§ 514. Declaration creating estate--Contents
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 514
§ 514. Declaration creating estate--Contents
The declaration creating and establishing unit ownership estates as provided in Section 502 of this title, shall be recorded and shall contain the following particulars:
(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;
(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;
Credits
Laws 1963, c. 288, § 14; Laws 1985, c. 137, § 4, eff. Nov. 1, 1985.
60 Okl. St. Ann. § 514, OK ST T. 60 § 514
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |