(1) A developer may not transfer the developerís interest in accommodations or facilities of a timeshare plan unless the transferee, as to each owner whose interest is involved in the transfer, agrees to:
(a) Honor the right of each owner to occupy and use the accommodations and facilities;
(b) Honor the right of a purchaser to cancel a contract and receive an appropriate refund, as provided in ORS 94.836;
(c) Comply with ORS 94.803 and 94.807 to 94.945 as long as the transferee continues to sell the timeshare plan, or as long as the owner is entitled to occupy the accommodations or use the facilities; and
(d) Assume all of the developerís obligations to the owners under the timeshare instrument.
(2) Within 30 days after the transfer of the developerís interest, notice of the transfer shall be mailed to each owner.
(3) A person holding a blanket encumbrance on the property constituting timeshare property is not a transferee for purposes of this section, if the person has executed and recorded a nondisturbance agreement in accordance with ORS 94.885. [1983 c.530 §17]Section: Previous 94.831 94.833 94.835 94.836 94.839 94.840 94.841 94.843 94.845 94.846 94.848 94.850 94.853 94.855 94.856 Next
Last modified: August 7, 2008