California Civil Code. California

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СКАЧАТЬ the recorded instrument, six months after that expiration date.

      (b) If the expiration date of the option is not ascertainable from the recorded instrument or the recorded instrument indicates that the option provides no expiration date, six months after the date the instrument that creates or gives constructive notice of the option is recorded.

      (c) This section shall become operative on January 1, 2013.

      (Repealed (in Sec. 2) and added by Stats. 2011, Ch. 46, Sec. 3. Effective January 1, 2012. Section operative January 1, 2013, by its own provisions.)

      884.020. Upon the expiration of record of an option to purchase real property, the recorded instrument that creates or gives constructive notice of the option ceases to be notice to any person or to put any person on inquiry with respect to the exercise or existence of the option or of any contract, conveyance, or other writing that may have been executed pursuant to the option.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      884.030. (a) Except as otherwise provided in this section, this chapter applies on the operative date to all recorded instruments that create or give constructive notice of options to purchase real property, whether executed or recorded before, on, or after the operative date.

      (b) This chapter shall not cause an option that expires according to its terms within one year before, on, or within one year after the operative date of this chapter to expire of record until one year after the operative date.

      (c) This chapter shall not cause an option that provides no expiration date and that is recorded before the operative date of this chapter to expire of record until five years after the operative date of this chapter.

      (d) Nothing in this chapter affects a recorded instrument that has ceased to be notice to any person or put any person on inquiry with respect to the exercise or existence of an option pursuant to former Section 1213.5 before the operative date of this chapter.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      CHAPTER 5. Powers of Termination [885.010 — 885.070]

      (Chapter 5 added by Stats. 1982, Ch. 1268, Sec. 1.)

      885.010. (a) As used in this chapter:

      (1) “Power of termination” means the power to terminate a fee simple estate in real property to enforce a restriction in the form of a condition subsequent to which the fee simple estate is subject, whether the power is characterized in the instrument that creates or evidences it as a power of termination, right of entry or reentry, right of possession or repossession, reserved power of revocation, or otherwise, and includes a possibility of reverter that is deemed to be and is enforceable as a power of termination pursuant to Section 885.020.

      (2) “Power of termination” includes the power created in a transferee to terminate a fee simple estate in real property to enforce a restriction on the use of the real property in the form of a limitation or condition subsequent to which the fee simple estate is subject, whether the power is characterized in the instrument that creates or evidences it as an executory interest, executory limitation, or otherwise, and includes the interest known at common law as an executory interest preceded by a fee simple determinable.

      (b) A power of termination is an interest in the real property.

      (c) For the purpose of applying this chapter to other statutes relating to powers of termination, the terms “right of reentry,” “right of repossession for breach of condition subsequent,” and comparable terms used in the other statutes mean “power of termination” as defined in this section.

      (Amended by Stats. 1991, Ch. 156, Sec. 15.)

      885.015. This chapter does not apply to any of the following:

      (a) A power of termination conditioned upon the continued production or removal of oil or gas or other minerals.

      (b) A power of termination as to separately owned improvements or fixtures conditioned upon the continued leasehold or possessory interest in the underlying land.

      (Amended by Stats. 1991, Ch. 156, Sec. 16.)

      885.020. Fees simple determinable and possibilities of reverter are abolished. Every estate that would be at common law a fee simple determinable is deemed to be a fee simple subject to a restriction in the form of a condition subsequent. Every interest that would be at common law a possibility of reverter is deemed to be and is enforceable as a power of termination.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      885.030. (a) A power of termination of record expires at the later of the following times:

      (1) Thirty years after the date the instrument reserving, transferring, or otherwise evidencing the power of termination is recorded.

      (2) Thirty years after the date a notice of intent to preserve the power of termination is recorded, if the notice is recorded within the time prescribed in paragraph (1).

      (3) Thirty years after the date an instrument reserving, transferring, or otherwise evidencing the power of termination or a notice of intent to preserve the power of termination is recorded, if the instrument or notice is recorded within 30 years after the date such an instrument or notice was last recorded.

      (b) This section applies notwithstanding any provision to the contrary in the instrument reserving, transferring, or otherwise evidencing the power of termination or in another recorded document unless the instrument or other recorded document provides an earlier expiration date.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      885.040. (a) If a power of termination becomes obsolete, the power expires.

      (b) As used in this section, a power of termination is obsolete if any of the following circumstances applies:

      (1) The restriction to which the fee simple estate is subject is of no actual and substantial benefit to the holder of the power.

      (2) Enforcement of the power would not effectuate the purpose of the restriction to which the fee simple estate is subject.

      (3) It would be otherwise inequitable to enforce the power because of changed conditions or circumstances.

      (c) No power of termination shall expire under this section during the life of the grantor if it arises from a grant by a natural person without consideration to a public entity or to a society, corporation, institution, or association exempt by the laws of this state from taxation.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      885.050. A power of termination shall be exercised only by notice or by civil action and, if the power of termination is of record, the exercise shall be of record. The notice shall be given, and any civil action shall be commenced, within five years after breach of the restriction to which the fee simple estate is subject, or such longer period as may be agreed to by the parties by a waiver or extension recorded before expiration of that period.

      (Added by Stats. 1982, Ch. 1268, Sec. 1.)

      885.060. (a) Expiration of a power of termination pursuant to this chapter makes the power unenforceable and is equivalent for all purposes to a termination of the power of record and a quitclaim of the power СКАЧАТЬ