Olde Towne VII

Key facts from Olde Towne VII's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Olde Towne Villas Owners’ Association

Developer / declarant

Wood & Wilson, L.L.C., an Oklahoma limited liability company (Preamble, page 1)

Governing law

Oklahoma Real Estate Development Act (Title 60 Section 851, as amended) (Preamble)

Special assessments

Board may levy special assessment for that year only for capital improvements, unexpected costs, etc. (Section 13.4, page 15)

Collections & liens

Unpaid assessments become lien on Lot; Association may record lien statement and foreclose. Owner liable for expenses and attorneys’ fees. Association may appoint receiver to collect rents. (Section 15, page 16-17)

Reserves & fees

Reserves and working capital shall be maintained out of regular Common Expenses for periodic maintenance, repair, capital improvements (Section 14.3). Also required in fidelity bond coverage. (Section 14.3, page 16; Section 18.3, pag)

Pets

Yes, but no savage or dangerous animals. Pets must not be obnoxious or offensive by noise, odor, or unsanitary conditions. Owner responsible for removing dog waste from Common Elements and Lots. (Section 7, page 12)

Parking & vehicles

Vehicles in the process of being repaired or inoperable shall not be stored or parked on the Development. (Section 4.9, page 6)

Architectural approval

If applicable ACC fails to approve or disapprove plans within 30 days after submission, approval will be deemed given. Construction must be substantially completed within 6 months (or longer if specified) of approval. (Section 4.14.3, page 10)

Insurance

Owner may obtain insurance on personal property, improvements, etc. but not required in the text. (Section 18.4, page 21)

Amendments

Declaration may be amended by instruments signed by 80% or more of the Lots (Section 13). Declarant may unilaterally amend to comply with requirements of FNMA, GNMA, FHLMC, FHA, VA, etc. (Sections 13, 24.11, pages 15, 24-25)

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