Point (KY)

Key facts from Point (KY)'s documents

Reflects the 1985 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (commercial)

Units / lots

26 (maximum) originally; 18 after amendment (Section 1: 'not more than 26 office Unit)

Developer / declarant

Jacobs & Anderson, a Kentucky General Partnership (First line of Declaration)

Governing law

Kentucky Condominium Law KRS 381.505 to .910 (as amended) (Preamble)

Assessments & dues

By Board of Directors (or Developer during control) based on budget (Section 9(a): 'administration... in acco)

Special assessments

Allowed if fund insufficient; levied in proportion to common element percentages (Section 13(j): 'Board shall levy a speci)

Collections & liens

Unpaid common expenses constitute a lien, prior except for taxes and first mortgage; enforceable by legal action (Section 8: 'All sums assessed for common)

Reserves & fees

Mentioned: 'reserves to be maintained to cover future replacement costs' (Section 7: 'reserves to be maintained')

Leasing & rentals

Allowed but with first right of refusal and notice requirements (Section 13(a): 'Any unit owner... who wi)

Parking & vehicles

Developer and/or Council reserves right to assign all parking spaces (Section 6(e): 'Developer and/or the Coun)

Architectural approval

Alterations to common elements require written consent of Developer/Board (Section 15(j): 'Nothing shall be altered)

Insurance

Council shall acquire full replacement value insurance including casualty, liability, workers' comp (Section 11: 'shall acquire full replacem)

Use restrictions

Office purposes only (Section 10: 'buildings and units... inte)

Voting & meetings

Based on percentage of ownership in common elements (Section 6: percentage interests allocate)

Amendments

During construction/ before 90% sold: Developer can correct errors. Later: 75% of unit owners and 75% of first mortgagees (Section 22(a) and (b))

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