Taylor Cove

Key facts from Taylor Cove's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Introduction; Section 2.02)

Units / lots

8 (initial) / 12 (after amendment) (Section 2.05 (initial 8); Amendment Exhi)

Developer / declarant

Teulu Two, LP, a Delaware limited partnership (Introduction)

Governing law

Kentucky Condominium Act (KRS 381.9101 to 381.9207) (Introduction, Section 1.08)

Assessments & dues

Board approves annual budget; annual assessments based on budget; reserve set at least 10% unless waived by 51% vote (Section 11.01)

Collections & liens

Association has lien on unit after 60 days delinquency; perfected by recording declaration; may file certificate; valid 5 years; foreclosure like mortgage; personal obligation also (Sections 11.06, 11.07)

Reserves & fees

annual budget must include at least 10% for reserves unless waived by 51% of unit owners (Section 11.01)

Pets

Regulated by Section 13.09 (Table of Contents Article XIII (Section )

Leasing & rentals

Regulated by Section 13.20 (Table of Contents Article XIII (Section )

Parking & vehicles

Regulated by Section 13.05; garages to be used for storage of motor vehicles (Section 2.06) (Section 13.05; Section 2.06)

Insurance

Deductible not greater than the lesser of $10,000 or 1% of face amount of policy; unit owner responsible for deductible (Section 4.01)

Use restrictions

Regulated by Section 13.11 (Table of Contents Article XIII (Section )

Voting & meetings

Each unit owner entitled to one vote per unit owned, regardless of common element percentage; voting suspended if delinquent in assessments (Section 3.02)

Amendments

Amendment to Declaration governed by Section 17.11 (Table of Contents Article XVII (Section )

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