Canterbury Place (KY)

Key facts from Canterbury Place (KY)'s documents

Reflects the 1990 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Canterbury Place

Units / lots

96 (intended maximum), initially 4 (Master Deed Section B: 'eventually be di)

Developer / declarant

Canterbury Place, Inc.

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910 (Master Deed, page 1)

Assessments & dues

determined each year by Board, subject to majority approval of Council, based on estimated common expenses; one-twelfth collected monthly (Master Deed Section J.3, page 10)

Special assessments

allowed; Board shall levy and collect appropriate special assessments (Master Deed Section J.1, page 9)

Collections & liens

unpaid assessments constitute a lien on the Unit, prior to taxes and first mortgage; enforced by suit; 30 days written notice required to all interest holders; Council may bid at judicial sale and acquire, hold, lease, mortgage, convey the (Master Deed Section M, pages 11-12)

Reserves & fees

portion of monthly fee deposited in separate capital replacement fund; fund held in insured institution; withdrawals require two signatures; disbursements only for major capital improvements, repair, replacement of common elements (Master Deed Section J.4, pages 10-11)

Leasing & rentals

originally allowed for maximum 1 year, with renewal on year-to-year basis; after Sixth Amendment (effective Jan 1, 2003) severely restricted to specific circumstances only (Master Deed Section F.5 (page 6-7) as am)

Use restrictions

Units shall be used only for residential purposes, subject to limitations in Master Deed, By-Laws, and Regime rules (Master Deed Section F.1, page 6)

Voting & meetings

based on percentage of common interest; 'majority' means more than 50% of that percentage; joint owners may cast vote without proxy; voting in person or by proxy (Master Deed Section P, page 14)

Amendments

Master Deed may be amended by signatures of 75% of unit owners, effective upon recording (Master Deed Section Q, page 14)

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