DECLARATION OF UNIT OWNERSHIP ESTATES FOR COLONY COVE INDEX DEFINITIONS... 2 DESCRIPTION OF IMPROVEMENTS... 6 TOWNHOME OWNERSHIP 6

Transcription

1 DECLARATON OF UNT OWNERSHP ESTATES FOR COLONY COVE NDEX PAGE NO. ARTCLE. ARTCLE. ARTCLE. ARTCLE V. ARTCLE V. ARTCLE V. ARTCLE V. ARTCLE V. DEFNTONS DESCRPTON OF MPROVEMENTS TOWNHOME OWNERSHP 6 COMMON ELEMENTS ADMNSTRATON OF UNT OWNERSHP ESTATES... 8 EFFECT OF DECLARATON 10 MEMBERSHP AND VOTNG RGHTS 10 COMMON EXPENSES ASSESSMENTS COLLECTON LEN ENFORCEMENT LMTATONS 11 ARTCLE X. NSURANCE 15 ARTCLE X. RESPONSBLTY FOR MANTENANCE REPARS 17 ARTCLE X. RECPROCAL EASEMENTS ENCROACHMENTS 18 ARTCLE X. USE RESTRCTONS AND REGULATONS 19 ARTCLE X. "LMTATONS UPON RGHT OF TOWNHOME OWNER TO MAKE ALTERATON 23 ARTCLE XV. ADDTONS ALTERATONS OR MPROVEMENTS BY THE ASSOCATON: LMTATON UPON LABLTY OF THE ASSOCATON 24 ARTCLE XV. AMENDMENT OF DECLARATON 25

2 ARTCLE XV. SALE OR TRANSFER OF UNTS 29 ARTCLE XV. TERMNATON OF UNT OWNERSHP ESTATES 29 ARTCLE XV. ASSOCATON TO MANTAN REGSTER OF OWNERS AND MORTGAGEES BOOKS OF THE ASSOCATON 31 ARTCLE XX. REAL PROPERTY TAXES 31 ARTCLE XX. RESPONSBLTY OF TOWNHOME OWNERS 32 ARTCLE XX. RESERVATON OF RGHTS BY DECLARANT 33 ARTCLE XX. RGHTS RESERVED UNTO NSTTUTONAL MORTGAGES.37 ARTCLE XX. GENERAL PROVSONS 41 EXHBT A MAP OF COLONY COVE LEGAL DESCRPTON UNT LV2247 FLOOR PLAN FRST AMENDMENT TO THE DECLARATONS

3 .. ' ~ \ " q j.". Po. " =t." : DECLARATON OF UNT OWNERSHP ESTATES.... l. \. ". -:.. ~..'. '.' -:~)("".. '-.l.. \'. ~.. '(" ~ A. KNO\jV ALL MEN BY THESE PRESENTS that Colony Cove an Oklahoma lmted lablty company ~erenafter desgnated as the "Declarant" does hereby make publsh and declare as follows: lfhat the Declarant s the owner of the fee 'smple ttle n and to the followng descrbed lan~ together wth all mprovements thereon and appurtenances thereto belongng stuated n /Mayes County Oklahoma descrbed per Exhbt A attached hereto and ncorporated heren by reference. All of the above property s here n referred to as the "Property." rhe Declarant desres to convert all of the Property to U nt Ownershp Estates (herenafter dalled f Colony Cove") under the Oklahoma Unt Ownershp Estate Act: and That the Declarant by these presents has caused the Property to be subdvded nto Sxty-Nne (69) Town home "Unts" and has caused each Unt to be assgned a Unr Desgnaton and That the Declarant wll sell and convey each Townhome U nt to separate owners subject to tber respectve rghts n the Common Elements and otherwse subject to the 0~ protectve cqvenams condtons restrctons reservatons lens easements prvleges rghts and charges las herenafter set forth. THEREFORE the Declarant hereby declares that the Property s submtted to the provsons 9f the Oklahoma Unt Ownershp Estate Act as presently exstng (0.5.1\. Ttle Chapter J 11 Paragraphs 501 through 530 nclusve) herenafter referred to as the" Act" and /./1»' - ~_. JC) '...1'.): ( '()-.'? (. 171".. /1--"'1._-..-" _... ~~.../_ f '7' "" _ / U' 'f.:- (- ('..l- t c.. ~ / '.:...-{.- :~ :~.. _ \~

4 shall be held sq)td conveyed and owned subject to ths Declaraton for the purpose of preservng the v~ue use and habtablty of the Property. The terms of ths Declaraton shall be bndng on al persons havng or acqurng any rght ttle or nterest n a Townhome Unt or n the Property and shall nure to the beneft of each Townhome Owner. The Property and 1 Townhome Unt~ created by ths Declaraton shall be known as "COLONY COVE". Where the terms and colhdtons of ths Declaraton are contradctory to the provsons of the Act and where such contrfdctons are not permssble accordng to law the Act shall control. ARTCLE 1. 1 U nle~s t s planly evdent from the context n whch a term s used that a dfferent meanng s nten~ed as used heren the followng terms shall have.the meanng as defned by the Act and ascbnsstent therewth shall have the followng meanngs: (a) (b) corporaton "Act" shall have the meanng specfed n the preamble hereof. "tssocaton" means The Colony Cove Owners Assocaton nc. a non-proft or~anzed under the laws of the State of Oklahoma for the purpose of admnsterng th Property and the Townhome Unts and shall have the same meanng as the term "Councl o~ Unt Owners" has under the Act. o f (c) "poard of Drectors" or "Board" means the Board of the Drectors of the Assocaton. :.) (d) "~ujldng" means one or more of the buldngs or structures located on the Property more partcularly shown on the Buldng Plans attached hereto and made a part hereof as Exhbt "e". '----"

