Section 94.700 - Duration and termination of initial management agreements and service and employment contracts; exceptions(1) Except as provided in subsection (2) of this section, if entered into prior to the meeting called under ORS 94.609, no management agreement, service contract or employment contract which is directly made by or on behalf of the association, the board of directors or the owners as a group shall be in excess of three years.(2)(a) Subject to paragraph (b) of this subsection, the limitations under subsection (1) of this section do not apply to:(A) Performance-based energy or water efficiency contracts; or(B) Contracts relating to renewable energy facilities or output serving the planned community, including facilities leased to the association.(b) A contract described in paragraph (a) of this subsection: (A) May not have an initial term of more than 20 years; and(B) Must be recorded with the recording officer in each county in which the planned community is located.(c) As used in this subsection, "renewable energy facilities" means facilities generating electricity, heat or cooling by means of:(A) Solar, wind, ocean, hydropower, biomass or geothermal resources; or(B) Biofuels or hydrogen derived from renewable resources.(3) Any contract or agreement subject to subsection (1) of this section and entered into after July 1, 1982, may terminate without penalty to the declarant, the association or the board of directors elected under ORS 94.616 if the board of directors gives not less than 30 days written notice of termination to the other party not later than 60 days after the meeting called under ORS 94.609.1981 c.782 §69; 2009 c. 641, § 14