Aintree Condominium Community

Key facts from Aintree Condominium Community's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Horizontal Property Regime) (Article I, section 1)

Governing law

Horizontal Property Law of the Commonwealth of Kentucky (Article XI, section 1)

Assessments & dues

Determined annually by Council at annual meeting based on proposed budget; assesses against all units per their percentage interests (Article V, section 2)

Special assessments

May be levied for inadequate insurance proceeds after casualty; for additions/improvements costing over $5,000 with Council approval; for deficits or reserve funding (Article VI, section 8; Article V, sectio)

Collections & liens

Lien attaches from day of assessment; inferior only to real estate taxes and prior recorded mortgages; Board may declare balance due on default, sue for money judgment, foreclose per Kentucky law; entitled to receiver for rent in foreclosur (Article V, sections 4, 6, 7)

Reserves & fees

Board may establish reasonable reserve funds for emergencies, unforeseen contingencies, and repair/replacement of common elements (Article III, section 2(f))

Pets

Only common household pets allowed; not kept, bred, or maintained for commercial purposes (Article V, section 8(d))

Leasing & rentals

Yes, with minimum one year term; copy of lease to be delivered to Board within 10 days of request; lease must comply with Master Deed, Bylaws, and rules (Article V, section 8 (last paragraph))

Architectural approval

Prior written consent of Board required for any structural additions, alterations, or improvements to a Unit, and for alterations to water, gas, heating, electrical, plumbing, or air-conditioning systems (Article V, section 11)

Maintenance

Owner responsible for damages caused by failure to maintain; owner must reimburse Council for damage to common area caused by owner's fault or negligence (Article V, section 10)

Insurance

Board to acquire casualty insurance at 100% replacement cost; liability insurance at least $300,000 per individual, $1,000,000 per occurrence, $50,000 property damage; coverage includes fire, vandalism, windstorm, water damage; must have wa (Article VI, sections 1, 2)

Use restrictions

Units shall be used for private residential purposes except temporary non-residential uses permitted by Board (Article V, section 8(b))

Voting & meetings

Voting on percentage basis per unit's allocated interest; each unit entitled to its percentage; co-owners must be in good standing (all assessments paid at least 30 days prior); votes in writing with unit identification (Article II, sections 8, 10)

Amendments

By affirmative simple majority vote of co-owners representing at least two-thirds of total percentage interests at a special meeting called for that purpose; mortgagees given 30 days notice; amendments affecting mortgagee rights require wri (Article IX)

Amenities

Pool and clubhouse are General Common Elements maintained by Association (Article V, section 1)

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