provisions of the declaration or the bylaws of the condominium or provisions of this chapter. See Oregon Statutes 100.005
• association: means the association provided for under ORS § 100. See Oregon Statutes 100.005
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Building: means a multiple-unit building or single-unit buildings, or any combination thereof, comprising a part of the property. See Oregon Statutes 100.005
• Commissioner: means the Real Estate Commissioner. See Oregon Statutes 100.005
• Common elements: means the general common elements and the limited common elements. See Oregon Statutes 100.005
• Conversion condominium: means real property that a declarant intends to submit to the condominium form of ownership under this chapter on which there is a building, improvement or structure that was occupied prior to any negotiation and that is:

  (a) Residential in nature, at least in part; and

  (b) Not wholly commercial or industrial, or commercial and industrial, in nature. See Oregon Statutes 100.005

• Declarant: means a person who records a declaration under ORS § 100. See Oregon Statutes 100.005
• Declaration: means the instrument described in ORS § 100. See Oregon Statutes 100.005
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Flexible condominium: means a condominium containing variable property that may be redesignated, reclassified or withdrawn from the condominium pursuant to ORS § 100. See Oregon Statutes 100.005
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Leasehold: means the interest of a person, firm or corporation that is the lessee under a lease from the owner in fee and that files a declaration creating a condominium under ORS § 100. See Oregon Statutes 100.005
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited common elements: means those common elements designated in the declaration, as reserved for the use of a certain unit or number of units, to the exclusion of the other units. See Oregon Statutes 100.005
• Nonwithdrawable variable property: means property which pursuant to ORS § 100. See Oregon Statutes 100.005
• Recorded: means to cause to be recorded by the county officer in the real property records for each county in which the condominium is located. See Oregon Statutes 100.005
• Recording officer: means the county officer charged with the duty of filing and recording deeds and mortgages or any other instruments or documents affecting the title to real property. See Oregon Statutes 100.005
• Service of process: The service of writs or summonses to the appropriate party.
• Staged condominium: means a condominium that provides for annexation of additional property pursuant to ORS § 100. See Oregon Statutes 100.005
• Termination date: means that date described in ORS § 100. See Oregon Statutes 100.005
• Unit designation: means the number, letter or combination thereof designating a unit in the declaration and on the plat. See Oregon Statutes 100.005
• Variable property: means property described in ORS § 100. See Oregon Statutes 100.005
• Voting rights: means the portion of the votes allocated to a unit by the declaration in accordance with ORS § 100. See Oregon Statutes 100.005