declaration of covenants & restrictions 1977

8/14/2019 Declaration of Covenants & Restrictions 1977

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LAMONT SHORES PROPERTY OWNRS ASSOCIATIONPOLICY MAALSECTION VI

DECLATION OF COVENANTS &RESTRICTIONSMAINTENANCE ASSESSMENTS

THIS DECLARATION, made this 13 l-h day of iTaniiary 1977, bySOUTHWESTERN INVESTMENT COMPANY, a corporation (successor by statutorymerger to LTD Land Company, an Oklahoma corporation ), hereinaftercalled Developer.

ARTICLE VCOVENANT FOR MAINTENANCE ASSESSMENTS

Section 1. CREATION OF THE LIEN AND PERSONAL OBLIGATION OFASSESSMENTS. The Developer for each Lot and Living Unit owned by itwi thin The Properties hereby covenants and each Owner of any Lot orLi ving Unit by acceptance of a deed therefor, whether or not it shallbe so expressed in any such deed or other conveyance, be deemed tocovenant and agree to pay to the Association: (a) annual assessmentsor charges; (b) special assessments for capital improvements, suchassessments to be fixed, established and collected from time to timeas hereinafter provided. The annual and special assessments, togetherwi th such interest thereon and costs of collection thereof as

Section 2. PUROSE OF ASSESSMENTS. The assessments levied bythe Association shall be used exclusively for the purpose of promotingthe recreation, health, safety and welfare of the residents in TheProperties and in particular for the improvement and maintenance ofproperties, services and facilities devoted to this purpose andrelated to the use and enjoyment of the Common Properties and of thehomes si tua ted upon The Properties, including, but not limited to, thepayment of taxes and insurance thereon and repair, replacement andadditions thereto, and for the cost of labor, equipment, materials,management and supervision thereof.


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ARTICLES OF INCORPORATIONOFLAKEMONT SHORES PROPERTY OWNERS ASSOCIATION,

We, the undersigned, do hereby associate to form a non-.profit corporation under the provisions of the Oklahoma Non-profit Corporation Act and do certify as follows:

ARTICLE INAME

The name of the Corporation is LAKEMONT SHORES PROPERTYOWNERS ASSOCIATION, INC. 0 tt-(3 (

ARTICLE IIDURATION

The period of duration of corporate existence shall befifty (50) years.

ARTICLE IIIPURPOSES AND POWERS

The Corporation does not contemplate pecuniary gain orprofit, direct or indirect, to its members, and the specificpurposes for which it is formed are to provide for the preser-vation of the values of the real estate brought within thejurisdiction of the Corporation from time to time, particularlythe real estate in Delaware County, State of Oklahoma, whichincludes, but is not limited to the following Lakemont ShoresSubdivisions: Allyson Acres South, East, West, Oaks, ValleyView, Dogwood, Mobile Vista, Hilltop, Golf, Grand View, Hickory,


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Red Bud, Echo 1 and Echo 2 Amended Additions, The Estates,Ponderosa Park and Chestnut Hills, all of said real estatebeing hereinafter referred to as "The Properties"; and to pro-mote the health, safety and welfare of the residents and commer-cial owners within the above-described real estate and anyadditions thereto as may hereafter be brought within thejurisdiction of the Corporation, and for these purposes to:

(a) Exercise all of the powers and privileges andto perform all of the duties and obligations of theCorporation as set forth in Declaration of Covenants andRestrictions, hereinafter called Declaration, applicableto The Properties and recorded or to be recorded in theoffice of the County. Clerk for the County of Delaware,State of Oklahoma, and as the same shall be amended fromtime to time as therein provided; said Declaration beingincorporated herein as if set forth at length;

(b) Own, acquire, build, operate and maintainrecreational parks, playgrounds, swimming pools, golfcourses, private ways, private roads, private lanes,utilities (including, but not limited to, water systemsand sewer systems), lakes, bUildings, structures andpersonal properties incident thereto, hereinafter referredto as "the common properties and facilities";

(c) Provide for municipal services including, butnot limited to, garbage and trash collections, fire andpolice protection and maintenance of unkept lands and trees;

