OWNER'S CERTIFICATE, DEDICATION AND PROTECTIVE COVENANTS FOR STEEPLECHASE FARMS PHASE 1, A SUBDIVISION IN THE SOUTHEAST QUARTER (SE/4) OF SECTION 32, TOWNSHIP 18 NORTH, RANGE 3 EAST OF THE INDIAN MERIDIAN, PAYNE COUNTY, STATE OF OKLAHOMA

STATE OF OKLAHOMA )

) ss.

COUNTY OF PAYNE )

KNOW ALL MEN BY THESE PRESENTS:

That the undersigned, Platinum Development, L.L.C., does hereby certify that it is the owner of and the only entity having any right, title, interest or estate in and to the land described as follows, to-wit:

Attached Exhibit A STEEPLECHASE FARMS PHASE 1 Legal Description

It further certifies that it has caused said tract of land to be surveyed and platted into lots and streets and has caused a plat to be made of said tract of land showing accurate dimensions of the lots, setback lines, rights-of-way and widths of streets and easements for utilities. Said company does hereby designate said tract of land as STEEPLECHASE FARMS PHASE 1, and hereby dedicates to public use the streets within said subdivision. The areas indicated on said plat as utility easements are hereby reserved for the purpose of locating, constructing, erecting, maintaining, conducting or performing any public or quasi-public utility or utility functions or services above or beneath the surface of the ground, with a right of ingress and egress at any time for the purpose of installation, repair, maintenance, operation or removal of such public or quasi-public utility. All lands so dedicated to public use are free and clear of all liens and encumbrances.

For the purpose of providing an orderly development of the entire tract, and for the further purpose of providing adequate restrictive covenants for the mutual benefit of the developer and its successors in title to the subdivision of said tract, it does hereby impose the following restrictions and reservations to which it shall be incumbent upon its successors to adhere, and any person or persons, corporation or corporations, partnership or partnerships hereinafter becoming the owner or owners, either directly or through any subsequent transfers, or in any manner whatsoever, of any lots included in STEEPLECHASE FARMS PHASE 1 shall take, hold and convey the same subject to the following restrictions and reservations, to wit:

1. All lots within the subdivision shall be known, described and used solely as single-family residential building lots.

2. No structure shall be erected, altered, placed or permitted to remain on any lot other than one (1) detached, single-family dwelling not to exceed two (2) stories in height and private garage for not more than three (3) automobiles, nor less than two (2) automobiles, and outbuildings incidental to the use of said single-family dwelling. This restriction is not intended to prohibit the temporary location of a job site shed or construction trailer utilized by contractors during construction.

3. No building, outbuilding, structure or fence shall be erected, placed or altered on any lot until the building plan, specifications, plot plan, landscaping plan, and grading plan showing the location of such building, outbuilding, structure or fences are submitted in writing and have been approved in writing as to the conformity and harmony of external design with existing structures in the subdivision, and with existing structure or structures on the lot, and as to the location of the building, outbuilding, structure and/or fence with respect to topography and finished ground elevation by Platinum Development, LLC. (the "Design Committee"). In the event of the dissolution of Platinum Development, LLC, the Declarant shall designate three (3) replacement members to serve in the same manner and with the same authority as Platinum Development, LLC. In the event that Platinum Development, LLC or a committee designated by Platinum Development, LLC fails to approve or disapprove such design or location of any building, outbuilding, structure or fence within thirty (30) days after said plans and specifications have been submitted to the committee, or in any event if no suit to enjoin the erection of such building, outbuilding, structure or fence has been commenced prior to the completion thereof, such approval will not be required, and this covenant will be deemed to have been fully complied with.

Platinum Development LLC, or its designated representatives shall act and serve until January 31st, 2020, or until such time as 80% of the lots in this subdivision along with future subdivision phases of STEEPLECHASE FARMS contemplated by the Declarant on the SOUTHEAST QUARTER (SE/4) OF SECTION 32, TOWNSHIP 18 NORTH, RANGE 3 EAST OF THE INDIAN, PAYNE COUNTY, OKLAHOMA have been sold, at which time the Board of Directors of SteepleChase Farms Homeowners Association shall designate and appoint the Design Committee who thereafter shall have all of the powers, subject to the same limitations as were previously delegated herein to Platinum Development, LLC. or their designated representatives. Neither Platinum Development LLC, nor its designated representatives shall be entitled to any compensation for services performed pursuant to this covenant.

