(1) After the master form instrument is recorded pursuant to ORS 93.780, any provisions of such instrument may be incorporated by reference in any mortgage or trust deed of real estate situated within this state, if the reference in the mortgage or trust deed states that:
(a) The master form instrument was recorded in the county in which the mortgage or trust deed is offered for record;
(b) The date when and the book and page or pages where the master form instrument was recorded; and
(c) A copy of the master form instrument was furnished to the party executing the mortgage or trust deed at or before the time of its execution.
(2) The recording of any mortgage or trust deed which has incorporated by reference any provision of a master form instrument recorded as provided in ORS 93.780 has like effect as if the incorporated provisions were set forth fully in the mortgage or trust deed.
(3) In the event any instrument recorded as provided in subsections (1) and (2) of this section should deviate in any respect from a recorded master form, that portion that deviates from the master form shall not be deemed notice to third parties. [1969 c.583 §§3,5]
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