94.723 Common expenses; liability of first mortgagee
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/or/ors-chapter-94/real-property-development/warning/94-723·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
94.723 Common expenses; liability of first mortgagee. If a first mortgagee acquires a lot in a planned community by foreclosure or deed in lieu of foreclosure, the mortgagee and subsequent purchaser shall not be liable for any of the common expenses chargeable to the lot which became due before the mortgagee or purchaser acquired title to the lot. The unpaid expenses shall become a common expense of all lot owners including the mortgagee or purchaser. [1981 c.782 §46; 1999 c.677 §27]