Copper Cove (OK)

Key facts from Copper Cove (OK)'s documents

Community type

Planned Unit Development (Recital B: "Planned Unit Development her)

Governing law

60 Okla.Stat. §§851 through 855 (Recital B; Article 4.9; Article 9.2)

Assessments & dues

Amount set by Board in annual budget; maximum for first year set forth in budget (Article 4.3: "maximum annual assessment )

Special assessments

Board may levy for defraying cost of capital improvements, reconstruction, repair of common elements; provided that special assessments for any fiscal year shall not exceed 5% of budgeted gross expenses for that year without majority vote o (Article 4.4; By-Laws Article 6.2.1: "Inc)

Collections & liens

Assessment lien against lot; may be foreclosed by corporation; lien has priority over all except taxes, special assessments, and first mortgage (Article 4.1, 4.8: "shall constitute a li)

Reserves & fees

Annual assessment shall include an adequate reserve fund for maintenance, repair, replacement of common elements (Article 4.1: "Annual assessments shall i)

Leasing & rentals

Lot may be leased (subject to restrictions); absolute right to lease provided lessee agrees to be subject to documents (Article 7.8: "owners of the respective l)

Parking & vehicles

Commercial vehicles prohibited; pickup trucks used for private transportation may be allowed with Board approval of commercial signs (Article 7.3: "Commercial vehicles ... ot)

Architectural approval

All structures, alterations, improvements must have prior approval of Board; plans and specifications required (Article 8.1, 8.2: "No fence, wall, obstr)

Insurance

Fire and extended coverage insurance on common elements in amount not less than 100% insurable value (replacement cost); includes vandalism and malicious mischief, special form endorsement (Article 9.7.3: "obtain and maintain insu)

Use restrictions

Lots shall be occupied and used only for uses permitted by zoning ordinance of Edmond, Oklahoma; no transient or hotel use (Article 7.1: "No lot shall be occupied a)

Voting & meetings

One vote per lot; proportional to stock ownership (Article 3.3: "one (1) vote for each lot )

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