Norton Commons I

Key facts from Norton Commons I's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Norton Commons I Condominiums

Developer / declarant

THE BUILDERS GROUP, NORTON COMMONS, LLC (Preamble, Page 1)

Governing law

Kentucky Horizontal Property Law, KRS 381.805 to 381.910 (Preamble, Page 1)

Assessments & dues

By Council or Board in accordance with Bylaws (Section 8 and Section 10(b))

Special assessments

Permitted for casualty reconstruction or eminent domain deficiency; assessed proportionally to percentage interest (Section 13(c)(7) and (f), Section 14(c)()

Collections & liens

Unpaid common expenses constitute a lien on the unit, prior to all other liens except ad valorem taxes and first mortgage; may be enforced by legal action (Section 9(a), Page 12)

Reserves & fees

Reserves to be maintained to cover future replacement costs and contingencies (part of common expenses) (Section 8(e), Page 11)

Leasing & rentals

Not expressly prohibited; tenants mentioned in Section 17(i) and Section 18 (Section 17(i) and Section 18, Pages 30-3)

Parking & vehicles

Limited to marked parking spaces and/or garages; no parking on streets or other common areas; towing at owner expense (Section 17(j), Page 30)

Home business

Not explicitly permitted; only residential use allowed (Section 17(a))

Maintenance

Roof is a general common element (Section 5); maintained by Council (Section 5, Page 6)

Insurance

100% full replacement value insurance for hazard, flood, casualty, liability, and worker's compensation (Section 12(a), Page 15)

Amendments

General amendments require 67% of unit owner votes and 51% of first mortgagees; after destruction/condemnation termination requires 67% of votes and 67% of mortgagees; Developer can correct errors before 75% of units sold without consent (Section 23, Pages 34-37)

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