Atrium at Stoneybrook II

Key facts from Atrium at Stoneybrook II's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Atrium At Stoneybrook II Condominiums

Units / lots

40 (initial units in Buildings 5, 8, and 9; up to 64 units total planned) (Section 3 (five buildings, not more than)

Developer / declarant

Atrium At Stoneybrook, Inc.

Governing law

Kentucky Horizontal Property Law (KRS 381.805 to 381.910) (Recitals and Section 2(b))

Special assessments

Board may levy special assessment against unit owners in proportion to their percentage interest to fund acquisition of units under Section 16; also common expense if insurance insufficient for reconstruction (Section 16(j) and Section 14)

Collections & liens

Unpaid common expenses constitute a lien on the unit, prior to all other liens except ad valorem taxes and first mortgage liens. 30 days written notice required before suit to enforce lien. (Section 10)

Reserves & fees

Reserves to cover future replacement costs and contingencies are a common expense (Section 9(e))

Leasing & rentals

Yes, but subject to Council's right of first refusal and other restrictions (Section 16(a)-(l))

Use restrictions

The buildings and units are intended for and restricted exclusively to residential purposes (Section 13 and Section 18(a))

Voting & meetings

Percentage interest in common elements determines voting power (majority of percentage interest for amendments, majority of unit owners for Council actions) (Section 24(b) (majority of percentage in)

Amendments

Before 60 units sold, Developer may correct errors by amendment without consent. Thereafter, amendments require written instrument signed and acknowledged by owners of majority of percentage interest and majority of first mortgagees with bo (Section 24)

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