Oakbrook On

Key facts from Oakbrook On's documents

Reflects the 1991 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowner's Association (Recitals (4): 'formation of a Texas non-)

Legal name

Oakbrook On The Lake Homeowner's Association

Developer / declarant

Oakbrook Venturers Corp.

Assessments & dues

Annual assessments set by vote of membership; requires at least two-thirds (2/3) of all Members voting at a meeting duly called for this purpose. (Article VI Section 3)

Special assessments

May be levied for (A) capital improvements on Common Areas, or (B) exercising opinion created by Article XIV (right of first refusal enforcement), or (C) paying for repairs under Article VIII Section 4. Requires assent of at least 2/3 of al (Article VI Section 4)

Collections & liens

Assessment obligation secured by a lien in favor of Association upon the Lot and improvements. Lien is superior to homestead exemption, subordinate to purchase money and construction mortgages. Association may foreclose lien. Personal oblig (Article VI Section 1)

Reserves & fees

A portion of Annual Assessment may be collected in monthly installments by mortgagees and remitted to Association not less than every 12 months, to be used as capital reserve for capital repairs or improvements. (Article VI Section 1 (last part))

Pets

Pets are permitted subject to Association rules regarding walking or airing of pets on Common Areas. (Article IV Section 2.A (right to make ru)

Leasing & rentals

Leasing is permitted subject to Association's right of first refusal and all covenants. Owner remains liable. (Article XIV Sections 1, 3)

Architectural approval

Architectural Committee meets within 15 days after application with 2 sets of plans. Decision within 30 days after meeting. Failure to act results in project considered approved. Approval may be conditioned on completion within specified pe (Article XIII (page 16 states 'Architectu)

Insurance

If Board obtains master policy, it must be at least 90% of insurable value of all buildings on Lots with attached townhouses, with coinsurance clause. Each Owner of such Lots is additional insured. Cost met by special assessment. (Article IX Section 3)

Voting & meetings

Each record owner of a Lot has one vote per Lot owned. Multiple owners of a single Lot collectively hold one vote. (Article III)

Amendments

Restrictions continue for 25 years from date, then auto-extend for successive 10-year periods. May be vacated or modified by Owners of 3/4 of Lots at end of 25-year term or any 10-year period thereafter by written instrument filed of record (Article 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.