Keys Lake Condo

Key facts from Keys Lake Condo's documents

Community type

Condominium

Legal name

KEY'S LAKE CONDOMINIUM

Units / lots

10 (initial phase) plus up to 88 additional units from Additional Phase Property (Section 2.01 (10 units); Section 3.01(d))

Developer / declarant

Ryan Homes, Inc., a Pennsylvania corporation (Preamble)

Governing law

Georgia Condominium Act O.C.G.A. 44-3-70 et seq. (formerly Ga. Code Ann. Chapter 85-16E) (Preamble (WHEREAS) and multiple sections)

Assessments & dues

Determined annually by Board of Directors based on estimated aggregate Common Expenses (Section 5.04)

Special assessments

Allowed for capital additions/improvements to Common Elements, or repair/replacement of Common Elements; also for Limited Common Element expenses benefiting less than all Units, or expenses occasioned by conduct of less than all occupants; (Section 5.02)

Collections & liens

Lien in favor of Association for unpaid assessments, late charges, interest, costs of collection (including attorney's fees), and fair rental value; foreclosure by action after 10 days' notice by certified mail; Association may bid and acqu (Section 5.06, 5.07)

Reserves & fees

Reserve for maintenance, repair and replacement of Common Elements shall be replaced on a periodic basis payable in regular installments rather than by special assessments; surplus may be added to reserve at Board's discretion (Section 5.03, 5.09)

Leasing & rentals

Unit Owner may lease entire Unit; no lease for transient or hotel purposes; lease must be in writing for at least 6 months; lessee must comply with Declaration and By-Laws; prior to lease, Unit Owner must give Association written notice of (Section 8.06(a))

Home business

Unit Owner may use portion of Unit to 'do work at home' but may not run, operate or control business from the Unit (Section 8.02)

Maintenance

Association: maintain Common Elements, exterior of buildings (excluding windows, screens, exterior lights but including security lights), all Limited Common Elements except HVAC. Unit Owner: maintain interior of Unit, fixtures, windows, scr (Sections 4.01, 4.02)

Insurance

Referenced to Article VI of By-Laws; not further specified in Declaration (Article VI)

Use restrictions

All Units restricted exclusively to residential use (Section 8.01)

Voting & meetings

One vote per Unit; two classes: Class A (all Unit Owners except Declarant) and Class B (Declarant, until conversion to Class A) (Section 10.02)

Amendments

By Declarant unilaterally for workability, compliance, title insurance, lender requirements (Section 11.03); by Unit Owners with 2/3 vote (or 2/3 of non-Declarant votes if Declarant controls or has option) (Section 11.04); amendments must b (Article XI)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.