Abbot Lake

Key facts from Abbot Lake's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

planned community (Section 1.1: 'general plan of developmen)

Legal name

Abbott Lake Addition

Developer / declarant

Abbott Lake Land Fund, LLC, an Oklahoma limited liability company (Section 2.9)

Governing law

Oklahoma Unit Ownership Estate Act, 60 O.S. §501 et seq.; Oklahoma real estate homeowners association 60 O.S. §851 et seq.; 60 O.S. §301 et seq. (Section 1.1 (p.5) references 60 O.S. §30)

Assessments & dues

Board adopts annual budget of estimated Common Expenses and levies Base Assessments against Lots (Section 8.1). Base Assessment is uniform to all Lots (Section 8.2). Budget must include reserve fund contribution. (Section 8.1, 8.2)

Special assessments

May be levied by Association to cover unbudgeted expenses or expenses in excess of budget. Levy requires affirmative vote or written consent of Members representing more than 50% of Class A votes, unless otherwise provided in Declaration. (Section 8.3, p.28)

Collections & liens

All assessments and charges, including interest, late charges, costs of collection, constitute a lien on each Lot until paid. Lien superior to all other liens except those deemed superior by law. Association may enforce lien by foreclosure, (Section 8.7, p.29)

Reserves & fees

Board must include in budget a reasonable reserve for capital expenditures and deferred maintenance, funded by capital contributions from assessments. Contributions may be increased by up to 20% annually. (Section 8.2, p.27)

Leasing & rentals

Leasing of any Lot is permitted; no rule may prohibit leasing or require consent for leasing or transfer. Association may require a minimum lease term of up to 12 months and may require use of approved lease forms. (Section 3.2(5), p.12)

Fences

Fences, screening walls, retaining walls are modifications requiring Design Review Board/ARC approval. (Section 4.3 list: 'fences, screening wal)

Architectural approval

Yes. Design Review Board (initially Declarant) or Architectural Review Committee (ARC) must approve all exterior modifications, including buildings, outbuildings, swimming pools, patios, awnings, solar panels, painting visible surfaces, add (Section 4.3, p.13)

Signs & flags

Association may not regulate content of political signs but may impose reasonable restrictions. (Section 3.2(3), p.11)

Insurance

Policies may contain a reasonable deductible; amount of deductible subtracted from face amount to determine if policy limits satisfy requirements. In event of insured loss, deductible treated as Common Expense unless Board determines loss d (Section 7.3.2, p.21)

Use restrictions

Lots are intended for use and occupancy as a residence for a single family (attached or detached). (Section 2.11 definition of Lot (p.8) and)

Voting & meetings

Class 'A' Members (all Owners except Class B) have one vote per Lot; Class 'B' Member (Declarant) has votes equal to number of Lots owned, plus right to appoint directors and disapprove certain actions until control period ends. One vote pe (Section 6.3(1), (2); Bylaws 2.8)

Amendments

By Declarant: During Class B Control Period, Declarant may amend unilaterally (Section 17.1). By Members: After control period, amendment requires 67% of Class A votes and consent of Class B if still exists. Also mortgagee protections apply (Section 17 (referenced); Bylaws 6.6, p.5)

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