5 (e) "By-Laws" means the By-Laws of the Assocaton exstng from tme to tme. Assocaton. (t) "Certfcate of ncorporaton" means the Certfcate of 1ncorporaton of the (g) '1Common Elements" means and ncludes all physcal mprovements and 3.ppurtenances qf the Property except those of the Unts. (h) 'lcommon Expenses" means and ncludes: Common Elements ql) Expenses of admnstraton mantenance repar or replacement of the 42) Expenses agreed upon as common by all the Townhome Owners 43) Expenses declared as Common Expenses by the provsons of the Act or ths Declarato* or the Certfcate of ncorporaton or By-Laws of the Assocaton (4) Common Expenses are shared by all Townhome Unts pro-rata accordng to ther respecttve Ownershp nterests. () l'townhome Unt" s the same as a Unt Ownershp Estate whch conssts of a Unt together wth ts respectve Ownershp nterest n the Common Elements. (j) :"Townhome Owner" or "Owner" means a person who owns a Townhome. (k) 'Declarant" shall have the meanng specfed n the preamble hereof and under " the Act and t~ successors (a "Successor Declarant") who have been granted and have assumed the dutes ob~gatons J prvleges and rghts reserved to the orgnal Declarant under ths Declaraton. C/oo-' () r'declaraton" means ths nstrument when duly recorded by \vhch the Property s su~mtted to the provsons of the Act. The Declaraton may be amended from tme [0 tme. 3 CJl

6 (m) "nsttutonal Frst Mortgage" means a mortgage owned or held by an.\"... nsttutonal Frs~ Mortgagee. (n) "~hajorty of Ownershp nterests" means the owners of more than ffty percent (50%) of the ag~regate nterest n the Common Elements as establshed by ths Declaraton and as set out below. Further any specfed percentage or proporton of Ownershp nterests means such percentage pr proporton of the aggregate of such undvded ownershp. (0) "~lortgagee" or "nsttutonal Frst Mortgagee" means a bank Federal or State savngs and loan assocaton nsurance company mortgage company real estate nvestment or busness trust Renson fund an agency of the Unted States government any other lender generally recogl~zed as an nsttutonal type lender or the Declarant (ncludng any nomnee of Declarant) own~g and holdng a mortgage encumberng a Townhome Unt.."--./ (p) "([)wner" means a Townhome Owner. (q) "([)wnershp nterest" means the proportonate undvded nterest n the Common Elements whcl~ are appurtenant to a Townhome Unt. The Ownershp nterest for each Townhome t s a pne sxty-nnth (1/69) nterest. (r) "ferson" means an ndvdual corporaton partnershp assocaton trust or other legal entty or any combnaton thereof. (s) "froperty" shall have the meanng as specfed n the preamble hereof. ~t) "~ecordaton" means to fle of record n the offce of the County Clerk n Mayes CountY1 Oklahoma n the manner provded by law for recordaton of nstruments affect ng real es~ate. (u) "~Jnt or Townhome Unt" means an enclosed part of a Buldng ntended for use as a resdehce wth drect access to a common area ncludng the several rooms and 4

7 enclosed spaces: theren as shown on the attached buldng plans but not ncludng buld ng : "---" load-bearng walls and the roof of each Unt. Each Unt excludes the buldng load-bearng walls but ncl~des all room dvdng parttons (other than load-bearng walls) and the contents of such parttons (except for utlty chases) nteror to the Unt. Each Unt ncludes decorzttons of tfe surfaces on load-bearng walls wthn the Unt and on the Unt's celngs and floors (.e. wallpaper tle carpet pant and fnshng materals) meror to the Unt. Also ncluded as part of a Unt are the applances fxtures and equpment contaned wthn the Unt ncludng such Unt's heatng and ar-condtonng heat exchanger and fan col unts. All utlty servces Wthn the Unt shall be part of such Unt (.e. to the pont of termnaton at the surface nte.for to the Unt). Electrcal conduts plumbng ppes duct telephone lnes and other facltes ~or the furnshng of utlty servces to nts located wthn utlty chases wthn a Unt are not p~rt of the Unt but are part of the Common Elements. The Assocaton shall have the authorjty to nterpret ths secton n the event of a dspute between the Assocaton and a Townhof111eOwner or between or among Townhome Owners or any other person as to what does or dqes not comprse a part of a partcular Unt or the Common Elements and such determnaton off'the Assocaton shall be bndng. (v) "~Unt Desgnaton" s part of the legal descrpton of the Unt as shown n Exhbt "B" ac ordng to the Act. No other letter or number s necessary to desgnate a Unt and ts Owners~p nterest n a legal descrpton. (w) "Unt Owner" means a Townhome Owner. (x) 'lunt Ownershp Estate" means the estate contemplated by the Act conslstlj1g of a sngle Un~t n one of the Buldngs together wth the Ownershp nterest n the Common 1 Elements attrbgted to that Unt. 5

8 ARTCLE DESCRPTON OF MPRO VEMENTS 2.1 Genera.l mprovements. The Unt Desgnaton and a partcular descrpton of each Unt subject hereto s contaned n the short descrpton of each Unt attached hereto as Exhbt "B" a1)ldmade a part hereof. Each Buldng s generally made of stucco concrete metal roofs and other common buldng materals. 2.2 dentfcaton of Unts and Common Elements. The Unts and all other mprovements constructed on the Property are set forth n detal n Exhbt "B" attached hereto. Each (Jnt s descrbed n such a manner that there can be determned therefrom the dentfcaton :locaton and dmensons of such Unt and the Common Elements appurtenant thereto. Each 'PDt s dentfed by a number so that no Unt "bears the same desgnaton as any other Unt. AU remanng areas are Common Elements. ARTCLE TOWNHOME OWNERSHP 3.1 'ndependent Use and Fee Smple Ownershp. Each Townhome shall be conveyed as s~parate real property capable of ndependent use and fee smple ownershp. The owner of eac* Townhome shall own as apart thereof an undvded one sxty-nnth (1/69) nterest (the <pwnershp nterest) n and to all Common Elements. Ths nterest shall be deemed conveyed whether mentoned n a deed of conveyance or not. 3.2 Townhome Descrbed. Each Townhome conssts of a Unt as shown on Exhbt fb" together wth ts respecbve Ownershp nterest n the COlnrnon Elelnents_ The Ownershp 6

