Fountains Condominium Park

Key facts from Fountains Condominium Park's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (recitals: "establish a plan of condomini)

Legal name

The Fountains Condominium Park

Developer / declarant

THE FOUNTAINS LLC

Governing law

Unit Ownership Estate Act, 60 O.S. § 501 et. seq. (page 1 recitals)

Assessments & dues

COA has power to levy assessments for common expenses; assessments may be monthly, quarterly, yearly, or individual basis (Paragraph 9(C) page 4; Bylaws Article VI)

Special assessments

Allowed; COA may issue assessments on an individual basis (Paragraph 9(C) page 4: "COA may issue As)

Collections & liens

Assessments constitute a lien on the unit, paramount and superior except first mortgage liens for purchase money; COA may foreclose like a mortgage (Paragraph 9(C) and (D) pages 4-6)

Reserves & fees

Lesser of $25.00 or 1% (whichever is greater) (Paragraph 9(F) page 5: "lesser of $25.00)

Insurance

General commercial public liability policy with limits not less than $1,000,000 per occurrence and $500,000 property damage; full replacement value casualty insurance (Paragraph 10 (page 9), Paragraph 10(E) ()

Use restrictions

Prohibited: noxious or offensive activity or trade, anything that may be a nuisance or annoyance (Paragraph 10(H) page 8)

Voting & meetings

Each Unit votes percentage equal to its Common Area Share; Retail 49%, Commercial 51% (page 3-4 paragraph 4; Exhibit D)

Amendments

Declaration: after 20 years, can be amended by instrument signed by Unit owners of at least 75% of voting rights; Declarant may amend unilaterally while owning an interest to add property or subdivide, but cannot increase Common Area Share (Paragraph 12 page 10; Bylaws Article XII)

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