LAMONT SHORES PROPERTY OWNRS ASSOCIATION

POLICY MAAL

SECTION VI

DECLATION OF COVENANTS &

RESTRICTIONS
MAINTENANCE ASSESSMENTS

THIS DECLARATION, made this 13 l-h day of iTaniiary 1977, by

SOUTHWESTERN INVESTMENT COMPANY, a corporation (successor by statutory
merger to LTD Land Company, an Oklahoma corporation ), hereinafter
called Developer.

ARTICLE V

COVENANT FOR MAINTENANCE ASSESSMENTS

Section 1. CREATION OF THE LIEN AND PERSONAL OBLIGATION OF

ASSESSMENTS. The Developer for each Lot and Living Unit owned by it
wi thin The Properties hereby covenants and each Owner of any Lot or
Li ving Unit by acceptance of a deed therefor, whether or not it shall
be so expressed in any such deed or other conveyance, be deemed to
covenant and agree to pay to the Association: (a) annual assessments
or charges; (b) special assessments for capital improvements, such
assessments to be fixed, established and collected from time to time
as hereinafter provided. The annual and special assessments, together
wi th such interest thereon and costs of collection thereof as
Section 2. PUROSE OF ASSESSMENTS. The assessments levied by
the Association shall be used exclusively for the purpose of promoting
the recreation, health, safety and welfare of the residents in The
Properties and in particular for the improvement and maintenance of
properties, services and facilities devoted to this purpose and
related to the use and enjoyment of the Common Properties and of the
homes si tua ted upon The Properties, including, but not limited to, the
payment of taxes and insurance thereon and repair, replacement and
additions thereto, and for the cost of labor, equipment, materials,
management and supervision thereof.
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r ARTICLES OF INCORPORATION
OF
LAKEMONT 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 I
NAME

The name of the Corporation is LAKEMONT SHORES PROPERTY

OWNERS ASSOCIATION, INC. 0 tt-(3 ê(

ARTICLE II

r DURATION
The period of duration of corporate existence shall be

fifty (50) years.

ARTICLE III
PURPOSES AND POWERS
The Corporation does not contemplate pecuniary gain or
profit, direct or indirect, to its members, and the specific

purposes for which it is formed are to provide for the preser-

vation of the values of the real estate brought within the

jurisdiction of the Corporation from time to time, particularly

the real estate in Delaware County, State of Oklahoma, which

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includes, but is not limited to the following Lakemont Shores

Subdivisions: Allyson Acres South, East, West, Oaks, Valley

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View, 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 estate

being 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 any

additions thereto as may hereafter be brought within the

jurisdiction of the Corporation, and for these purposes to:

(a) Exercise all of the powers and privileges and

to perform all of the duties and obligations of the

Corporation as set forth in Declaration of Covenants and

Restrictions, hereinafter called Declaration, applicable

r to The Properties and recorded or to be recorded in the

office of the County. Clerk for the County of Delaware,

State of Oklahoma, and as the same shall be amended from

time to time as therein provided; said Declaration being

incorporated herein as if set forth at length;

(b) Own, acquire, build, operate and maintain

recreational parks, playgrounds, swimming pools, golf

courses, private ways, private roads, private lanes,

utilities (including, but not limited to, water systems

and sewer systems), lakes, bUildings, structures and

personal properties incident thereto, hereinafter referred

to as "the common properties and facilities";

(c) Provide for municipal services including, but

r not limited to, garbage and trash collections, fire and

police protection and maintenance of unkept lands and trees;

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r (d) Fix, levy, collect and enforce payment by any

lawful means, all charges and assessments pursuant to the

terms of the Declaration; to pay all expenses in connection

therewith and all office and other expenses incident to the

conduct of the business of the Corporation, including all

licenses, taxes or governmental charges levied or imposed

against the property of the Corporation;

(e) Pursuant to the terms of the Declaration convey,

sell, lease, transfer, dedicate for public use or otherwise

dispose of real or personal property in connection with the

affairs of the Corporation;

r (f) Pursuant to the terms of the Declaration borrow

money and with the assent of fifty-one percent (5l%) of

each class of members mortgage, pledge, deed in trust or

hypothecate any or all of its real or personal property

in 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 common

properties and facilities to any public or private agency,

authori ty or utility for such purposes and subject to such

conditions as may be agreed to by the members. No such

dedication or. transfer shall be effective unless approved

by fifty-one percent (5l%) of each class of members, agree-

ing to such dedication, sale or transfer;

r (h) Participate in mergers and consolidations with
other nonprofit corporations organized for the same or

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similar purposes, provided that any such merger shall

have the assent of fifty-one percent (5l%) of each

class of members;

(i) Insofar as permitted by law, to do any other

thing that, irithe opinion of the Board of Directors,

will promote the common benefit and enjoyment of the

residents and commercial owners of The Properties,

incl uding, but not limited to, maintenance of public

streets and roads ¡and

(j) Enforce any and all covenants, restrictions

and agreements applicable to The Properties.

