Magonolia Place

Key facts from Magonolia Place's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Magnolia Place Condominiums

Developer / declarant

PURYEAR DEVELOPMENT GROUP, INC. (PAGE 1, "Declarant")

Governing law

Horizontal Property Law of the Commonwealth of Kentucky, KRS 381.805 to KRS 381.910 (PAGE 1, WHEREAS clause)

Assessments & dues

Determined by Board of Directors per Bylaws; each unit owner pays proportionate share based on percentage interest in common elements (Article V(A) and Exhibit B)

Special assessments

Permitted for reconstruction after casualty if insurance insufficient (Article IX(E)). Also Board may assess for alterations benefiting specific unit owners (Article III(G)). (Article IX(E), Article III(G))

Collections & liens

Unpaid assessments constitute a lien on the unit, prior to all other liens except first mortgage and tax liens. Foreclosure suit after 30 days default. Costs and attorney fees included. (Article V(C))

Reserves & fees

Mentioned as 'reserve, contingency, or surplus fund' but not detailed; Board can assess for reserves subject to Declarant's control period limits. (Article VI(F)(3))

Leasing & rentals

Implied as tenants are referenced (e.g., Article XI(A)); no explicit restriction or permission. (Article XI(A))

Architectural approval

Prior written consent of Board required for any alteration affecting common elements or other units, including exterior changes. (Article II(F))

Maintenance

Council responsible for roof maintenance and repair. (Article III(F)(1))

Insurance

Council shall insure buildings (excluding foundation/excavation), common elements, personal property, public liability, and other risks. Coverage includes fire, extended coverage, vandalism, malicious mischief, earthquake, plate glass. (Article VIII(A) and (B))

Voting & meetings

Each unit owner is a member of the Council; voting based on percentage interest in common elements (Article II(B); Article XII, "Unit Owners)

Amendments

Requires 67% in interest of unit owners and 51% in interest of eligible mortgage holders; Board approval; 30 day notice to members; recorded instrument. (Article XII)

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