to 105.774. Such extinguishment shall occur at the end of the period in

105.770 to 105.774. Such extinguishment shall occur at the end of the period in which the notice or renewal notice may be recorded.

����� (2) Any person owning such possibility of reverter or right of entry may record in the deed records of the county in which the land is situated a notice of intention to preserve such interest. Such notice may be filed for record by any person who is the owner or part owner of such interest, in which case the notice shall be effective as to the person filing the notice and any other person who is a part owner thereof. If any owner or part owner is a minor or financially incapable, as defined in ORS 125.005, the notice may be filed by a conservator appointed pursuant to a protective proceeding under ORS chapter 125.

����� (3) To be effective and to be entitled to record, such notice shall contain an accurate and full description of all land affected by such notice; but if such claim is founded upon a recorded instrument, then the description may be by reference to the recorded instrument. Such notice shall also contain the terms of the special limitation or condition subsequent from which the possibility of reverter or right of entry arises. The notice shall be executed, acknowledged, proved and recorded in each county in which the land is situated in the same manner as a conveyance of real property. In indexing such notices the county clerk shall enter such notices under the grantee indexes of deeds under the names of the persons on whose behalf such notices are executed.

����� (4) An initial notice may be recorded not less than 28 years, nor more than 30 years, after the possibility of reverter or right of entry was created; provided, however, if such possibility of reverter or right of entry was created prior to January 1, 1950, the notice may be recorded within two years after January 1, 1978. A renewal notice may be recorded after the expiration of 28 years and before the expiration of 30 years from the date of recording of the initial notice, and shall be effective for a period of 30 years from the recording of such renewal notice. In like manner, further renewal notices may be recorded after the expiration of 28 years and before the expiration of 30 years from the date of recording of the last renewal notice. [1977 c.723 �2; 1995 c.664 �81]

����� 105.774 Exclusions from application of ORS 105.770 and 105.772. ORS 105.770 to 105.774 shall not apply to conveyances made in favor of:

����� (1) The State of Oregon or any unit of local government as defined in ORS 190.003; or

����� (2) A corporation so long as it remains qualified as a nonprofit corporation pursuant to ORS chapter 65. If a corporation ceases to be so qualified, the conveyance to said corporation shall be treated in the same manner as a conveyance subject to the provisions of ORS 105.772. [1977 c.723 �3]

SUBSTANTIAL DAMAGE FROM FLOODING TO RESIDENTIAL STRUCTURES

����� 105.780 Notice of substantial damage from flooding to residential structures. (1) A local government with land use jurisdiction may present for recordation in the office of the county clerk a notice of designation of substantial damage to a residential structure when the residential structure:

����� (a) Has sustained substantial damage, as defined in an ordinance for the purpose of regulating development in hazard areas, from flooding; and

����� (b) Has not been brought into compliance with ordinances regulating development in hazard areas.

����� (2) A county clerk shall record a notice of designation of substantial damage pursuant to ORS 205.130 (3)(e).

����� (3) If a local government has caused a notice of designation of substantial damage to be recorded under this section, the local government shall present for recordation a notice of remedy of substantial damage that declares void the notice of designation of substantial damage recorded under this section when the structures that were substantially damaged by flooding have been brought into compliance with ordinances regulating development in hazard areas.

����� (4) The county clerk shall record a notice of remedy of substantial damage pursuant to ORS