9 nterest whch ~s appurtenant to each Townhome shall not be separated from such Townhome and shall not be altered except wth the unanmous consent of all Townhomes whose Ownershp ntdrests are affected whch consent shall be expressed by an amended declaraton duly recorded. The space wthn each Unt shall not be further subdvded nto more than one U nt. The Common Elements shall reman undvded. 3.3 Waver of Rght to Partton of Common Elements. The Declarant and each subsequent 0\\fner of any nterest n a Townhome by acceptance of a conveyance or any nstrument tra~sferrng an nterest waves the rght of partton of Ownershp nterests held as j tenants n comjnon n the Common Elements. 3.4 Perpetual Easement for ngress and Egress. All Townhome Owners shall have as an appurten~nce to ther Townhomes: a perpetual easement for ngress to and egress from ther Unts ov~r drveways walks and other Common Elements and from and to the publc streets boundng and wthn the boundares of the Property whch access shall not be restrcted except as may reasonably be requred n order to assure the securty of the Townhomes and a perpetual rghtlor easement n common wth all Townhome Owners to the use and enjoyment of all General Common Elements. ARTCLE V COMMON ELEMENTS 4.1 ~ommon Elements Descrbed. The Common Elements shall nclude those elements descr~bed n the defnton of "Common r Elements" above. 4 ') ~ommon Elements Descrbed. Common Elements shall nclude the Property as f defned above n fee smple ncludng all of the followng descrbed elements to-wt: 7

10 (a) The foundatons columns grders beams supports load-bearng walls roofs of all BuldngS and any Unt owned by the Assocaton. (b) ~nstallatons of servces such as power lght natural gas fre systems hot and cold tempered )vater cable televson ncneratng and trash and heatng and ar condtonng and (c) The tanks pumps motors fans compressors ducts and n general all apparatus and nstallatons exstng for common use or for the common areas and (d) All personal property held and mantaned for the jont use and enjoyment of all Townhome Owners and (e) f\.11 other elements of the Property necessary or convenent to ts exstence ""-../ mantenance 4.3 ajd safety and normally n common use. Lmted Common Elements. The drveway leadng to any Townhome Unt shall be a common ~lement but lmted to the use of that Townhome owner hs or her guests and nvtees. ARTCLE V ADMNSTRATONOF UNT OWNERSHP ESTATES 5.1 The Assocaton. The operaton and management of the Townhouses shall be admnstered tw the Colony Cove Home Owners Assocaton nc. an Oklahoma non-proft corporaton (tl~e "Assocaton"). 5.2 Powers of Assocaton. The Assocaton shall have all of the powers and dutes ncdent to thej operaton of the Townhomes as set forth n ths Declaraton the Assocaton's By-Laws and Certfcate of ncorporaton as well as all of the powers and dutes set forth n 8

11 the Oklahoma pnt Ownershp Estate Act where the same are not permssbly n contlct wth "--" or lmted by ~hs Declaraton and sad By-Laws and Certfcate of ncorporaton. True and correct copes lof the Certfcate of ncorporaton and the By-Laws of sad Assocaton are attached heretq and ncorporated heren n full and marked Exhbt "D" ard Exhbt "E" respectvely. 5.3 Lablty of Offcers. n dschargng ther dutes and responsbltes the Board and the offcerp of the Assocaton act on behalf of and as representatves of the Assocaton whch acts n the nterest of the Townhome Owners. No person actng n any such capacty shall be ndv1ually or personally lable or oblgated for the good fath performance or falure of performanj of such dutes. To the extent and n the manner permtted by the laws of the State of Oklanoma and specfcally as s permtted under Secton 1031 of Ttle 18 of the "-..-/ Oklahoma Sta~utes the Assocaton shall ndemnfy any person who was or s a party or s threatened to be made a party to any threatened pendng or completed acton sut or proceedng w~ether cvl crmnal admnstratve or nvestgatve other than an acton by or n the rght o~ the Assocaton by reason of the fact that such person s or was a Drector offcer emplqyee or agent of the Assocaton or s or was servng at the request of the Assocaton asa Drector offcer employee or agent of another corporaton partnershp jont venture trust pr ' other enterprse aganst expenses ncludng attorneys' - fees judgments fnes and amounts p~d n settlement. ee 9

12 ARTCLE V EFFECT OF DECLARATON he provsons of ths Declaraton shall be applcable and effectve upon Recordaton exbept for specfc provsons or portons hereof statng otherwse. ARTCLE V MEMBERSHP AND VOTlNG RGHTS 7.1 Record Owners Are Members. All Townhome Owners whch ownershp s evdenced by r~cordaton of a proper nstrument n the publc records of Delaware County Oklahoma nc~udng Declarant shall automatcally be members n tbe Assocaton and ther membershps sqall automatcally termnate when they no longer own such nterests. 7.2 Townhome Unt's Vote. Each Townhome Unt shall be aloned a vote to be cast by each respec~ve Townhome Owner as a member of the Assocaton n governng of the. affars of the Property. The vote of each such Townhome Unt shall be equvalent to ts Ownershp nterest. Except as specfcally otherwse provded n the Assocaton's Certfcate of ncorporaton the By-Laws or n ths Declaraton the affars of the Assocaton shall be governed by a ~ajorty vote of Ownershp nterests present at any duly authorzed meetng of the members provded a quorum s present. 7.3 Assocaton Controlled by the Board. All the affars polces regulatons and property of thel Assocaton shall be controlled and governed by the Board of Drectors of the Assocaton. T~e Board shall be elected by the Townhome Owners entlled to vote except as otherwse provlded n Secton hereof. A Drector need not be a Townhome Owner. Provded how~ver after ths Declaraton has been of record for three (3) years a Drector shall 10

13 be an owner errployee or agent of an owner offcer or trustee of an owner or have such other legal relatonshw as the Board deems suffcent. 7.4 Declarant's Control of the Board. The provlslons of ths Declaraton or the Certfcate of jncorporaton or By-laws of the Assocaton to the contrary notwthstandng Declarant shall have the rght to appont a suffcent number of members of the Board to mantan contr~l of the Board as provded n Secton below under the condtons mposed thereunder. ARTCLE V COMMON EXPENSES. ASSESSMENTS COLLECTON ENFORCEMENT LMTATONS LEN 8.1 Annual Budget. The Board shall approve an annual budget (n the form of a j pro-forma operhtng statement) n advance for each fscal year and the budget shall project estmated Comrpon Expenses n suffcent detal to show separate estmates for nsurance as set forth heren. 11 determnng the annual budget for such Common Expenses the Board shall provde for an bperatng reserve fund for captal expenses for those Common Elements whch must be mproyed repared or replaced on a perodc bass provded however whle the Declarant s enhtled to appont a majorty of the Board of Drectors t shall not be necessary for the AssocaFon to budget for a reserve fund for captal expenses. Fa-lure of the Board to j nclude any te~ n the annual budget shall not preclude the Board from levyng an addtonal assessment n qny calendar year for whch the budget has been projected _ Any ncrease n (. c:() nsurance utl~y servces governmental taxes or charges ntated by such agency vendor or provder maype passed on n addtonal assessments as such ncrease occurs (ncreased expense assess~e1t) ~