MATERIAL, ROOFING, CHIMNEYS, FENCING, SWIMMING POOLS and CONSTRUCTION PERIOD:

Section 1: Materials. The principal exterior or any residence shall be at least sixty (60%) percent Brick or stone and forty (40%) percent may be lap siding or other material, which will blend together with the brick or stone. No stucco homes will be allowed. It is the intention of this restriction to allow panels of other materials than brick or stone to be used, but in no event shall a continuing wall consisting of forty (40%) percent of the exterior of the residence be built of any material other than brick or stone. This restriction is intended to restrict the principal exterior of residences to masonry in their construction, but is modified to allow the use of other materials to blend with the masonry to eliminate repetition of design. Any deviation from the above must be approved by the Design Committee in advance, and by the Declarant.

In computing the required square footage of ground floor space for masonry, the doors and windows are excluded and the vertical space is from the exterior finish grade to the top of the top plate of the first floor.

Section 2: Roofing. All roofing materials must be of asphalt composition shingle similar to, but not limited to, Elk Products-Capstone series. Color: Focal Gray, Granite, Mossrose or other colors that are of matching, in the event these named colors are not available. A comparable 30-year shingle may be used if approved by the design committee. Tile or wood shingles may also be used. Painted metal valleys are required on all roofs. The valleys on composition roofs must be factory painted and sealed with the color to match the roof material. Any deviation from these must be approved by the design committee or the Declarant. The acceptable roofing material must be of pounds per square. (30-year roof/300lbs.)

All pipes extending above the shingles must be painted to match the color of the roof.

Section 3: Chimneys. Brick or stone-faced chimneystacks are required for all fireplaces above the roofline.

Section 4: Fencing. All fencing and /or screening must be approved by the Declarant in advance of its installation. This includes but is not limited to:

A: Common Area Fence

B: Association Fence

C: Adjoining Fence

D: Any other Fence that will extend beyond the building structure.

All adjoining fences must be set back at least (5) feet from the front of any building structure upon which fences may abut, unless such fence is determined by the Declarant to be the equivalent of the building structure. All homes constructed on a corner lot must have the side fence set back at least (5) feet from the road and utility easement.

Section 5: Swimming Pools. Swimming pools are allowed in the development but plans must be submitted to the Design Committee before construction of the swimming pool begins. No above ground pools will be allowed.

Section 6: Construction Period. Upon commencement of excavation for construction on any Lot or Lots in the plat, the work must be continuous, weather permitting, until the house and other improvements are completed. No delay in the course of construction within a period of twelve (12) months will be permitted, unless further extension of time for the completion of said house improvements is given by the Declarant. If no such consent is given, the Declarant or its designee may, but shall not be obligated to, complete such construction.

Also, all construction site property lines abutting pond must also have silt fencing or screen fencing in place to retain debris and prevent debris from entering pond or surrounding pond areas. If contractor fails to do so developer has option to install and bill contractor accordingly.

4. The square footage area of any dwelling, exclusive of garage, breeze ways, open porches and other outbuildings shall not be less than two thousand (2,000) square feet in the case of a one-story structure, and not less than seventeen hundred (1,700) square feet, with the total house footage not less than twenty-eight hundred (2,400) square feet in the case of a one and one/half or two-story structure. Garages may have front, side, or rear entry garages. Builders are encouraged to use side or rear entry whenever possible.

5. None of the lots in this addition shall be subdivided or reduced in size in excess of four (4) feet from the dimensions shown on the official plat of said addition. The purpose of this covenant is to allow and permit minor adjustments between adjacent property owners, but nothing in this covenant shall prevent an owner from building one (1) dwelling house on two (2) or more lots, or prevent owners of lots from dividing a single lot in half and annexing it to the lot adjoining on each side for the purpose of constructing a dwelling house on the adjoining lot, but no more than one (1) dwelling house shall be permitted on the land encompassed by any lot so divided and the adjoining lot to which it has been annexed. The landfill of any area must be approved by the Design Committee in advance of any soil movement.

6. No business, including home occupations, trade or activities, shall be carried on upon any lot. No noxious or offensive activity shall be carried on upon any lot, nor shall anything be done thereon that may be or become an annoyance or nuisance to the neighborhood. No machinery or vehicles or any kind that are in a "junk" state, or Company Commercial Vehicles larger than (1) Ton Rated, unless garaged, shall be permitted upon any lot. No television satellite dishes shall be allowed within the subdivision unless approved in writing as to the size and placement thereof by the Design Committee or their designated representative. .

