ORS 94.550Definitions for ORS 94.550 to 94.783

ORS 94.550 Definitions for ORS 94.550 to 94.783 Text Annotations As used in ORS 94.550 (Definitions for ORS 94.550 to 94.783) to 94.783 (When certain administrative provisions apply) : (1) “Assessment” means any charge imposed or levied by a homeowners association on or against an owner or lot pursuant to the provisions of the declaration or the bylaws of the planned community or provisions of ORS 94.550 (Definitions for ORS 94.550 to 94.783) to 94.783 (When certain administrative provisions apply) . (2) “Blanket encumbrance” means a trust deed or mortgage or any other lien or encumbrance, mechanic’s lien or otherwise, securing or evidencing the payment of money and affecting more than one lot in a planned community, or an agreement affecting more than one lot by which the developer holds such planned community under an option, contract to sell or trust agreement. (3) “Class I planned community” means a planned community that: (a) Contains at least 13 lots or in which the declarant has reserved the right to increase the total number of lots beyond 12; and (b) Has an estimated annual assessment, including an amount required for reserves under ORS 94.595 (Reserve account for maintaining, repairing and replacing common property) , exceeding $10,000 for all lots or $100 per lot based on: (A) For a planned community created on or after January 1, 2002, the initial estimated annual assessment, including a constructive assessment based on a subsidy of the association through a contribution of funds, goods or services by the declarant; or (B) For a planned community created before January 1, 2002, a reasonable estimate of the cost of fulfilling existing obligations imposed by the declaration, bylaws or other governing document as of January 1, 2002. (4) “Class II planned community” means a planned community that: (a) Is not a Class I planned community; (b) Contains at least five lots; and (c) Has an estimated annual assessment exceeding $1,000 for all lots based on: (A) For a planned community created on or after January 1, 2002, the initial estimated annual assessment, including a constructive assessment based on a subsidy of the association through a contribution of funds, goods or services by the declarant; or (B) For a planned community created before January 1, 2002, a reasonable estimate of the cost of fulfilling existing obligations imposed by the declaration, bylaws or other governing document as of January 1, 2002. (5) “Class III planned community” means a planned community that is not a Class I or II planned community. (6) “Common expenses” means expenditures made by or financial liabilities incurred by the homeowners association and includes any allocations to the reserve account under ORS 94.595 (Reserve account for maintaining, repairing and replacing common property) . (7) “Common property” means any real property or interest in real property within a planned community which is owned, held or leased by the homeowners association or owned as tenants in common by the lot owners, or designated in the declaration or the plat for transfer …

Showing excerpt. Read full text on official source →