(2) Notwithstanding any other provisions of Oregon law concerning the authority of state agencies to lease real property and facilities, the Oregon Department of Administrative Services acting on behalf of the State of Oregon shall execute a ground lease for all real property and facilities utilized by the university consistent with the provisions of this section.
(3) The ground lease shall not be subject to any termination unless:
(a) The State of Oregon causes all outstanding obligations of the university to be defeased under the terms of any applicable master indenture or financing agreement; and
(b) There are no other conditions placed on the university.
(4) Upon execution of the ground lease, the university shall pay the State of Oregon the sum of $99 in consideration for the ground lease.
(5) The ground lease executed under this section shall supersede the lease entered into between the State of Oregon and the university in December 1995, with respect to the real property and facilities, including but not limited to provisions in the lease relating to or setting forth:
(a) Purported limitations on the authority of public universities listed in ORS 352.002 to bind the State of Oregon;
(b) The term of the lease and the absence of any renewal provisions; and
(c) Any circumstances under which the lease may be terminated.
(6) The university shall manage and maintain all real property and facilities utilized by the university. Real property and facilities of the State of Oregon leased to the university pursuant to this section shall not be sold by the university but may be encumbered by the university. Such real property and facilities shall only be encumbered by the State of Oregon in accordance with state law and in a manner that would not impair the financial condition of the university or the rights of the holders of any obligations of the university issued or incurred under any master indenture or other financing agreement. [1995 c.162 §34; 1999 c.291 §18; 2015 c.767 §165]