Ortners Fairdale 2nd

Key facts from Ortners Fairdale 2nd's documents

Community type

Condominium (Unit Ownership Estate) (Title; Recitals; Section 1(E))

Legal name

Phillips Condominiums Owners' Association

Developer / declarant

Billy Jim Phillips and Frances Ione Phillips, husband and wife; Mary E. Bentley and John W. Bentley, husband and wife (Page 1, "WHEREAS, Billy Jim Phillips and)

Governing law

Oklahoma Unit Ownership Estate Act (Recitals; Section 31(D))

Assessments & dues

Board of Directors estimates annual common expenses in advance for each calendar year and sets assessments; adjustments may be made during year (Declaration Section 17(C))

Special assessments

Possible; requires majority assent of all owners with at least 10 days' notice of meeting (Declaration Section 17(D))

Collections & liens

Unpaid assessments constitute a lien on the unit; Association may foreclose like a mortgage; may purchase unit at foreclosure sale (Declaration Section 19)

Reserves & fees

Reserve for replacements and sinking funds are part of Association's budget (By-laws Article V, Section 2)

Leasing & rentals

Yes, for not less than thirty (30) days; Declarant has right to rent until initial transfer (Declaration Section 8)

Architectural approval

Yes, for any exterior alteration, fence, wall, or improvement; complete plans must be submitted to Architectural Control Committee for approval (By-laws Article XIII, Section 4(a))

Insurance

Blanket fire, extended coverage, vandalism, malicious mischief insurance on all units and common elements in amount at least 100% of insurable value (replacement cost); public liability insurance with initial limits of $300,000 (later $500, (Declaration Section 22(A))

Use restrictions

Units shall be used and occupied only for single family residence purposes by owner's family or guests (Declaration Section 8)

Voting & meetings

Each owner has voting rights based on undivided interest; voting may not be split (By-laws Article II, Sections 1-2; Declar)

Amendments

Requires unanimous consent of all owners and holders of recorded mortgages; Special Amendments by Declarant allowed to meet government requirements without owner consent (Declaration Sections 16, 31(J))

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