Brookstone Lakes Oklahoma 0

Cap Number of Rentals in Brookstone Lakes Phase 1

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The Board of Directors for the Home Owners Association of Brookstone Lakes, Phase 1, is proposing a cap on the number of rental units, to twenty (20) percent of the total lots. See below for more information on this proposal:

No more than twenty percent (20%) of the Lots in Brookstone Lakes Phase 1 may be leased at any given time to a Third Party. Any Owner engaged in leasing or subleasing activities as of the date of this Amendment shall be allowed to continue leasing or subleasing activities until said Lot is sold or conveyed to a Third Party. Any Lot Owner engaged in leasing or subleasing activity must, upon the sale or conveyance of said Lot, notify any potential buyer or person taking title that no more than twenty percent (20%) of the Lots in Brookstone Lakes Phase 1 may be leased at any given time to a Third Party. For the purpose of this provision, “Third Party” shall be defined as any person who is not an Owner as that term is defined in the Declaration.

All lease agreements must be submitted to the HOA prior to execution by the Owner. Owners shall also submit a “tenant registration form” to the HOA for each existing tenant/lease, in a form prepared for the HOA by the Board of Directors, no less than thirty (30) days prior to executing or extending a lease. The HOA may charge a reasonable review and processing fee concerning the above. Additionally, any Owner wishing to lease his Lot must submit to the HOA a security deposit in an amount to be determined by the Board of Directors (the "Security Deposit"). The Security Deposit shall be debited should any tenant of the Owner or the Owner fail to abide by the provisions of this Declaration.

Additionally, if an Owner fails to provide the “tenant registration form” to the HOA as outlined above, the HOA may impose reasonable monetary penalties as determined by the Board. The HOA may also suspend an Owner's ability to Lease his Lot for a period of twelve (12) months. This rental restriction provision takes precedence over any inconsistent language in the Articles or Bylaws or Rules of the HOA. No owner may lease a Lot for fewer than twelve (12) months. (This can be changed to a term determined by the Board) Owners may apply for a hearing before the Board for temporary or special variances in case of hardship. Permission to lease will be granted at the sole discretion of the Board of Directors.

You must be the owner of a home in Brookstone Lakes, Phase 1, to sign this petition. All names will be verified. Only one signature per household, please. If you prefer to sign a paper copy of this petition, please email and a board member will arrange to meet you with a paper version.

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