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(d) Fix, levy, collect and enforce payment by anylawful means, all charges and assessments pursuant to theterms of the Declaration; to pay all expenses in connectiontherewith and all office and other expenses incident to theconduct of the business of the Corporation, including alllicenses, taxes or governmental charges levied or imposedagainst the property of the Corporation;

(e) Pursuant to the terms of the Declaration convey,sell, lease, transfer, dedicate for public use or otherwisedispose of real or personal property in connection with theaffairs of the Corporation;

(f) Pursuant to the terms of the Declaration borrowmoney and with the assent of fifty-one percent (5l%) ofeach class of members mortgage, pledge, deed in trust orhypothecate any or all of its real or personal propertyin connection with the affairs of the Corporation;

(g) Pursuant to the terms of the Declaration dedi-cate, sell or transfer all or any part of the commonproperties and facilities to any public or private agency,authori ty or utility for such purposes and subject to suchconditions as may be agreed to by the members. No suchdedication or. transfer shall be effective unless approvedby fifty-one percent (5l%) of each class of members, agree-ing to such dedication, sale or transfer;

(h) Participate in mergers and consolidations withother nonprofit corporations organized for the same or

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r~ similar purposes, provided that any such merger shall

have the assent of fifty-one percent (5l%) of eachclass of members;

(i) Insofar as permitted by law, to do any otherthing that, irithe opinion of the Board of Directors,will promote the common benefit and enjoyment of theresidents and commercial owners of The Properties,incl uding, but not limited to, maintenance of publicstreets and roads and

(j) Enforce any and all covenants, restrictionsand agreements applicable to The Properties.

ARTICLE IVMEMBERSHIP

Section I. CHARTER MEMBERSHIP. Every person or legalenti ty who purchased a fee, or undivided fee, interest in alot in Lakemont Shores development (excluding Ponderosa Parkand Chestnut Hills and all future additions) prior to a datespecified in the Bylaws shall be Charter Members of the Asso-ciation so long as they shall be record owners of a fee, or un-divided fee, interest in any such lot. For charter membershippurposes only, "record owner" shall include those who have pur-chased on a contract for deed from the Developer. However, theannual assessment applicable to such Charter Member shall be the

.. Twenty-four and no/lOa Dollars ($24.00) per year per lot upkeepand beautification charge set forth in the applicable recorded

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restrictive covenants. Owners in East and West Additions mustpay the Twenty-four and no/lOa Dollars ($24.00) per lot chargeto be entitled to membership. In the event that such annualassessment is not paid timely (time is of the essence), suchCharter Membership shall terminate automatically and withoutnotice. If any Charter Member wishes to rejoin the Association,he may do so only by becoming a Regular or Associate Member andby adding his Lot to the Declaration and shall thereby becomeobligated to pay the full Regular Membership annual assessment.Charter Members shall be enti tIed to all of the privileges of amember except, until they have paid in full for the purchaseprice of the Lot, they shall not be entitled to vote in the elec-tion of directors or otherwise. Rescission or termination of acontract of purchase, contract for deed, note or mortgage orother purchase agreement shall terminate the Charter Membership.A Lot or Living Unit shall not be considered fully paid untilthe contract for purchase, contract for deed, promissory noteand mortgage or other purchase agreement shall be fully satisfied.Charter Members are limited to those persons or legal entitiesthat own, of record, on the date specified in the Bylaws a fee,or undivided fee, interest in a Lot. Subsequent record ownersof a fee, or undivided fee, interes t in such Lots are not entitledto Charter Membership and shall be required to become Regular orAssociate Members if they wish to enjoy the use of the commonfacili ties of the Association. If such subsequent record ownersdo not choose to become Regular or Associate Members, they are

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still required to pay the Twenty-four and no/IOO Dollars. ($24.00)per lot per year upkeep and beautification fee to the Associationwhich fee shall be used for road maintenance and general beauti-fication of Lakemont Shores but will not be used for maintenanceof the common faci li ties. In order to become a Regular orAssociate Member, the record Owner of a fee, or undivided fee,interest shall be required to add the subject Lot to theDeclaration and shall thereby become obligated to pay the fullRegular Membership Annual Assessment. Charter Members may beexcluded from enjoyment of the use of the common facilitiesthat were not proposed at the time that such Charter Memberpurchased his, her or its Lot.

