A key design goal of 100 Boulder was to minimize the common areas and subsequent association responsibility, resulting in uniquely low monthly association dues. The association structure allows owners to experience lower insurance rates because the casualty and liability insurance is covered by their monthly dues. Details are available in the Handbook and the Budget.
A. Condominium Building
The land and condominium building in which your condominium unit is located (the “Condominium Building”) is subject to the Unit Ownership Estate Act of the State of Oklahoma.
B. Parking Garage
To the west of the Condominium Building is a parking garage (the “Parking Garage”). The owners of condominium units shall have the right to use two (2) parking spaces in a private nested area of the Parking Garage known as the Gold Card Area. The Condominium Building and the land on which it is located will be governed by the 100 Boulder Condominium Association (the “Condominium Association”).
A. Estimate of Square Footage and Percentage Interest
The following is an estimate of the total square footage of the condominium units (including the balconies and patios appurtenant to the condominium units) in the Condominium Building and the estimated proportionate or percentage interest of each condominium unit in the common elements:
B. Estimate of Operating Expense Assessments
Operating expense assessments for common elements will be charged by the Condominium Association. As a condominium unit owner, your direct pay account will be charged by the Condominium Association on the first (1st) day of each month in advance on the basis of your proportionate or percentage interest in the common elements set forth above. 100 Boulder, LLC (the “Developer”) will be responsible for 100% of the costs for the common elements until the first anniversary from the date that fifty percent (50%) of the total square footage of all condominium units are contracted for sale (the “Pre-Turnover Period”). If upon expiration of the Pre-Turnover Period 100% of the condominium units are not sold, the Developer shall be responsible for the costs associated with the unoccupied square footage of the unsold condominium units.
The following are the annual estimated costs to be charged to owners of condominium units for maintenance of the common elements in the first year:
In addition to the common element utility charges previously described, as an owner of a Condominium Unit, you will also be responsible for the usage charges for your individual electric and water for your condominium unit (“Utility Charges”). Utility Charges will be paid for directly by you to the applicable utility company.
The square footage, costs and assessments contained in this information statement are estimates only and owners of condominium units are advised that such estimates may be higher or lower. As provided in the Declaration of Unit Ownership Estates for 100 Boulder, operating expense assessments for common elements will be reconciled at the end of the year. For example, if the operating expense assessments for a particular year were less than the amount actually paid by the Condominium Association for maintenance of the common elements, your direct pay account will be charged based on your proportionate or percentage interest of your condominium unit in the common elements. However, if the operating expense assessments exceeded the amount actually paid by the Condominium Association for maintenance of the common elements, the excess would be deposited into your direct pay account based on your proportionate percentage interest of your condominium unit in the common elements. The operating expense assessments contained in this information statement are based on the assumption that 100% of the condominium units will be sold.
It is mandatory that all owners of condominium units are members in the Condominium Association. All such owners shall have read and should be familiar with the organizational documents (including the Certificate of Incorporation and Bylaws) of the Condominium Association and the Declaration of Unit Ownership Estates for 100 Boulder.