7. No outbuilding, tree house or garage erected on any lot shall at any time be used as a residence, either temporarily or permanently. All structures, residences, garages or other outbuildings shall be of new construction and of the same or similar material as the principal residence. No building, including modular homes, already constructed shall be moved onto any lot.

8. No automobile, truck, trailer, tent or temporary structure of any nature whatsoever shall ever be temporarily or permanently parked, located or otherwise maintained forward of the front building limit or setback line on each lot as same is shown on the recorded plat of STEEPLECHASE FARMS PHASE 1, provided, however, that it is not the intention of this paragraph to exclude the temporary parking of passenger automobiles on any portion of the garage driveway that is located in front of such front building limit or setback line on each lot.

9. No animals, livestock or poultry of any kind shall be raised, bred or kept on any lot; except that dogs, cats or other household pets may be kept, provided they are not kept, bred or maintained for any commercial purpose. Pets must be fenced or restrained on their owner's property unless on a leash.

10. No building material of any kind or character shall be placed or stored upon the lot until the owner is ready to commence improvements, and then such materials shall be placed within the property lines of the lot upon which the improvements are to be erected and shall not be placed in the street or easements.

11. All property must be kept free from trash and rubbish, and same shall not be permitted to accumulate upon any lot. Trash, garbage and / or other waste must be kept in closed, adequately secured sanitary containers and regularly removed.

12. No trees, bushes or other growing things, in excess of 3 inches diameter, may be removed from any lot without the approval of the design committee.

13. No boats or water craft, or floating devices of any kind shall be allowed on the lake{s) or pond{s). No swimming, bathing or wading shall be allowed in or on the lake{s) or pond{s).

14. Discharging of firearms in this subdivision is prohibited.

15. No propane, butane, combustible fluid or any other gas or fluid tanks may be placed above or below ground in this subdivision in excess of Seven and one half (7.5) gallons.

16. No external television, radio or other antenna or other receptacle device or satellite dishes shall be placed upon any of the lots unless enclosed in the single-family dwelling, or unless the owner or owners desiring to place such a device outside of the single family dwelling submits detailed plans and specifications to the committee created in Paragraph 3 of these Protective Covenants showing the location and screening of such device and receives a written approval for the installation or erection of such device, provided, however, no such device shall ever be located nearer than five (5) feet to either side lot line nor within twenty (20) feet of any side street line, nor thirty-five (35) feet from the front lot line.

17. No alterations or changes affecting water capacity shall be made to the pond{s) common to Lots in STEEPLECHASE FARMS 1.

18. Driveways are required to be concrete. The Design Committee in certain circumstances can approve blacktop. The same brick or stone or materials similar to the exterior of each house must be used for a mailbox. The design committee and/or the Homeowners Association retain the right to require uniform mailboxes.

19. Each lot shall be mowed and maintained in a neat and orderly fashion, conforming to the mowing and maintenance of those lots adjacent and abutting said lot. The Homeowners Association shall have authority to mow and maintain a lot if the owner, after five (5) days written notice, has not mowed or performed necessary maintenance. The Homeowners Association shall have the authority to charge a lot owner a reasonable price for such mowing or maintenance and to collect for service through the Association lien powers.

20. No window air conditioning units shall be installed in any residence, outbuilding or other structure where visible from the street or from any other residence.

21. All playground equipment and trampolines must be kept behind the primary residential structure.

22. No use of any lot shall be permitted not conforming to the residential zoning district applicable to this subdivision or that causes a discharge into the air of fumes, smoke or dust which will obstruct visibility and adversely affect the operation of an aircraft or cause interference with navigational facilities necessary to aircraft operation.

23. No unlicensed motorized dirt bike, four wheelers, go-carts or off road vehicles of any kind will be permitted to operate in this subdivision.

24. The Homeowners Association reserves the right to carry liability insurance on the lake(s) and/or pond(s) in the subdivision. No trotlines or limb lines shall be allowed on the lake(s) or the pond(s). Fishing is restricted to homeowners or guests accompanied by homeowners. The Homeowners Association shall maintain the pond dams and dikes that are a part of the hiking and riding trails.

