Wellston Place

Key facts from Wellston Place's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (horizontal property regime under Kentucky Horizontal Property Law) (Page 1 preamble)

Legal name

Wellston Place Condominiums

Units / lots

Approximately twelve (12) Units initially contemplated; expandable regime (Section 2.4(a) (page 6))

Developer / declarant

3934 Massie Land, LLC

Governing law

Kentucky Horizontal Property Law, KRS Sections 381.805 through 381.910, as amended (Page 1 preamble)

Assessments & dues

Determined annually by Board based on estimated Common Expenses; no initial amount stated. (Sections 6.4, 7.2(a) (pages 14, 15))

Special assessments

Council may levy special assessments for reasonable purposes, apportioned among units benefited. Also a special assessment of two months' regular assessment due on initial transfer from Developer. (Sections 7.2(d), 7.2(f) (pages 15-16))

Collections & liens

Assessment lien arises automatically without recording; includes interest, costs, attorney fees; may be foreclosed like a mortgage. Takes priority over subsequent liens except tax liens and prior recorded first mortgages. (Sections 7.1, 7.6, 7.7, 7.13(c) (pages 1)

Reserves & fees

Council shall include reserve funds for future capital improvements in regular assessment. Funds held in separate account under Board authorization. (Section 7.2(a)(B) (page 15))

Leasing & rentals

Yes, but lease must be in writing, subject to Declaration, Bylaws and Rules; copy of lease (with rent redacted) must be delivered to Board. (Section 5.3 (page 9))

Architectural approval

Yes, Board approval required for any alteration affecting Common Elements or other units, including changes to exterior colors or building materials. (Section 9.1 (pages 23-24))

Maintenance

Roofs are part of Common Elements (Section 1.2(b)). Council responsible for repair/replacement; cost is common expense. (Sections 1.2(b), 6.3(a) (pages 3, 12))

Use restrictions

Units shall be used only for single-family residential purposes, subject to Bylaws and Rules. (Section 5.1 (page 9))

Voting & meetings

One vote per Unit. If multiple owners, they must agree on the vote; otherwise no vote allowed. Developer holds irrevocable proxy until turnover. (Sections 6.1, 6.2 (pages 11-12))

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