Sprite

Key facts from Sprite's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Sprite Condominiums Association, LLC (Section X, page 11)

Developer / declarant

Cobblestone Properties, LLC

Governing law

Condominium Property Law, Sections 381.805 through 381.910 of the Kentucky Revised Statutes (Section A, preamble)

Assessments & dues

Board determines annually the estimated Common Expenses for the next twelve months, subject to Council approval, then collects monthly assessments from each Unit owner equal to the owner's proportionate share of common interest. (Section J, page 6)

Collections & liens

Unpaid Common Expenses constitute a lien on the Unit, prior except for taxes and first mortgage liens. May be enforced by suit like a mortgage, with 30 days prior written notice to all interest holders. Council may bid at judicial sale. (Section L, page 6)

Reserves & fees

Capital Replacement Fund may be established by the Board, funded by a portion of Common Expense collections assigned to capital replacement reserves. Disbursements for major capital improvements or repayment of indebtedness. (Section R, page 8-9)

Architectural approval

Any replacement or repair affecting the exterior appearance of any condominium unit or building requires prior approval of the Board. (Page 2, definition of Unit)

Maintenance

Unit owner responsible for maintenance, repair, replacement of plumbing, HVAC, electrical, hot water heater, telephone, window panes, garbage disposal, storm and screen doors and windows, and other equipment within or connected to the unit. (Page 2, definition of Unit; Section I, p)

Insurance

Fire, extended coverage, vandalism, malicious mischief, liability insurance in minimum $1,000,000 per occurrence, and workers' compensation if required. (Section N, page 6-7)

Use restrictions

Unit shall be used only for residential purposes. (Section G.1, page 4)

Voting & meetings

More than fifty percent (50%) of the owners of the Units constitutes a majority. Each Unit has one vote; joint owners may cast vote jointly or split. (Section U, page 9-10)

Amendments

Declaration may be amended by signatures of a majority of Unit owners, effective upon recording. Developer may amend for certain purposes (e.g., recording completed floor plans) without unit owner consent. (Section W, page 10)

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