r ARTICLE IV
MEMBERSHIP

Section I. CHARTER MEMBERSHIP. Every person or legal

enti ty who purchased a fee, or undivided fee, interest in a

lot in Lakemont Shores development (excluding Ponderosa Park

and Chestnut Hills and all future additions) prior to a date

specified 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 membership

purposes only, "record owner" shall include those who have pur-

chased on a contract for deed from the Developer. However, the

annual assessment applicable to such Charter Member shall be the

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Twenty-four and no/lOa Dollars ($24.00) per year per lot upkeep

r and beautification charge set forth in the applicable recorded

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restrictive covenants. Owners in East and West Additions must

pay the Twenty-four and no/lOa Dollars ($24.00) per lot charge

to be entitled to membership. In the event that such annual

assessment is not paid timely (time is of the essence), such

Charter Membership shall terminate automatically and without

notice. If any Charter Member wishes to rejoin the Association,

he may do so only by becoming a Regular or Associate Member and

by adding his Lot to the Declaration and shall thereby become

obligated to pay the full Regular Membership annual assessment.

Charter Members shall be enti tIed to all of the privileges of a

member except, until they have paid in full for the purchase

price of the Lot, they shall not be entitled to vote in the elec-

tion of directors or otherwise. Rescission or termination of a

r contract of purchase, contract for deed, note or mortgage or

other purchase agreement shall terminate the Charter Membership.

A Lot or Living Unit shall not be considered fully paid until

the contract for purchase, contract for deed, promissory note

and mortgage or other purchase agreement shall be fully satisfied.

Charter Members are limited to those persons or legal entities

that own, of record, on the date specified in the Bylaws a fee,

or undivided fee, interest in a Lot. Subsequent record owners

of a fee, or undivided fee, interes t in such Lots are not entitled

to Charter Membership and shall be required to become Regular or

Associate Members if they wish to enjoy the use of the common
facili ties of the Association. If such subsequent record owners

r do not choose to become Regular or Associate Members, they are

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. t.:~ still required to pay the Twenty-four and no/IOO Dollars. ($24.00)

per lot per year upkeep and beautification fee to the Association

which fee shall be used for road maintenance and general beauti-

fication of Lakemont Shores but will not be used for maintenance

of the common faci li ties. In order to become a Regular or

Associate Member, the record Owner of a fee, or undivided fee,

interest shall be required to add the subject Lot to the

Declaration and shall thereby become obligated to pay the full

Regular Membership Annual Assessment. Charter Members may be

excluded from enjoyment of the use of the common facilities

that were not proposed at the time that such Charter Member

r purchased his, her or its Lot.

Section 2. REGULAR MEMBERSHIP. The Developer, its suc-

cessors and assigns, shall be a Regular Member of the Association

so long as it shall be the record owner of a fee, or an undivided

fee, interest in any Lot or Living Unit, which is subject by

covenants of record to being assessed by the Association (in-

cluding but not limited to Lots and Living Units in Ponderosa

Park and Chestnut Hills and all future additions to Lakemont

Shores) even though such assessment has not yet commenced, and

the Developer shall also be a Regular Member until it has been

paid in full for every such Lot or Living Unit which it shall

sell. Also, every person or entity who is a record owner of a

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fee, or undivided fee, interest in any Lot or Living Unit which

r is subject by covenants of record to the Declaration and to

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r being assessed by the Association, and who shall have paid the
Developer in full for the purchase price of the Lot or Living

Uni t and who is not a Charter Member shall be a Regular Member

of the Association, provided that any such person or entity

(except the Developer) who holds such interest merely as

security for the performance of an obligation shall not be a

member.
Section 3. ASSOCIATE MEMBERSHIP. Every person or entity
who has entered into a contract of purchase with the Developer

covering a Lot or Living Unit which is subject by covenants of

record to being assessed by the Association and who has not paid

r, the Developer in full for the purchase price of the Lot or Living
Unit shall be an Associate Member of the Association. An

Associate Member shall be entitled to all of the

privileges of a
member except the right to vote in the election of directors, or

otherwise. Rescission, terrina tion or cancellation of a contract

of purchase by Developer, for any reason, shall terminate the

Associa te Membership.

ARTICLE V

VOTING RIGHTS
There shall be two classes of voting memberships:

Class A. Class A members shall be all those

persons or entities as defined in ARTICLE IV
:.~ wi th the exception of the Developer, who have
paid the Developer in full for the purchase

r price of the Lot or Living Unit. Class A

members (except as restricted) shall be en-
ti tled to one vote for each Lot or Living Unit
in which they hold the interests required for

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membership by ARTICLE iv. When more than
one person holds such interest or interests
in any Lot or Living Unit the vote for such
Lot or Living Unit shall be exercised as they
among themselves determine, but in no event
shall more than one vote be cast with respect
to any such Lot or Living Unit.

Class B. Class B member shall be the Developer.

