Leases

ORS 72A.4060
Procedure on excused performance


(1)

If the lessee receives notification of a material or indefinite delay or an allocation justified under ORS 72A.4050 (Excused performance), the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired as provided under ORS 72A.5100 (Installment lease contracts):

(a)

Terminate the lease contract under ORS 72A.5050 (Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies); or

(b)

Except in a finance lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.

(2)

If, after receipt of a notification from the lessor under ORS 72A.4050 (Excused performance), the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected. [1989 c.676 §46]

Source

Last accessed
Jun. 26, 2021