Oklahoma § 60-514 - Declaration creating estate - Contents

§ 60-514. Declaration creating estate - Contents

The declaration creating and establishing unit ownership estates

as provided in Section ;-2 502 of this ;-act title, shall be

recorded and shall contain the following particulars:

(a) Description of the land,

(b) Description of the building, stating the number of stories

and basements, the number of units, and the principal materials of

which it is constructed,

(c) The unit designation of each unit, and a statement of its

location, approximate area, number of rooms, and immediate common

area to which it has access, and any other data necessary for its

proper identification,

(d) Description of the general common elements and the

proportionate interest of each unit owner therein,

(e) Description of the limited common elements, if any, stating

which units shall share the same and in what proportion,

(f) The name of a person to receive service of process in the

cases hereinafter provided together with the residence or place of

business of such person which shall be within the county in which

the property is located,

(g) The method which the declaration may be amended, consistent

with the provisions of this act,

(h) Any other details or restrictions in connection with the

property which the person executing the declaration may deem

desirable to set forth;-.,

(i) The declarant by a specific provision in the declaration may

reserve the right to annex additional property to the property which

was submitted to the Unit Ownership Estate Act under the original

declaration. If such right is reserved, the declaration shall also

include:

(1) The legal description of the property capable of being

annexed, and the total number of units that may be added by one or

more such annexations;

(2) The time limit within which the annexation shall take

place from the recordation date of the original declaration;

(3) A requirement that all improvements intended for the

property of each annexation shall be substantially complete prior to

each such annexation;

(4) The formula for determining the undivided interest of

each unit owner in the total common elements after each such

annexation, which formula may not be changed without the unanimous

consent of all the unit owners, and which formula shall be

reasonably expected to result in a ratio of the approximate relation

of the value of each unit after each annexation as it bears to the

aggregate fair value of all units after each such annexation;

Oklahoma Statutes - Title 60. Property

(5) A description of the annexation document to be executed

and recorded by the declarant which shall not require the consent of

the unit owners. The annexation document shall state the undivided

interest of each unit owner in the common elements for each unit

which is a part of the total property after such annexation.

However, such undivided interest may be later changed in accordance

with the act by a later annexation;

(6) A requirement that the improvements on the property to

be annexed will be consistent with the improvements of the property

originally submitted to the declaration in terms of quality and

construction; and (j) The specific formula for determining the

amount of contribution to be made by the declarant for unconstructed

units and/or unconstructed buildings if such contribution is less

than the pro rata contribution of the expenses described in

subsection (a) of Section 512 of this title.

Amended by Laws 1985, c. 137, § 4, eff. Nov. 1, 1985.