Section 2. REGULAR MEMBERSHIP. The Developer, its suc-cessors and assigns, shall be a Regular Member of the Associationso long as it shall be the record owner of a fee, or an undividedfee, interest in any Lot or Living Unit, which is subject bycovenants of record to being assessed by the Association (in-cluding but not limited to Lots and Living Units in PonderosaPark and Chestnut Hills and all future additions to LakemontShores) even though such assessment has not yet commenced, andthe Developer shall also be a Regular Member until it has beenpaid in full for every such Lot or Living Unit which it shallsell. Also, every person or entity who is a record owner of afee, or undivided fee, interest in any Lot or Living Unit whichis subject by covenants of record to the Declaration and to

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being assessed by the Association, and who shall have paid theDeveloper in full for the purchase price of the Lot or LivingUni t and who is not a Charter Member shall be a Regular Memberof the Association, provided that any such person or entity(except the Developer) who holds such interest merely assecurity for the performance of an obligation shall not be amember.

Section 3. ASSOCIATE MEMBERSHIP. Every person or entitywho has entered into a contract of purchase with the Developercovering a Lot or Living Unit which is subject by covenants ofrecord to being assessed by the Association and who has not paidthe Developer in full for the purchase price of the Lot or LivingUnit shall be an Associate Member of the Association. AnAssociate Member shall be entitled to all of the privileges of amember except the right to vote in the election of directors, orotherwise. Rescission, terrina tion or cancellation of a contractof purchase by Developer, for any reason, shall terminate theAssocia te Membership.

ARTICLE VVOTING RIGHTS

There shall be two classes of voting memberships:Class A. Class A members shall be all thosepersons or entities as defined in ARTICLE IVwi th the exception of the Developer, who havepaid the Developer in full for the purchaseprice of the Lot or Living Unit. Class Amembers (except as restricted) shall be en-ti tled to one vote for each Lot or Living Unitin which they hold the interests required for

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. ) membership by ARTICLE iv. When more thanone person holds such interest or interestsin any Lot or Living Unit the vote for suchLot or Living Unit shall be exercised as theyamong themselves determine, but in no eventshall more than one vote be cast with respectto any such Lot or Living Unit.Class B. Class B member shall be the Developer.The Class B member shall be entitled to tenvotes for each Lot or Living Unit, which is sub-jectby covenants of record to being assessed bythe Corporation, even though such assessment hasnot yet commenced i until such time as it shallcease to be a record owner, and shall have beenpaid in full for such Lot or Living Unit. TheDeveloper shall continue to have the right to castvotes as aforesaid (ten votes for each Lot orLiving Unit) even though it may have contracted tosell the Lot or Living Unit or may have same undera mortgage or deed of trust.

.0 For purposes of determining the votes allowedunder this Article, when Living Units are counted,the Lot or Lots upon which such Living Unitsare sit ua ted shal 1 "not be coun ted .Associate Members shall not be entitled tovote in th election of directors or otherwise.

ARTICLE ViADDITION TO PROPERTIES AND MEMBERSHIP

Additions to the real estate described in ARTICLE III maybe made only in accordance with the provisions of the Declaration.Such additions when properly made under the Declaration shall ex-tend the jurisdiction, functions, duties, membership and associatemembership of this Corporation to such additions and the OWners asdefined in the Declaration.

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~...., ARTICLE VII

DEDICATION OF PROPERTIES OR TRANSFER OFJURISDICTION TO PUBLIC OR PRIVATE AGENCY OR UTILITYThe Corporation shall have power to dispose of its real pr

perties only as authorized under the Declaration and as providedherein.

