Penn Park Center

Key facts from Penn Park Center's documents

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

Community type

condominium (Declaration of Unit Ownership Estate und)

Developer / declarant

First Western Savings and Loan Association

Governing law

Oklahoma Unit Ownership Estate Act, 60 Okl. Stat. (1971) (Page 1)

Assessments & dues

Board estimates annual expenses (Maintenance Fund plus Reserve Fund), divides by each unit's undivided interest in Common Elements (Exhibit D) (Article XVII Section 2)

Special assessments

Permitted for emergency expenses when current funds are inadequate (Article XVII Section 2(d))

Collections & liens

Unpaid assessments constitute a lien on the unit, subject to first mortgage; enforceable by judicial foreclosure (Article XVII Section 8(a)(ii))

Reserves & fees

Required; collected from assessments, deposited in separate account, used for maintenance/repair/replacement of Common Elements (Article XVII Section 6)

Use restrictions

false (Article X Section 1 (restricted to busin)

Voting & meetings

Each unit has votes proportional to its interest in Common Elements (Exhibit D); Declarant gets 10 votes for each unit owned (Article XIV Section 3, Article XV Sectio)

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