Okla. Stat. tit. 60, § 60-527
This is the official text of Okla. Stat. tit. 60, § 60-527, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Damage or destruction of building - Repair or restoration-
Official statutory text
Deficiency assessments - Distribution of funds.
Except as hereinafter provided, damage to or destruction of the
building shall be promptly repaired and restored by the manager or
board of managers, using the proceeds of insurance, if any, on the
building for that purpose, and the unit owners shall be liable for
assessment for any deficiency except in the case of an unconstructed
building which may be insured under a master policy of insurance as
described in Section 526 of this title, in which event the declarant
shall be liable for any deficiency relating to such unconstructed
building. If there is substantially total destruction of the
property, or if seventy-five percent (75%) of the unit owners
computed on the basis set forth in Section 503 of this title duly
resolve not to proceed with repair or restoration, then and in that
event the property or so much thereof as shall remain, shall be
subject to partition at the suit of any unit owner, in which event
the net proceeds of sale, together with the net proceeds of
insurance policies, if any, shall be considered as one fund except
for the declarant in respect to uncompleted units on which declarant
is not making the pro rata contribution described in subsection (a)
of Section 512 of this title, said fund shall be divided among all
the unit owners in proportion to their respective undivided
ownership of the common elements, after first paying off, out of the
respective shares of unit owners, to the extent sufficient for that
purpose, all liens on the unit of each unit owner. With respect to
uncompleted units or uncompleted buildings for which the declarant
is not making pro rata contributions pursuant to subsection (b) of
Section 512 of this title, the declarant shall not receive its
portion of said fund according to its respective undivided ownership
in the common elements but shall receive net proceeds of sale
according to the formula described in paragraph (j) of Section 514
of this title and such proceeds of insurance, if any, attributable
to said uncompleted buildings and/or uncompleted units under a
master policy of insurance as permitted in Section 526 of this
Oklahoma Statutes - Title 60. Property Page 194
title. The manager, or board of managers, as the case may be, and
their agents and employees shall have an easement to enter units to
make repairs to common elements or when the repairs reasonably
appear to be necessary for public safety or to prevent damage to
property other than the unit.
Except as hereinafter provided, damage to or destruction of the
building shall be promptly repaired and restored by the manager or
board of managers, using the proceeds of insurance, if any, on the
building for that purpose, and the unit owners shall be liable for
assessment for any deficiency except in the case of an unconstructed
building which may be insured under a master policy of insurance as
described in Section 526 of this title, in which event the declarant
shall be liable for any deficiency relating to such unconstructed
building. If there is substantially total destruction of the
property, or if seventy-five percent (75%) of the unit owners
computed on the basis set forth in Section 503 of this title duly
resolve not to proceed with repair or restoration, then and in that
event the property or so much thereof as shall remain, shall be
subject to partition at the suit of any unit owner, in which event
the net proceeds of sale, together with the net proceeds of
insurance policies, if any, shall be considered as one fund except
for the declarant in respect to uncompleted units on which declarant
is not making the pro rata contribution described in subsection (a)
of Section 512 of this title, said fund shall be divided among all
the unit owners in proportion to their respective undivided
ownership of the common elements, after first paying off, out of the
respective shares of unit owners, to the extent sufficient for that
purpose, all liens on the unit of each unit owner. With respect to
uncompleted units or uncompleted buildings for which the declarant
is not making pro rata contributions pursuant to subsection (b) of
Section 512 of this title, the declarant shall not receive its
portion of said fund according to its respective undivided ownership
in the common elements but shall receive net proceeds of sale
according to the formula described in paragraph (j) of Section 514
of this title and such proceeds of insurance, if any, attributable
to said uncompleted buildings and/or uncompleted units under a
master policy of insurance as permitted in Section 526 of this
Oklahoma Statutes - Title 60. Property Page 194
title. The manager, or board of managers, as the case may be, and
their agents and employees shall have an easement to enter units to
make repairs to common elements or when the repairs reasonably
appear to be necessary for public safety or to prevent damage to
property other than the unit.
Status: in_force · Read it on the official government site
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