ARTICLE VIIIAMENDMENTS

These Articles may be amended by the majority vote of theBoard of Directors, subject to the provisions of the OklahomaNonprof it Corpor a tion Act.r

~ ARTICLE IXDISSOLUTION

The Corporation may be dissolved only with the assent givenby the members en ti tled to cas t two-thirds (2/3) of each clas s ofits membership. Written notice of a proposal to dissolve, settinforth the reasons therefor and the disposition to be made of theassetsn (Which shall be consonant with ARTICLE X hereof) shall bemailed to every member at least thirty (30) days in advance of anaction taken. Dissolution shall not divest or diminish any rightor title of any OWner, as defined in the Declaration, vested in hunder the Declaration and deeds applicable to The Properties unle

.~ ~ made in accordance with the provisions of such Declaration and dee

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ARTICLE XDISPOSITION OF ASSETS UPON DISSOLUTION

Upon dissolution of the Corporation, the assets, both realand personal, of the Corporation, shall be dedicated to an appro-priate public agency or utility to be devoted to purposes asnearly as practicable the same as those to which they were re-quired to be devoted by the Corporation. In the event that suchdedication is refused acceptance, such assets shall be granted,conveyed and assigned to any nonprofit corporation, association,trust or other organization, to be devoted to purposes asnearly as practicable the same as those to which they were re-quired to be devoted by the Corporation. No such dispositionof Corporation properties shall be effective to divest ordiminish any right or title of any Owner, as defined in theDeclaration, vested in him under the Declaration and deedsapplicable to The Properties unless made in accordance with theprovisions of such Declaration and deeds.

ARTICLE XIPRINCIPAL PLACE OF BUSINESS AND REGISTERED AGENTThe address of the main office or principal place of busi-

ness of the Corporation is Post Office Box 376, Disney, Oklahoma,74340, and the name of its registered agent and its address isThe Corporation Company, 735 First National Building, OklahomaCi ty, Oklahoma, 73 LO 2.

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ARTICLE XIIDIRECTORS

The affairs of the Corporation shall be managed by a Boardof Directors, consisting of at least three (3) in number whoneed not be members of the Corporation. The number, qualifica-tions, manner of election and term of office of the directorsshall be as provided in the Bylaws of the Corporation. The namesand addresses of the persons constituting the initial Board of

Directors, three (3) in number, and the annual meeting to whichtheir respective terms shall extend are as follows:

NAi..m ADDRESS TERM ENDSWilliam Randolph Route l, Box 66AGrovei Oklahoma 74344

Post Office Box 87lAmarillo, Texas 79167

November l4, 1977Edward C. Shaw November l4, 1977Jame s W. Walker Post Office Box 376Disney, Oklahoma 74340 November l4, 1977Thereafter, directors shall be elected for a term of three (3)years and until their respective successors are elected andqualified. Any vacancy occurring in the initial or any subsequentBoard of Directors shall be filled at any meeting of the Board ofDirectors by the affirmative vote of a majority of the remaining

directors. Any director elected to fill a vacancy shall serve assuch until the expiration of the term of the director whose posi-tion he was elected to fill.

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ARTICLE XIIINAMS AND ADDRESSES OF INCORPORATORS

The names and addresses of the incorporators of thisCorporation are as follows:

NAM ADDRESSRichard 'W. Gable 2010 Fourth National Bank BuildingTulsa, Oklahoma 74119Michael F. Ford 2010 Fourth National Bank BuildingTulsa, Oklahoma 74119Richard D. Jones 2010 Fourth National Bank BuildingTulsa, Oklahoma 74119

IN WITNESS WHEREOF, for the purpose of forming this Corpora-t~6n under the laws of the State of Oklahoma, we, the undersigned,consti tuting the incorporators of this Corporation, have executedthese Articles of Incorporation this -21 day Of,,r:e-,~ , 197

STATE OF OKLAHOMA ssCOUNTY OF TULSA. The fore~ng instrument was acknowledged before me this:ii day of ~ d~~ , 192, by RICHARD W. GABLE,MICHAEL R. FORD and RICHARD D. JONES

My Commission Expires:6)e..J y~J /?7? ~ d-df tL_pary Public

declaration of covenants & restrictions 1977

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