Memport Landing Condo

Key facts from Memport Landing Condo's documents

Community type

Condominium

Legal name

The Memport Landing Condominiums

Governing law

Oklahoma Unit Ownership Estate Act (Title 60 O.S. 1981, Section 501 et seq.) (Preamble; Art. I §8; Art. I §12)

Assessments & dues

Determined annually by Board. Each Unit pays pro-rata share based on percentage of ownership (Exhibit 'C'). Due first day of each month. If closing not on first day, pro-rated. (Art. XIX §19.1, §19.2)

Special assessments

Board may levy special assessments for capital improvements, construction, reconstruction, etc., provided that majority of all Owners (in person or proxy) assent at a meeting called with written notice. (Art. XIX §19.4)

Collections & liens

Unpaid assessments constitute a lien on the Unit, prior to all other liens except (1) taxes, (2) mortgages recorded prior to assessment date, (3) mechanics' liens for work prior to assessment. Lien attaches from due date; Board may record n (Art. XXI)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for the repair and replacement of Common Elements. (Art. XX 'shall be maintained in an adequ)

Leasing & rentals

Yes, but subject to Declaration and provisions. Units may be rented by Owner after initial sale. Leases must be in writing, subject to covenants. (Art. IX 'Units shall not be rented by th)

Parking & vehicles

Prohibited: 'campers, trailers, motor homes'. (Art. IX §9.7.2)

Home business

Declarant may maintain business models and sales facilities. Other home businesses not explicitly allowed; use must not create objectionable conditions. (Art. IX 'Declarants' Business... may mai)

Signs & flags

Each Owner entitled to one 9" sign at or adjacent door, bearing no advertising except name under which Owner does business. Declarant may erect signs. No other signs on Common Elements or roof. (Art. IX §9.7.1)

Maintenance

Not explicitly assigned. Roof is part of Common Elements (see definition of Common Elements: 'roofs'). Association responsibility. (Art. I §6 (Common Elements include roofs)

Insurance

Association may maintain such deductibles as it determines. (Art. XXIV §24.1 'such deductibles from a)

Use restrictions

Units shall not be used for any purpose that creates noxious odors, violates ordinances, or interferes with other owners. Drilling for minerals prohibited. Livestock prohibited. General office use permitted only if not less than one year le (Art. IX)

Voting & meetings

Based on percentage of common element ownership as set forth in Exhibit 'C'. Each Unit has one vote. Joint owners must agree on vote or lose voting right. (Art. XI; By-Laws Art. IV §4; Art. XI §4)

Amendments

Declaration may be amended by instrument approved by owners holding at least 75% of aggregate ownership (if first mortgage holders object? Actually 75% of owners and also 75% of first mortgage holders? Text: 'aggregate ownership of seventy- (Art. XVII; Art. XVIII)

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