The Class B member shall be entitled to ten
votes for each Lot or Living Unit, which is sub-
jectby covenants of record to being assessed by
the Corporation, even though such assessment has
not yet commenced i until such time as it shall
cease to be a record owner, and shall have been
paid in full for such Lot or Living Unit. The
Developer shall continue to have the right to cast
votes as aforesaid (ten votes for each Lot or
Living Unit) even though it may have contracted to
sell the Lot or Living Unit or may have same under
a mortgage or deed of trust.
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r For purposes of determining the votes allowed

under this Article, when Living Units are counted,
the Lot or Lots upon which such Living Units
are sit ua ted shal 1 "not be coun ted .

Associate Members shall not be entitled to

vote in thè election of directors or otherwise.

ARTICLE Vi
ADDITION TO PROPERTIES AND MEMBERSHIP
Additions to the real estate described in ARTICLE III may
be 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 associate

membership of this Corporation to such additions and the OWners as

r7 defined in the Declaration.

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ARTICLE VII
DEDICATION OF PROPERTIES OR TRANSFER OF
JURISDICTION TO PUBLIC OR PRIVATE AGENCY OR UTILITY

The Corporation shall have power to dispose of its real pro-

perties only as authorized under the Declaration and as provided

herein.

ARTICLE VIII

AMENDMENTS

These Articles may be amended by the majority vote of the

Board of Directors, subject to the provisions of the Oklahoma

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Nonprof it Corpor a tion Act.

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ARTICLE IX
DISSOLUTION
The Corporation may be dissolved only with the assent given
by the members en ti tled to cas t two-thirds (2/3) of each clas s of

its membership. Written notice of a proposal to dissolve, setting

forth the reasons therefor and the disposition to be made of the

assetsn (Which shall be consonant with ARTICLE X hereof) shall be

mailed to every member at least thirty (30) days in advance of any

action taken. Dissolution shall not divest or diminish any right

or title of any OWner, as defined in the Declaration, vested in him

under the Declaration and deeds applicable to The Properties unless

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

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ARTICLE X
DISPOSITION OF ASSETS UPON DISSOLUTION
Upon dissolution of the Corporation, the assets, both real
and personal, of the Corporation, shall be dedicated to an appro-

priate public agency or utility to be devoted to purposes as

nearly as practicable the same as those to which they were re-

quired to be devoted by the Corporation. In the event that such

dedication 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 as

nearly as practicable the same as those to which they were re-

r quired to be devoted by the Corporation. No such disposition

of Corporation properties shall be effective to divest or

diminish any right or title of any Owner, as defined in the

Declaration, vested in him under the Declaration and deeds

applicable to The Properties unless made in accordance with the

provisions of such Declaration and deeds.

ARTICLE XI
PRINCIPAL PLACE OF BUSINESS AND REGISTERED AGENT

The 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 is
"~ The Corporation Company, 735 First National Building, Oklahoma

r Ci ty, Oklahoma, 73 LO 2.

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r ARTICLE XII

DIRECTORS
The affairs of the Corporation shall be managed by a Board
of Directors, consisting of at least three (3) in number who

need not be members of the Corporation. The number, qualifica-

tions, manner of election and term of office of the directors

shall be as provided in the Bylaws of the Corporation. The names

and addresses of the persons constituting the initial Board of

Directors, three (3) in number, and the annual meeting to which

their respective terms shall extend are as follows:

NAi..m ADDRESS TERM ENDS

r William Randolph

Edward C. Shaw
Route l, Box 66A
Grovei Oklahoma 74344

Post Office Box 87l

November l4, 1977

November l4, 1977

Amarillo, Texas 79167
Jame s W. Walker Post Office Box 376 November l4, 1977
Disney, Oklahoma 74340
Thereafter, directors shall be elected for a term of three (3)
years and until their respective successors are elected and

qualified. Any vacancy occurring in the initial or any subsequent

Board of Directors shall be filled at any meeting of the Board of

Directors by the affirmative vote of a majority of the remaining

directors. Any director elected to fill a vacancy shall serve as

such until the expiration of the term of the director whose posi-

~ .--: tion he was elected to fill.

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ARTICLE XIII
NAMS AND ADDRESSES OF INCORPORATORS
The names and addresses of the incorporators of this
Corporation are as follows:
NAM ADDRESS
Richard 'W. Gable 2010 Fourth National Bank Building
Tulsa, Oklahoma 74119
Michael F. Ford 2010 Fourth National Bank Building
Tulsa, Oklahoma 74119
Richard D. Jones 2010 Fourth National Bank Building
Tulsa, Oklahoma 74119

IN WITNESS WHEREOF, for the purpose of forming this Corpora-

r t~6n under the laws of the State of Oklahoma, we, the undersigned,

consti tuting the incorporators of this Corporation, have executed

these Articles of Incorporation this -21 day Of,,r:e-,~ , 197¿'

STATE OF OKLAHOMA
ss
COUNTY 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

t~ My Commission Expires:
6)e¿¿..J y~¿J/ /?7?
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o ary Public

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