Falls City Lofts

Key facts from Falls City Lofts's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Section 2.1 submission to condominium fo)

Legal name

Falls City Lofts Condominiums

Units / lots

19 (17 residential + 2 commercial) (Section 3: "twenty (17) residential Unit)

Developer / declarant

Falls City Lofts, LLC

Governing law

K.R.S. 381.9101-381.9207 (Kentucky Condominium Act) (Recital B, PAGE 1; Section 1.11, PAGE 5)

Assessments & dues

Common Expenses assessed to Unit owners based on percentage interests in common areas (as set forth in Exhibit B and Section 4.5); established by Board or as defined (Section 4.5, PAGE 8; Section 1.7 (Common)

Special assessments

Allowed; e.g., for repair cost shortfall after casualty (Section 8.2), or for purchase of destroyed units (Section 8.3(e)) (Section 8.2, PAGE 17; Section 8.3(e), PA)

Collections & liens

Unpaid individual assessments for maintenance or insurance-related charges become liens against the unit (Section 6.3 (cost of repair becomes indi)

Reserves & fees

Common Expenses include reserve funds established by the Board (Section 1.7 (definition of Common Expens)

Pets

Yes, household pets only; no exotic animals (Section 13.8, PAGE 24)

Leasing & rentals

Yes (Occupant definition includes tenant) (Section 1.19 (Occupant includes tenant),)

Parking & vehicles

Pickup trucks and vans allowed if primary transportation; other trucks of any description prohibited (Section 13.3, PAGE 24)

Home business

Permitted with Board's written permission, limited to office or studio (not music) that does not interfere with other owners or increase traffic (Section 13.1, PAGE 23)

Maintenance

Association (exterior of building includes roof; Section 6.2.3) (Section 6.2.3 (exterior of the building))

Use restrictions

Yes, except Commercial Units (retail, restaurant, office) and except Declarant's construction/sales activities (Section 13.1, PAGE 23)

Voting & meetings

One vote per Unit; vote allocated by percentage interest as per Section 4.5 (Section 5.2, PAGE 10)

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