25. No drilling or exploration for oil, gas or other minerals or water shall be permitted without the prior written consent of Declarant. Each lot owner shall provide the required facilities to take and receive water service to any improvements erected thereon by means of underground water service, installed, owned and maintained in accordance with plans and specifications furnished by the water supplier, leading from the source of supply in the utility easement to such improvements.

26. No lot owner shall demand or require the furnishing of electric service through or from overhead wire facilities so long as electric service is available from an underground distribution system. Each lot owner shall provide the required facilities to take and receive electric service to any improvements erected thereon by means of underground service conductors, installed, owned and maintained in accordance with plans and specifications furnished by the electric supplier, leading from the source of supply in the utility easement to such improvements.

27. Homeowners Association. The owner hereby declares that all of the Lots in this subdivision, together with all common areas defined as all entryways, street islands and fountains, shall be held, sold and conveyed subject to the following easements, restrictions, covenants and conditions which are for the purpose of protecting the value and desirability of said property, and which shall run with the real property and be binding on all parties having any right, title or interest in the afore-described Subdivision and properties or any part thereof, and on their heirs, successors and assigns, and shall inure to the benefit of each owner thereof.

ARTICLE I DEFINITIONS

Section 1. "Association" shall mean and refer to STEEPLECHASE FARMS HOMEOWNERS ASSOCIATION, its successors and assigns.

 

Section 2. "Board of Directors" shall mean the Board of Directors of the Association as selected pursuant to the provisions of the Association's by-laws.

Section 3. "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of the fee simple title to any lot, including contract sellers, but excluding those having such interest merely as security for the performance of an obligation.

Section 4.SteepleChase Farms Subdivision. "Lot" shall mean and refer to any of the platted lot or lots within SteepleChase Farms.

Section 5. "Common Areas" shall mean and refer to any entryway and fountains, street islands or cul-de-sac islands.

ARTICLE II PROPERTY RIGHTS

Section 1. Owners Easement of Enjoyment. Each owner shall have a right and easement of enjoyment in and to any entryway, fountain, street islands, cul-de-sac islands and hiking/riding trails which shall be appurtenant to and shall pass with the title to every lot, subject to the following provisions:

(a) The right of the Association to charge reasonable fees for the maintenance and upkeep of the entryway, fountain, street islands, cul-de-sac islands and hiking/riding trails street, and the right of the Association to place liens upon the lot of any owner who fails, refuses or neglects to pay said fees.

(b) The right of the Association to suspend the voting rights of an owner for any period during which any assessment or fine against his lot remains unpaid.

ARTICLE III MEMBERSHIP AND VOTING RIGHTS

Section 1. Every owner of a lot, which is subject to assessment, shall be a member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any lot, which is subject to assessment.

Section 2. The Association shall have one class of voting membership. All owners shall be entitled to one (1) vote for each lot owned. When more than one person holds an interest in any lot, all persons shall be members. The vote for such lot shall be exercised as they determine, but in no event shall more than one (1) vote be cast with respect to any lot.

ARTICLE IV

COVENANT FOR MAINTENANCE ASSESSMENTS

Section 1. Creation of the Lien and Personal Obligation of Assessments. The Declarant for each lot owned hereby covenants and each owner of any lot by acceptance of a Deed therefore, whether or not it shall be so expressed in such Deed, is deemed to covenant and agree to pay to the Association annual assessments or charges, to be collected as hereinafter provided. The annual assessments, together with interest, costs and reasonable attorneys fees shall be a charge on the land and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with interest, costs and reasonable attorneys fees shall also be the personal obligation of the person who was the owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass to the successors in title unless expressly assumed by them.

Section 2. Purpose of Assessments. The assessments levied by the Association shall be used exclusively for the maintenance and upkeep of the subdivision entryway, any street islands, street cul-de-sac areas, fountain(s), or hiking/riding trails, insurance premiums, and for any other purpose determined by the Board of Directors to be for the betterment of the Subdivision.

Section 3. Annual Assessments. The annual assessment shall be $300.00 per lot.

(a) From and after June 1, 2005, the annual assessment may be increased each year not more than ten percent (10%) above the assessment for the previous year without a vote of the membership.

(b) From and after June 1, 2005, the annual assessment may be increased above ten percent (10%) by a vote of 3/5ths of the members of the Association who are voting in person or by proxy at a meeting duly called for this purpose.

(c) The Board of Directors may fix the annual assessment at an amount not in excess of the percentages as set forth above.

