§ 250.50. Purchase rights.

(a) For sixty (60) days after delivery of the notice of conversion described in section 250.40 hereof, the holder of the lessee's interest created by the declarant or the declarant's predecessor shall have an option to purchase the leased unit on the terms set forth in the purchase agreement attached to the notice. If such holder fails to exercise the option during that sixty-day period, the declarant may not offer to dispose of an interest in that unit during the following one hundred eighty (180) days at a price or on terms more favorable to the offeree than the price or terms offered to such holder. This subsection does not apply to any unit in a conversion condominium if that unit will be restricted exclusively to nonresidential use or if the boundaries of the converted unit do not substantially conform to the dimensions of the residential unit before conversion.

(b)

If a declarant, in violation of this section, conveys a unit to a purchaser for value who has no knowledge of the violation, delivery of the deed conveying the unit extinguishes any right which a lessee not in possession may have under this section to purchase that unit, but does not affect the right of such lessee to recover damages from the declarant for a violation of this section.

(c)

Nothing in this section permits termination of a lease by a declarant in violation of its terms. The rights conferred by this section are subject to any purchase agreement or other contract existing prior to November 3, 1979. (79-Or-209, § 1, 10-26-79; Pet. No. 252271, § 47, 5-11-90)