Crescent Centre

Key facts from Crescent Centre's documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Master Deed establishing Crescent Centre)

Legal name

Crescent Centre Condominiums

Developer / declarant

CAI Louisville Renaissance Company, a Kentucky limited partnership (Preamble)

Governing law

Horizontal Property Law of the Commonwealth of Kentucky (KRS 381.805-381.910) (Preamble)

Assessments & dues

Each Unit Owner's share of common expenses is the same as the undivided interest in Common Elements (percentage based on floor area, set forth in Exhibit B) (Section 5.1 and Section 3.2)

Collections & liens

Unpaid common expenses constitute a lien on the Unit, prior to all other liens except first mortgage and tax liens; may be foreclosed like a mortgage after 30 days default; lien also secures interest and attorneys' fees (Section 5.3)

Reserves & fees

During Declarant's Marketing Interval, Board may not assess common charges for creation of or addition to reserve fund if effect would increase reserve beyond proportion of initial budget without Declarant's consent (Section 6.6(c))

Leasing & rentals

Unit Owner may sell or lease Unit and appurtenant Common Elements; any lease, assignment, or sublease requires written notice to Council prior to commencement of term stating fact of lease, identity of lessee, and term (Section 10.1)

Architectural approval

Board of Directors must answer within 30 days of written request (Section 2.7)

Home business

Incidental business meetings allowed so long as not the primary purpose of ownership and occupancy; otherwise no industry, trade, business or profession permitted except Declarant's sales activities (Section 2.4)

Maintenance

Council responsible for maintenance, repair, and replacement of roofs (Section 2.5.A)

Insurance

All Buildings, Common Elements, and improvements insured at maximum insurable replacement value (excluding foundation and excavation); personal property in Common Elements insured for its value. Coverage includes fire, extended coverage, va (Section 8.2)

Use restrictions

Each Unit shall be occupied as a residence by one family only, except that Declarant may use unsold Units as sales office/model; incidental business meetings allowed if not primary purpose; family defined as related persons or up to 2 unrel (Section 2.4)

Amendments

Amendment to Declaration (Master Deed) is addressed in Article 13 (text not provided in excerpt, but referenced in Table of Contents) (Table of Contents, Article 13)

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