14 8.2 :rvronthly Payment of Annual Assessment. The Assocaton shall assess the annual budgetclxl sum or annual assessment by delverng or malng notce thereof to the Townhome Grller desgnated on the books of the Assocaton as the votng member representng e<fchtownhome Unt at such Townhome Owner's most recent address as shown by the books and records of the Assocaton. One-twelfth 0/12) of the annual assessment shall be due and patable n advance to the Assocaton on the frst day of each month except that payments n ~dvance for more than one-twelfth (1/12) wll be accepted. Any ncreased expense assess~ent as set out n 8.1 above shall be ncluded n the next monthly statement after the BoarQ s advsed of such ncrease. 8.3 ~pecal Assessments. Specal assessments may be leved by the Board from tme \ to tme to neet other needs or requrements of the Assocaton n the operaton and management of the Colony Cove as more partcularly provded n the By-Laws. 8.4 lablty Cannot Be Avoded. The lablty for any assessment or porton thereof may not be avpded by a Townhome Owner or waved by reason of such Townhome Owner's waver of the ~se and enjoyment of any of the Common Elements or by hs abandonment of hs Unt. 8.5 personal Lablty for Assessment Enforcement Expenses. The Townhome \ Owners of rcjcord shall be personally lable to the Assocaton for the payment of all [ assessments ~egular or specal made by the Assocaton and for all costs of collecton J ncludng attojney' s fees of delnquent assessments. An ndvdual Townhome Owner may be ' ' \ assessed for e~penses of collecton. : Expenses ncurred by the Assocaton as a result of the volaton of t~e rules By-Laws Certfcate of ncorporaton of the Assocaton or of ths Declaraton b the Townhome Owner or hs tenants or guests may be assessed aganst such 12

15 Townhome 0vrner. Assessments may be made aganst each Townhome Owner for utlty servces whch: are not ndvdually metered but whch are commonly metered wth other resdental prorertes. '. 8.6 Dnterest on Unpad Assessments. Assessments that reman unpad for over thrty (30) days after [the due date shall bear nterest at the legal rate allowed by law n Oklahoma on judgments unt~ pad. 8.7 Len for Unpad Assessments. The Assocaton shall have a len on each Townhome for any unpad assessment nterest and collecton costs (ncludng attorney s fees) thereon whch have been assessed aganst the Townhome Owner. The sad len shall be effectve from land after the date on whch such assessment becomes due. Such len on such Unt shall be phor to all other lens except the followng: (a) f\ssessments lens and charges. for taxes past due and unpad on the unt (b) Judgments entered n a court of record pror to the date such Common Expense assessment becbmes due (c) ~ortgages or other such encumbrances duly recorded pror to the date such assessment becpmes due (d) lvechancs and materalmen s lens arsng from labor performed or materal furnshed upona Unt pror to the date such assessment becomes due and (e) t'1echanc S and materalmen s lens for labor performed or materal furnshed :'0 upon the Comlnon Elements to the extent of the proportonate part chargeable to the Unt Owners whch consttute a part of an assessable charge for Common Expenses satsfacton of j whch shall d}scharge toe assessment to the extent of the payment made. n the event assessments aganst a Townhome Unt are not pad wthn sxty (60) days after ther due date 13 /---0 Ul Gl

16 the Assocator~ shall have the rght to foreclose ts len for such assessments. The Board may.~ take such actpn as t deems necessary to collect assessments by personal actons or by enforcng and foreclosng sad len and may settle and compromse the same f n the best nterests of th~ Assocaton. The delnquent Townhome Owner shall pay all costs ncludng reasonable attqrneys' fees for flng any acton or sut enforcng and foreclosng a len and the len shall be deemed to cover and secure such costs and fees. The Assocaton shall be enttled to bd' at any sale pursuant to a sut to foreclose an assessment len and to apply as credt aganst sad bd all sums due the Assocaton whch are covered by the len enforced. Durng the perod of any foreclosure proceedng the Owner of the Townhome Unt beng foreclosed shc l be requred to pay to the Assocaton the monthly assessment for the Townhome Drht and shall be requred to pay a reasonable rental value of such Townhome Unt and the A-ssocaton shall be enttled to the appontment of a recever to collect same. 8.8 frst Mortgagee n Foreclosure Not Lable for Past-Due Assessments. An frst mortgagee acqprng ttle to a Townhome Unt by foreclosure of ts mortgage or by acceptance of a voluntaryl conveyance n leu thereof or a purchaser at judcal sale resultng from the foreclosure ofa frst mortgage and ts successors and assgns shall acqure ttle free and clear of all delnquept assessments of such Townhome Unt. Provded however ths provson shall ~. - not allow thel new Townhome Owner to avod hs proportonate share of any specal assessment whfch may be made on all Townhome Unts after the new Townhome Owner's acquston of ~tle and whch s made as a result of such delnquent assessments. Assocaton. 8.9 purchaser's Jont Lablty for Past-Due Assessments: Estoppel Letter of E~cept as provded n Secton 8.8 above any Person who acqures an Ownershp nterest n a Tchvnhome Unt shall be personally lable and jontly and severally lable wth the ---' CJ1 c 14

17 grantor for al~ unpad assessments up to the tme of the transfer of ownershp. Provded however any ~erson purchasng or encumberng a Townhome Unt shall have the rght to rely upon any statement made n wrtng by an offcer of the Assocaton regardng assessments whch have al:eady been made and whch are due and payable to the Assocaton and the Assocaton anq the Townhome Owners shall be bound thereby ~ecarant' s Assessment Reduced. Notwthstandng any provsons to the contrary contaped heren Declarant shall be requred to contrbute only twenty percent (20%) of the declare1 assessments for all completed Townhome U nts owned by t subject to the reduced assessrent are unoccuped. Provded however the Declarant shall contrbute one hundred percel1jt(100 %) of ts assessments to any completed and occuped Unt Commencement of Regular Assessments. The regular assessments shall commence as ~o all Townhome Unts on the frst day of the calendar month followng the month n Whc~ the frst sale of a Townhome Unt occurs transferrng ttle to an Owner other than a Successqr Declarant. ARTCLE X NSURANCE 9.1 Fower of Attorney to Procure nsurance. Each Townhome Owner upon acceptance or 4cquston of ttle to such Townhome Unt thereby rrevocably consttutes and l apponts the A~socaton hs true and lawful attorney n fact to select procure place mantan and manage a41 forms of nsurance herenafter requred to be provded. Ths provson however shall *ot prevent a Townhome Owner from securng addtonal separate nsurance as t may desre. :0 15

