(a) Any property designated nonwithdrawable variable property becomes part of the common elements and any interest in the property held for security purposes is automatically extinguished by reclassification.
(b) Any property designated withdrawable variable property is automatically withdrawn from the condominium as of the termination date.
(c) Subject to paragraph (d) of this subsection, the association may record in the office of the recording officer in the county in which the condominium is located:
(A) For property reclassified under paragraph (a) of this subsection, a "Statement of Reclassification of Variable Property" stating that the remaining nonwithdrawable variable property has been reclassified to common elements pursuant to paragraph (a) of this subsection.
(B) For property withdrawn under paragraph (b) of this subsection, a "Statement of Withdrawal of Variable Property from Condominium" stating that remaining withdrawable variable property has been withdrawn from the condominium pursuant to paragraph (b) of this subsection.
(d) A statement described in paragraph (c) of this subsection must:
(A) Include the name of the condominium, a reference to the recording index numbers and date of recording of the declaration, the plat creating the affected variable property and any applicable supplemental declaration.
(B) Include a description of the reclassified or withdrawn variable property complying with ORS 93.600.
(C) Be executed by the association and acknowledged.
(e) After recording a statement under paragraph (c) of this subsection, the association shall provide a copy of the recorded statement to the county surveyor. The original plat may not be changed or corrected after it is recorded with the county clerk.
(2)(a) Unless expressly prohibited by the declaration, any variable property automatically withdrawn from the condominium under subsection (1)(b) of this section or voluntarily withdrawn under ORS 100.150 (1)(b) may be later annexed to the condominium by the recording of a supplemental declaration and plat in accordance with ORS 100.120 (3) if such action is first approved by at least 75 percent of all voting rights in the manner required for an amendment to the declaration.
(b) The supplemental declaration and plat shall be executed by the association and acknowledged. Except for the termination date, the supplemental declaration must comply with ORS 100.120 (1) and (2) and must state that the annexation was approved by at least 75 percent of all voting rights.
(3)(a) Unless expressly prohibited by the declaration and notwithstanding the termination date, the association may, with respect to any variable property automatically reclassified, exercise any rights previously held by the declarant. The exercise of any right must first be approved by at least a majority of all voting rights. All other actions relating to such reclassified general common elements are regulated and governed in like manner as other general common elements of the condominium.
(b) If a supplemental declaration and plat is required for any action, the plat must be executed by the association and must comply with the requirements of this chapter as to a supplemental declaration and the recording of plats.
(4) Title to any additional units created under subsection (3) of this section automatically vests in the association upon the recording of a supplemental declaration and plat. The board of directors acting on behalf of the association has the power to hold, convey, lease, encumber or otherwise deal with a unit or any interest therein in like manner as other property owned by the association.
(5) The county clerk may charge a fee for recording a statement under this section according to provisions of ORS 205.320 (1)(d).
(6) The county assessor shall cause the assessment and tax rolls to reflect the status of any variable property affected by automatic property reclassification under subsection (1)(a) of this section or automatically withdrawn under subsection (1)(b) of this section. [Formerly 94.022; 2001 c.756 §33; 2009 c.641 §22; 2015 c.27 §9; 2019 c.69 §40]