Section 4. Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association may levy in any assessment year a special assessment applicable to that year only for the purpose of defraying in whole or in part the cost of any construction, reconstruction, repair or replacement of capital improvements for any of the areas described herein, including the fixtures and personal property relating thereto, provided that any such assessments shall have the assent of two/thirds (2/3) of the votes of the members who are voting in person or by proxy at a meeting duly called for this purpose.

Section 5. Notice and Quorum For Any Action Authorized Under Section 3 or 4. Written notice of any meeting called for the purpose of taking any action authorized under Section 3 herein shall be sent to all members not less than thirty (30) days nor more than sixty (60) days in advance of the meeting. At the first such meeting called, the presence of members or of proxies entitled to cast sixty percent (60%) of all votes shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one/half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than sixty (60) days following the preceding meeting.

Section 6. Uniform Rate of Assessment. The annual assessments must be fixed at a uniform rate for all lots and shall be collected on an annual basis.

Section 7. Date of Commencement of Annual Assessments.

Due Dates. The annual assessments shall commence as to any lot on the first day of the month following the conveyance of said lot from the Declarant to the owner of said lot. The first annual assessment shall be adjusted according to the number of months remaining in the calendar year. The Board of Directors shall fix the amount of the annual assessment against each 'lot at least thirty (30) days in advance of each annual assessment period. Written notice of the annual assessment shall be sent to every owner subject thereto. The due date shall be established by the Board of Directors. The Association shall, upon demand and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the assessments on a specified lot have been paid. A properly executed Certificate of the Association as to the status of assessments on a lot is binding upon the Association as of the date of its issuance.

Section 8. Effect of Non-Payment of Assessments.

Remedies of the Association. Any assessment not paid within thirty (30) days after the due date shall bear interest from the due date at the rate of twelve percent (12%) per annum. The Association may bring an action at law against the owner personally obligated to pay the same, or foreclose the lien against the property. No owner may waive or otherwise escape liability for the assessments provided for herein.

Section 9. Subordination of the Lien to Mortgages. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage. Sale or transfer of any lot shall not affect the assessment lien. However, the sale or transfer of any lot pursuant to mortgage foreclosure or any proceedings in lieu thereof shall extinguish the lien of such assessments as to payments, which became due prior to such sale or transfer. No sale or transfer shall relieve such lot from liability for any assessments thereafter becoming due or from the lien thereof.

ARTICLE V MISCELLANEOUS PROVISIONS

Section 1. Enforcement. The Association or the owners of a majority of the lots shall have the right to enforce by any proceeding at law or in equity all restrictions, conditions, covenants, reservations, liens and charges now or hereafter imposed by the provisions of this Declaration. Failure by the Association or by the majority of the owners of the lots to enforce any covenant, lien or charge imposed by the provisions of this Declaration shall in no event be deemed a waiver of the right to do so thereafter.

27. Should the owner and/or tenants of any lot or lots in SteepleChase Farms violate any of the restrictive covenants and/or conditions herein, and thereafter refuse to correct the same and to abide by said restrictions and conditions contained herein after reasonable notice has been given, then in such event any owner or owners of any lot in SteepleChase Farms or STEEPLECHASE FARMS HOMEOWNERS ASSOCIATION may institute legal proceedings to enjoin, abate and/or correct such violations of such restrictions or covenants, and the owner of the lot or lots permitting the violation of such restrictions and/or conditions shall pay all attorney fees, court costs and other expenses necessarily incurred by the person instituting such legal proceedings to maintain or enforce the aforesaid restrictions and covenants. Said attorney fees, court costs and other expenses or violations shall become a lien upon the violator's property as of the date said legal proceedings were originally instituted, that said lien shall be subject to foreclosure, and any action so brought to enforce such restrictions in the same manner as liens upon real estate, the procedure of which is fixed by law.

28. The foregoing covenants and restrictions shall run with the land and shall be binding upon all parties claiming under them until January 3IST 202O.at which time said covenants shall be automatically extended for successive periods of fifteen (15) years unless by a majority vote of the then lot owners it is agreed to change or abrogate said covenants in whole or in part.

29. Invalidation of any of these covenants by judgment or other court order shall in no way affect any of the other provisions, which shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned has hereunto set its hand and seal this

____ Day of _______, 2005

PLATINUM DEVELOPMENT L.L.C.

By: _________________________

Member

By: _________________________

Member

By: _________________________

Member

By: _________________________

Member

                                                                    

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