Cheval Place

Key facts from Cheval Place's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Page 1, Cheval Place Condominiums)

Legal name

Cheval Place Condominiums

Units / lots

Phase I: up to 12 units (Buildings I and III) plus 2 garage spaces. Additional phases: Phase II could add 6 units; potential total up to 48 units if contiguous real estate acquired. (Article 2, Section 6(a)-(c))

Developer / declarant

Hull Street Condominium Developers, Inc.

Governing law

KRS 381.805 to 381.910 (Declaration of Master Deed, page 3)

Assessments & dues

Not a fixed dollar amount; determined by Council based on Common Expenses budget. (Article 5, Section 2(a))

Special assessments

Council may levy special assessments for reasonable purposes, against one unit, group, or all units as warranted. Apportioned by square feet unless unfair. (Article 5, Section 2(c))

Collections & liens

Assessments are a continuing lien on the Unit. If not paid within 30 days after due date, Council may bring action to foreclose. Lien includes interest, costs, attorneys' fees. Lien priority over subsequent liens except real estate taxes an (Article 5, Sections 1, 6, 7)

Reserves & fees

Council shall establish a Capital Replacement Fund. Funds from Common Expense budget allocated to capital replacement reserves. Disbursements only for replacing or substantially repairing major capital improvements. Fund may be invested in (Article 5, Section 2(h))

Insurance

Fire, extended coverage, vandalism, malicious mischief, liability, workers' compensation. All buildings, improvements, personal property, common elements insured at 100% replacement value. (Article 6, Section 1)

Use restrictions

Each Unit shall be used only for residential purposes. Developer may use unsold units as sales model and office. (Article 11, Section 1(a))

Voting & meetings

Each Unit Owner (except Garage Space Owner) is entitled to one vote for each Unit owned. Garage Space Owner has one vote under membership as Unit Owner. In case of multiple owners, they determine how vote is cast. No more than one vote per (Article 4, Section 1(a))

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