Olde Towne to Mwc

Key facts from Olde Towne to Mwc's documents

Reflects the 1981 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Olde Towne Addition

Units / lots

94 dwelling units (maximum) (Article II Section 1: 'total extent shal)

Developer / declarant

Olde Towne Development Co., Ltd. (Preamble)

Governing law

60 O.S. 1971 (Oklahoma Statutes Title 60) (Preamble, referencing pursuant to statut)

Assessments & dues

Board adjusts annual assessment during last month of fiscal year; provided adjustment cannot be made more than twice in any fiscal year (Article VIII Section 5(f): 'adjusted onl)

Special assessments

Requires assent of two-thirds of voting rights (both Class A and B) and mortgagees; written notice 15-30 days in advance (Article VIII Section 5: 'Special Assessm)

Collections & liens

Association has a lien against the dwelling unit for unpaid assessments; recorded upon notice; forecloses like mortgage; subordinate to first mortgage; lien includes all rents and profits; after foreclosure owner must pay rent to Associatio (Article VIII Section 8: 'lien is hereby )

Reserves & fees

Adequate reserve fund for maintenance and repair of elements that must be replaced periodically (Article VIII Section 3: 'including an ad)

Pets

Yes, domestic animals only (dogs, cats, household pets); not kept for commercial breeding; must be leashed on Common Areas; subject to governmental ordinances (Article V Section 8: 'dogs, cats, or hou)

Leasing & rentals

Yes, but only entire dwelling unit, for residential use, and lease must be in writing and subject to Declaration and Rules (Article IV Section 3: 'leases shall be i)

Parking & vehicles

Not specifically mentioned; however recreational vehicles, trucks, buses, motor homes, etc. prohibited except in approved storage area (Article V Section 12: 'No commercial veh)

Fences

All fencing shall be maintained by Association for both Common Areas and owner lots; no fence may be erected on any lot without Association approval (Article V Section 16: 'All fencing shall)

Architectural approval

Yes, for any structure or alteration (including exterior changes, interior structural changes); plans must be submitted to Architectural Control Committee (Article VI Section 1: 'No residence, bui)

Home business

Not explicitly allowed; residential use only, but incidental services mentioned (Article V Section 1: 'incidental to resi)

Setbacks / home size

Zero lot lines permissible provided a distance of ten (10) feet exists between buildings (Article IV Section 6: 'Zero Lot Line sha)

Insurance

Each owner must obtain fire and extended coverage to full replacement value on his building; policy cannot be cancelled except on 10 days notice to Association; if owner fails, Association may obtain and charge as special assessment (Article X Section 6: 'Each owner... shal)

Use restrictions

Properties shall be used only for single family residential purposes and for incidental services; Declarant may also use for sales purposes (Article V Section 1: 'use; residential')

Voting & meetings

Class A members (owners) have one vote per lot; Class B members (Declarant) have three votes per lot owned until conversion (Article VII Section 3: 'Class A members.)

Amendments

During first 20 years: approval of 90% of lot owners; thereafter: approval of 75% of lot owners; any amendment must be recorded; certain amendments require prior written approval of all first mortgagees (Article XIV Sections 1 and 2)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.