Village at Preston Crossing

Key facts from Village at Preston Crossing's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal condominium property regime under Kentucky Horizontal Property Law (submits the Property to a horizontal [co)

Legal name

Village At Preston Crossing Condominiums

Units / lots

56 Units created as of Fourth Amendment; Developer originally contemplated approximately 184 Units in approximately 13 buildings (Section 2.4(a) and Fourth Amendment Reci)

Developer / declarant

FEHRWAY PARTNERSHIP, a Kentucky general partnership, 4010 Collins Lane, Louisville, Kentucky 40223 (preamble)

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910, as amended from time to time (Section 1.1 introductory paragraph)

Assessments & dues

Board determines estimated Common Expenses for succeeding 12 months and assesses monthly; regular assessment based on Unit's percentage of common interest; during development Board may charge fixed monthly assessment based on Unit type (Section 6.4, Section 7.1, Section 7.2(a))

Special assessments

Council may levy special assessments for reasonable purposes against one Unit, a group, or all Units according to benefit; apportioned by square feet unless that method would be very unfair (Section 7.2(c))

Collections & liens

Assessments are a continuing lien on the Unit and percentage of common interest; lien may be foreclosed in same manner as a mortgage; Council may recover attorneys fees, court costs and collection costs (Section 7.1, Section 7.6, Section 7.7)

Reserves & fees

Regular total assessment must include reserve funds estimated necessary for future capital improvements; reserves held in account in name of Council for benefit of all Unit owners (Section 7.2(a))

Leasing & rentals

Unit leases permitted if in writing and subject to Declaration, Bylaws and Rules and Regulations (Section 5.3)

Parking & vehicles

All parking spaces are general Common Elements available to Unit Owners, tenants, guests and invitees subject to reasonable Board Rules and Regulations (Section 5.6)

Architectural approval

Board must answer alteration requests within 30 days (Section 9.1)

Setbacks / home size

Council must observe any setback lines affecting the Regime as shown on the plans (Section 6.3(e))

Maintenance

Council maintains roofs of Common Elements and roofs of Garage Units as other Common Elements; interior of Garage Units maintained by Owner (Section 1.4)

Insurance

Council shall carry master policy of fire and extended coverage, vandalism, malicious mischief and liability insurance, and worker's compensation if required; coverage not less than 100% replacement value of buildings and Common Elements (Section 8.1)

Use restrictions

Each Unit shall be used only for single family residential purposes; Developer may use one or more Units as sales office or model during development; Garage Units for parking cars and similar residential garage purposes (Section 5.1)

Voting & meetings

One vote per Unit owned; co-owners of a Unit must exercise their one vote jointly and may not split it; if co-owners cannot agree, no vote is allowed (Section 6.1)

Amendments

Declaration may be amended by majority of Unit owners effective upon recording; Developer may amend unilaterally to correct errors, clarify matters, or comply with secondary market lender requirements; termination and material alterations r (Section 11.2, First Amendment)

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