18 9.2 No nsurance on Personal Property. Unless the Board of Drectors elects to obtan a blan~et personal property or contents polcy for the Townhome Owners no such. _. polcy shall b~ admnstered by the ASSOcatOn. t 9.3 (nsurance to Be Procured. The Assocaton shall procure nsurance for the ' \ beneft of theassocaton and the Townhome Owners and ther mortgagees as ther nterests [ may appear ~pecfcally ncludng but not lmted to fre and extended _..~2y~~~.ge upon the_ 1 " ' ~ Bu~~~~ co~prsng~e _To~_~~~.~_~."Q~~ and personal property owned by the Assocaton n amounts equ~ to the maxmum replacement value thereof general comprehensve lablty nsurance fd~lty bond coverng offcers and employees and employees of any manager or managng agept drectors ndemnty and workmen s compensaton as may be requred by law. All suchl polces of nsurance must be ssued by a responsble nsurance company or companes l<nsed and authorzed to do busness n Oklahoma the premum rates not to exceed the standard rates establshed by the Oklahoma State nsurance Commsson. All such \ nsurance pol~ces must be ssued n blanket polcy form namng the Assocaton as the nsured toge*er wth the ndvdual Townhome Owners (who need not be specfcally lsted by name). 9.4 Mortgagee Endorsements. Provsons shall be made for the ssuance of.-.- j certfcates ofl mortgage endorsements to the mortgagee of each Townhome Owner f requested. 9.5 \nsurance Cost a Common Expense. Premums on nsurance polces purchased \ by the Assoc~ton shall be pad by the Assocaton as a General Common Expense. Provded however the ost of such nsurance shall be dstrbuted to the Townhome Owners n a manner so as to take ~nto consderaton the respectve use of each Townhome Unt and f rates are.:j") 0::. f0 Ul. CO 16

19 hgher for any use of a partcular Townhome Unt then that Townhome Unt shall bear the t addtonal expense due to such use. ARTCLE X RESPONSBLTY FOR MANTENANCE AND REPARS 10.1 ftownhome Owner-Unt Mantenance. Each Townhome Owner shall be solely responsble fqr the mantenance repar and replacement of all plumbng electrcal ar condtonng apd heatng equpment and nstallatons whch provde servce exclusvely to such Unt Owner's Unt. All applances ncludng but not lmted to hot water heaters washers dryers prvat~ spas located wthn the Unt or on the Common Elements dsposals ovens ranges refrgerators garage door openers cleanng systems and ventlat ng systems shah be mantaned rcwared and replaced at the sole cost and expense of the Owner of the Unts n whch such aptlances are nstalled or servced uhe Assocaton. The Assocaton shall be responsble for the mantenance repar and rep~acement of all the Common Elements (except those specfed heren as beng the '. responsblty Of the Townhome Owner) ncludng those portons thereof whch contrbute to the support of the Buldngs. Buldng roofs and the pantng and mantenance of other exteror portqns of sad Buldngs shall also be the Assocaton r s responsblty. Except as otllerwse proyded heren all repars to the Common Elements shah be borne by the Assocaton as[a Common Expense. Should any damage be caused to any Townhome Unt by reason of any work whch may be caused to be done by the Assocaton n the mantenance repar or rep14cement of the Common Elements the Assocaton shajl bear the expense of reparng such damage as a General Common Expense..... CJ1 Co:) 17

20 10.3 ' Enforcement n Court of Equtv. n the event a Townhome Owner fals to mantan hs Trownhollle Un as requred herca or makes any structural addton or alteraton vv'thout the requred wrtten consent of dle Board the Assocaton shall have the rght to proc:~:cd [11 [ t:oun of equty (0 seek complance wth the provsons hereof. ARTCLE X 5~.cl~ROCALEASEHENTS. ENCROACHMENTS t:c'~'.s:'_ments tv\ssocaton for Repars. Each Townhome Owner hereby grants e<\sernents w the AssocatOn to enter onto ('.ach Townhome Unt or to utlty companes to (:lher onto ~ch Townhome Unt to repar or replace or mprove the plumbng heatng ar-condtonng and electrcal systems or other utlty servces contaned n the Common ---/ Elements or for any purpose reasonably related to the performance of the Assocaton of ts responsblt s under ths Declaraton. The Assocaton s agents or employees shall have the rght after freasonable notce (except n the: case of an emergency n whch event no notce shall be reqllred) to the Townhome Owner (or the tenant occupyng such Unt as the case may be) to lenter hs Townhome Unt or Common Element accessble from each Townhome Unt at rea~onable hours (except n the c~ of an emergency). Any entry nto a Townhome : m G Unt shall bd made wth as lttle nconvenence to the Townhome Owner (or tenant) as possble ':l and any daj~age caused shall be repared at the cost of the Assocaton (except n the case CD where such access s to servce an emergency related to such Townhome Unt)_ Each Towllhome Owner shall provde the Assocaton two (2) keys to all locks to entry doors to ther Unt solas to allow such access. 18 o

