Island Lake

Key facts from Island Lake's documents

Reflects the 1984 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Assessments & dues

Common expenses are incurred with prior approval of the other owner; if unreasonably withheld, the complaining owner may enforce. Each owner is jointly and severally liable for common expenses. (Article II (1): joint and several obliga)

Collections & liens

Unpaid common expenses create a lien on the lot, enforceable by foreclosure in accordance with Oklahoma mortgage foreclosure statutes. Also money judgment may be sought. (Article IV: lien subject to and... may b)

Reserves & fees

Interest at 18% per annum on amounts not timely paid from due date. (Article IV: interest at the rate of eigh)

Architectural approval

No owner may perform work or make changes to the individual dwelling or impair easements without the prior written approval of the owner of the other lot. (Article II (2): without the prior writte)

Maintenance

Common expenses are for maintaining, replacing, or repairing portions of the building used in common. Owners' expenses are for the portion of the building located on their lot not designated as common expenses. (Article II (1) Common Expenses; (2) Owne)

Insurance

Insurance policies are obtained by each owner individually; no master policy mentioned. (Article VI (1) and (4): Each owner shall)

Use restrictions

Each dwelling is designated as a single-family dwelling. (Definition of Dwelling: That portion of )

Amendments

Amendment requires an instrument signed by all owners and properly recorded in Oklahoma County, Oklahoma. (Article X (4))

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