Friday, December 18, 2009
Thursday, December 17, 2009
Wednesday, December 16, 2009
Or. Rev. Stat. §§ 90.760, 90.800, 90.8010, 90.815, 90.820, 316.791
When is notice required? The owner of the community must provide written notice when all or any portion of the community is subject to a listing agreement, and also within ten days of receipt of an offer that the owner intends to consider.
When must the owner provide the notice? The owner must notify the tenants’ association or facility purchase association (a group of three or more tenants who reside in a community and have organized for the purpose of eventual purchase of the community) within 10 days of any written offer he receives to purchase the facility, which he intends to consider; or any listing agreement entered into to sell the community. Notice must be mailed.
To Whom? The owner must provide written notice to no more than three people or addresses within the tenants’ association and the facility purchase association.
Will notice be provided automatically? No. The tenants’ association (or a facility purchase association) must give written notice to the owner requesting notice if all or a portion of the community is put up for sale. The statute can be interpreted, however, to require the owner to give the tenant association or facility purchase association notice of an offer to purchase the community even if the association has not sent this notice to the owner.
Do residents have a right of first refusal? No. They are entitled to notice. Within 14 days of delivery of the notice, the tenants’ or facility purchase association must notify the community owner that it is interested in purchasing the community. The owner is then obligated to negotiate with the tenants’ or facility purchase association in good faith and provide the association with the same opportunity that a bona fide third party would have to purchase the community.
Any exceptions to the requirements? Yes, notice is not required for any sale or transfer to: (1) the owner’s heirs; (2) by gift, devise or operation of law; (3) by a corporation to an affiliate; (4) by a partnership to a partner; (5) conveyance of interest incidental to financing; (6) any conveyance resulting from foreclosure of the mortgage or deed of trust; (7) between or among joint tenants or tenants in common; (8) exchange of the community for other real estate; and (9) under eminent domain.
Is there a tax incentive? Yes. Proceeds from the sale of a community to a tenants’ or facility purchase association, a tenants’ association supported nonprofit, a CDC, or a housing authority are exempt from taxation. This is a temporary provision, originally applying to tax years 2006 and 2007, but extended in 2007 to apply to tax years beginning 2006 through 2013.
Penalty: None specified
another interesting link regarding financing of a park....http://www.oregon.gov/OHCS/HFS_Mobile_Home_Parks_Purchase_Program.shtml
Tuesday, December 15, 2009
Art Beat |
Weekly Poem: 'From Here to There' | Online NewsHour | PBS: "There are those great winds on a tear
Over the Great Plains,
Bending the grasses all the way
Down to the roots
And the grasses revealing
A gracefulness in the wind's fury
You would not otherwise
Have suspected there."