21 ll.2 Encroachments. f any porton of the Common Elements now encroaches upon any Unt or f any Unt now encroaches upon any other Unt or upon any porton of the \)JmnOl1 Elerpents or f any encroachment shall hereafter occur as the result of settlng of the lwld n~~.or CljlC'l"atonto the Common Elements made pursuant to the provsons heren or as (he re:ul.t of t<.:'-parand rest<)raton a vald easement shall exst for the contnuance of such elk] oa'~'hl1lenufor so long as the same shall exsts. ARTCLE X USE RESTRCTONS AND REGULATONS ~~.l Townhome Unts Use. Each Townhome Unt s hereby restrcted to sngle famly resdental use by the Townhome Owner thereof and hs or her mmedate famly wth normal luse of guests nvtees and tenants Leasng. A Townhome Unt may be leased or rented for a perod of less than one month by the Townhome Owner under terms and condtons he or she deems approprate. f a TownhOpe Owner wshes an agent of the Assocaton to rent the Townhome Unt that Owner shall ~xecute a "Rental Authorzaton Agreement" n the form as approved by the Assocaton. The Assocaton or ts agents shall ncur no lablty for damage to any TO\vnhome Un by tenants. The "Rental Authorzaton Agreement'" shall not permt and no practce shaul arse that call or permt the poolng of rental proceeds of Townhome Unt Owners who ~lave sgned a "Rental Authorzaton Agreement". The declarant or ts agents make no reprbentaton that any purchase of a Townhome Unt wll result n any ncome of other fnallc~ or tax beneft. Any fee charged by the Assocaton for rentng a U nt and ~lrrajlgng cle~nng shall be based on cost. Any lease by the Assocaton as agent for an Owner './ 19

22 shall be on a form acceptable to Assocaton. Any lease by Owner drectly to a tenant shalt nclude "manqatory lease provson" whch shah be provded by Assocaton to Owner whch generally req4re tenants to comply wth Assocaton's Bylaws and "Rules" and comport themselves n a reasonable manner. By occupyng a Townhome U nt under a Lease all tenants ackno~ledge the valdty of the Declaraton the By-Laws and the Certfcate of ncorporaton pf the Assocaton and agree to be bound by ther provsons n the same fashon as f such tenants were Owners. No Lease shall release or dscharge the Townhome Owner thereof from ~omp1ance wth ths Artcle X or any of hs other dutes as an Owner. No tenancy shall qe vald unless t conforms to ths Secton All tenances n volaton of ths secton may b~ termnated by the Assocaton n the same fashon as an Owner may termnate a month-to-mon~h tenancy n accordance wth the Oklahoma Resdental Landlord and Tenant Act. The leasrg of Townhome Unts may be further restrcted but only by provsons n the : By-Laws. T~e above notwthstandng nothng heren shall be construed to prohbt the grantng of a ~ease of a Townhome Unts of lesser term by a frst mortgagee n possesson or by the Assoc~ton durng foreclosure proceedngs. The provsons of ths secton shall not { apply to the Declarant Nusances. Trash Prohbted. No nusances (ncludng wthout lmtaton the m emttng of n~se or odors from a Townhome Unt) shall be allowed to be commtted or mantaned up?n the Property or wthn a Townhome Unt nor any use or practce that s the source of annqyance to resdents of the Townhome Unts or whch nterfere wth the peaceful '.> CD 'J CO possesson an4 proper use of the Property. All parts of the Property shah be kept n a clean and santary c~)l1dton and no rubbsh refuse or garbage shall be allowed to accumulate nor -->any fre hazar~ shall be allowed to exst. No Townhome Owner shah permt any use of hs G) [\J 20

23 Townhome qnt or make use of the Common Elements that wll ncrease the cost of nsurance upon the Townhome Praperty Offensve Uses Prohbted. No mmoral mproper or offensve use shall be made of the fraperty nor any part thereof and all laws zonng ordnances and regulatons of all governmental authortes havng jursdcton of the Townhomes shall be observed Regulatons. The followng regulatons shall apply to the premses other reasonable re~ulatons concernng the use of the Property may be made and amended from tme to tme qy the Board of Drectors of the Assocaton ncludng the use of the recreatonal facltes by persons other than Townhome Owners. (a) :Televson antennas and ndvdual satellte dsh nstallatons are prohbted unless done by the Assocaton. l (b) Pets shall be lmted to dogs cats and brds and shall not exceed a combned three (3) n n~mber and shall at all tmes be on a leash or wthn the mmedate control of ts Owner. (c) Boat tralers wth or wthout a boat or recreatonal vehcles may not be stored or parked 011 general or lmte.d common elements except on a temporary bass Assocaton May nspect. Upon reasonable notce to the Townhome Owner the Board or the lagent and employees of the Assocaton may enter any Townhome Unt for the purpose of *specton of the Townhome Unt or the Common Elements to determne the necessty forr repar or mantenance or to determne complance wth these restrctons reservatons povenants condtons and easements and the By Laws of the Assocaton.

24 12.7 Sgns Lmted. Except as otherwse expressly permtted by the Assocaton no sgn poster ~rtng symbol advertsement or notce of any type shall be shown on the Common Elerhents or on the exteror of any Townhome Unt and no exteror antennas and aerals shall be erected except as provded under unform regulatons promulgated by the Assocaton. 1)he precedng notwthstandng so long as Declarant owns a Townhome Unt held out for sale Declarant shall have the rght wthout the consent of any Person or of the Assocaton t~ nstall such sgns poles posters wrtngs symbols and advertsements as t deems approp~ate n any locaton on the Property or on any Buldng n connecton wth ts sales program \fofthe sale of Townhome Unts to the publc Use of Common Elements. A Townhome Owner shall nor place or cause to be ( placed n the Common Element areas furnture packages objects Of thngs of any knd. Provded ho~ever patos terraces or balcones may contan typcal pato furnture but may not contan any other type of furnture or applance such as refrgerators freezers wardrobes storage bns ~oxes trash or other tems whch n the judgment of the Board of Drectors would detract ~rom the general appearance or safety of the Property. Such areas shall be used for no other p~rpose than for the normal use for whch they are ntended. The Assocaton may make sucb othrf rules and restrctons concernng the use of the Common elements as t deems \ necessary and desrable to promote the health safety welfare and appearance of the Property ~ and ts occupapts. The Assocaton shall not permt the commercal use of any porton of the.-:1 \ Common Eletents by the Assocaton a Unt Owner or a lcensee or desgnee of the Assocaton. Cbmmercal use as used heren shall nclude any trade or busness whether or not for proft. f-

25 12.9 Attachments to Buldngs. t s prohbted to nstall applances n the wndows or on the patos terraces or balcones or from the facades of the Buldngs or to attach any tem to the Buldngs whch would detract from the general appearance of the Property. " Exemptons of Declarant. The Declarant shall be exempt from all provsons heren requrrtg the consent of the Assocaton. ARTCLE xm LMTATONS UPON RGHT OF TOWNHOME OWNER TO MAKE ALTERATON 13.1 [General. No Townhome Owner (wthout pror approval of the Board) shall make any st~uctural modfcatons or alteratons of the Townhome Unt or cause any mprovements or changes to be made on or to the exteror of the Buldng or to the terraces ncludng panbng or other decoraton the nstallaton of awnngs shutters electrc wrng and 1 other thngs thch mght protrude through or be attached to the walls of the Buldng. n gvng approyal for any such alteratons the Board may mpose any requrements or restrctons w~ch t deems approprate and thereafter the Assocaton shall not be stopped from later revpkng or changng such approval or condtons of such approval. Nothng heren shall be consttued to prevent the alteraton of the nteror walls arrangement or desgn of any - Townhome or the perme*rs \ Uht provded that any such alteraton shall not affect the structure of any Buldng of any Unt Approval of Plans By Board. Other than the Declarant Owners may not do any 1 constructon 9r renovaton wthout wrtten notfcaton to the Assocaton at least seventy-two (72) hours n ladvance. All proposed plans for constructon by Townhome Owners other than 23 :::0 f.-.-'" OJ <:.n

26 the Declarant plust be approved. by the Board. n gvng such approval the Assocaton may mpose any teasonable requrement upon any Townhome Owner pror to constructon ncludng wth~mt lmtaton the postng of a performance bond and such engneerng reports and studes a~ ~e expense of the Townhome Owner as may be reasonable under the crcumstances \to assure the Assocaton of the contnued safety structural ntegrty and appearance of: the Buldngs. Any costs reasonably ncurred by the Assocaton n revewng and approvnglor rejectng such plans shall be borne by the Townhome Owner and shall have the status of a ~pecal assessment aganst the Unt ~ermts. The Assocaton may reasonably restrct the tme and manner of constructon ~xcept as t relates to the Declarant. Owners other than the Declarant f requested by t~e Board must provde the Assocaton wth a $ securty depost pror to commencng cpnstructon or renovaton. Owners other than the Declarant must provde copes of proper pendts lcenses nsurance certfcates plans and specfcatons to the Assocaton before comme~cng wth work. Owners must use only properly lcensed workers. ARTCLE XV. ADDTONS. ALTERATONS OR MPROVEMENTS BY THE ASSOCATON: Ll\HTATON UPON LABLTY OF THE ASSOCATON 14.1 When the Board shall determne that addtons alteratons or captal mprovements n excess of the usual budgeted tems of mantenance are requred and the makng of suc~ addtons alteratons or mprovements has been approved by the Townhome Owners n acc~rdance wth the terms of ths Declaraton and the By-Laws then the Board shall proceed wth such addtons alteratons or mprovements and unless fnanced through 24

27 borrowng by (heassocaton shall specally assess all Townhome Owners for the cost thereof (~ as a Common Expense. Any such specal assessment may f so drected by the Board be made n nstalhnents Atent Defects Assocaton Non-lable. The Assocaton shall not be lable for njury or dam~ge to the Property of a Townhome Owner caused by any latent condton of the Property notwthstandng the Assocaton s duty to repar and mantan the Common Elements Addtons to Property. The Assocaton shall have the power to purchase mprove man~n operate encumber and use real estate not now a part of the Property and to cause same to jbe submtted to ths Declaraton and to the Act provded that no such purchase shall be perm~ted by the Assocaton untl after control of the Assocaton has vested n the purchasers of fownhome Unts accordng to Secton 2L9 hereof. Further provded all such real estate mu$t be annexed for the purposes ancllary to the operaton of the Property as s contemplated Qy the orgnal terms of ths Declaraton. ARTCLE XV AMENDMENT OF DECLARATON 15.1 ~mendment. Except for changes resultng as provded m Secton 21.3 and Secton 21.6 ths Declaraton and the restrctons reservatons covenants condtons and easements hertof may be modfed or amended n a manner not n conflct wth the Act by Recordaton 0t such modfcaton or amendment sgned by Townhome Owners havng ffty- co one percent d1%) of the Townhome Unt Ownershp nterests or n tle alternatve ths Declaraton m~ybe amended at any regular or specal meetng of the U nt Owners called or 25

28 convened n aqcordance wth the By-Laws upon the affrmatve vote of votng members castng not less than ffty-one percent (51 %) of the total vote of the members of the Assocaton and the executon by the Assocaton of a certfcate of the amendment wth the formaltes of a '. deed and reco~dng same n the publc records of Mayes County. Provded no amendment of ths Declaratop shall be adopted whch would operate to affect the valdty or prorty of any nsttutonal ~rst Mortgage or whch would alter amend or modfy n any manner whatsoever tle rghts powers and prvleges granted and reserved n favor of any Mortgagee or the Declarapt wthout the consent of one hundred percent (100 %) of the affected partes the holders of nsftutonal Frst Mortgages or of the Declarant as the case may be. Further no amendment sh~ll alter votng rghts or an owner's nterest or share of expenses n the' common elements. T~e publc may rely on the affdavt of the Presdent of the Assocaton duly '~ Recorded for purposes of determnng whether the persons consentng to such a modfcaton or amendment are n fact Owners or Mortgagees or the Declarant. (a) [Such an amendment may change the confguraton or sze of any Unt n any materal fashpn materally alter or modfy the appurtenances to the Unt or change the proporton or percentage by whch the Owner of the Unt shares the Common Expenses. l (b) f t appears that through scrvener's error a Unt has not been desgnated as owmng an a~proprate undvded share of the Common Elements or does not bear an approprate shfe of the Common Expenses or that an the Common Expenses or f all of the...-. '..... ~. Common Elements have not been dstrbuted n ths Declaraton so that the sum total of the shares of Corrmon Elements whch have been dstrbutee or the sum total of the shares of the Common Expenses or ownershp of Common Profts fals to equal one hundred (100 %) r percent or f lt appears that more than one hundred (100 %) percent of Common Elements or 26

29 Common Exp~ses or ownershp of Common Profts have been dstrbuted the error may be corrected by ffng an amendment to ths Declaraton approved by the Declarant or the Board or a majorty of the Unt Owners. To be effectve the amendment ' must be executed by the Declarant the Board or majorty of the Unt Owners as the case may be and the Owners of the Unts and tp.e Mortgagees of the Unts affected by the modfcatons beng made. No other Unt Owner s ~equred to jon n or execute the amendment. (c) The Common Elements desgnated by ths Declaraton may be enlarged by an amendment n the Declaraton. The amendment must descrbe the nterest n the property and must submt ~b property to the terms of ths Declaraton. The amendment must be approved and executed a~ provded heren. The amendment shall vest ttle n the U nt Owners as part of \ the Common ~lements wthout namng them and wthout further conveyance n the same proporton owned by the~. prortes as t~e undvded shares n the Common Elements whch are appurtenant to the Unt. (d) ~o amendment shall be passed whch shall mpar or prejudce the rghts and of M~rtgagees or the Declarant. (e) ~otwthstandng the foregong the consent or jonder of owners of lens on a Townhome shap only be requred for amendments materally affectng the rghts or nterests of \ the len holderlor as otherwse requred by the Federal Natonal Mortgage Corporaton or the Federal Home Loan Mortgage Corporaton provded that such a requrement provdes that C'J t... '. ) such consent m~y not be unreasonably wthheld tmendments by the Board. Notwthstandng anythng contaned heren to the contrary whl9 the Declarant s enttled to appont a majorty of the Board of Drectors the Declaraton m<j.ybe amended by a majorty of the Board of Drectors provded that such 27

30 Amendment s~all not change the confguraton or sze of any Unt n any materal fashon materally alter or modfy the appurtenances to the Unt nor ncrease the proporton of Common Expehses nor decrease the ownershp of Common Elements borne by a Unt Owner or change a U~t Owner's votng rghts wthout the consent of the affected Unt Owners. No amendment putsuam to ths subsecton may change the confguratol~ or sze of any Resdental Unt n any npteral fashon materally alter or modfy the appurtenances to the Unt or change the pr~porton or percentage by whch the Owner of the Unt shares the Common Expenses. Saq amendment need only be executed and acknowledged by a majorty of the Board. The cojlsentof the Unt Owners the owner and holder of any len encumberng a Unt or any others $hall not be requred Separablty of Provsons. nvaldaton of anyone or more of these restrctons reservatons ovenants condtons and easements or any provson contaned n ths Declaraton orln a conveyance of a Townhome Unt by the Declarant by a judgment court order or law $hall not affect any of the other provsons whch shall rema n n fujl force and effect fndng Effect. These restrctons reservatons covenanrs condtons and easements shall be bndng upon and nure to the beneft of all Townhome Owners and ther t n grantees her~ devsees personal representatves successors and assgns and all partes clamng by through or under them and the same are deemed as appurtenant to each Townhome U n~t. No such rght shall be materally modfed or abrdged wthout the consent of the Townhome Owner affected. For purposes of ths secton to "materally modfy or abrdge" t means to causel a materal reducton n value of such Townhome 28 Unt. C~ ---1 o

31 ARTCLE XV "-..-- SALE OR TRANSFER OF UNTS 16.1 Notce to Assocaton. Concurrently wth the completon of the sale or other transfer of a Wllt ether by court order termnaton of jont tenancy devse or operaton of ntestate successon the Transferee shall notfy the Board n wrtng ("Notce") of such 1 transfer. The fnotce shall set forth () the name of the transferee and the transferor () the 1 street address pr Unt Desgnaton of the Unt () the transferee's malng address and (v) the date of the saae or other transfer. Pror to recept of the Notce any and all communcaton requred or ptrmtted to be gven by Declarant the Assocaton or the Board shall be duly made and gv~n to the Transferee f duly and tmely made and gven to the Owner of the Unt reflected on tle Assocatons' books pror to recpe of the Notce Transfer Fee. Any Unt Owner other than the Declarant who sells hs Unt to \ any thrd Part~ wll be subject to a $ transfer fee payable to the Assocaton at closng. Provded hmyever ths fee wll not be owned where ownershp of the Unt s transferred by means other t~an sale.e. termnaton of jont tenancy court order devse or by operaton of ~ ntestate succ~sson. ARTCLE XV rn ( TERMNATON O:F UNT OWNERSHP EST ATES 17.1 Obsolete Property. Nnety percent of the Ownershp nterests may agree that the Property s o~solete n whole or n part and whether or not the same shall be renewed and restored or tht Property sold and the proceeds of sale dstrbuted provded that n ether such event the con~ent of all the holders of frst mortgages must frst be obtaned. 29 f such agreement :0 C') :co ---' ~1 f

32 and consent ~rovdes for the renewal or restoraton of the Property then the expense tbereof "-' shall be paytble by all the Townhome Owners as a Common Expense. However f such agreement an~ consent provdes for the Property to be sold then the Property shall be subject to partton a the sut of any Townhome Owner n whch event the proceeds of sale shall be dvded amol1g all Townhome Owners accordng to ther Ownershp nterests after frst applyng suc~ shares to the payment of all lens on the respectve Townhome Unts of each Townhome Owner '. Repar of Damage Due to Casualty or Emnent Doman. Except as herenafter. provded damage to or destructon of a Buldng due to casualty or takng by emnent doman shall be pro~ptly repared and restored by the Assocaton usng the proceeds of nsurance on the Buldng for that purpose or usng the compensaton to be pad for the takng by emnent doman as thle case may be. Provded that any compensaton to a Townhome' Owner resultng from a takna under emnent doman shall frst be appled to the payment of all lens on the Townhome Unt of each Townhome Owner. f there s substantally total destructon or takng of the Prope[ty or f seventy-fve (75 %) percent of the Ownershp nterests and all of the holders of ffft mortgages agree not to proceed wth repar or restoraton then the Property shall be subject to partton at the sut of any Townhome Owner n whch event the net l proceeds of ~ale together wth the net proceeds of nsurance shall be dvded among the Townhome Qwners accordng to ther Ownershp nterests after frst applyng such sums to r the payment 4f all lens on the respectve Townhome Unt of each Townhome Owner Applcaton of Proceeds of nsurance or Condemnaton. Nothng heren contaned shall be construed to abrdge the contractual rght f any of the holder of a frst mortgage on ~ny Townhome Unt to requre the applcaton of any casualty nsurance polcy 30. ::::D. CJ.) c:.) \. f-.:. J ""1 ['0 )