Gallery Square Loft

Key facts from Gallery Square Loft's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential and commercial condominium project (WHEREAS: 'Declarant wishes to create a r)

Legal name

Gallery Square Loft Condominiums

Units / lots

17 initial Units (Section 3.1: 'There shall initially be s)

Developer / declarant

WEM Development Company, LLC, Darrell Poynter and Debora Poynter (Name/Declarant block and preamble)

Governing law

Horizontal Property Law of the Commonwealth of Kentucky (KRS 381.805-381.910) (Title and Article 2 preamble: 'submits s)

Assessments & dues

Each Unit Owner liable for proportionate share of common expenses and surplus, same as undivided share in Common Elements per Exhibit B (Section 10.1(A): 'Each Unit Owner shall )

Collections & liens

Unpaid common expenses constitute lien against Unit, prior to all liens except first mortgage and tax liens; Council may foreclose after 30 days default (Section 10.1(C))

Reserves & fees

During Declarant control period, Board may not assess common charges for reserve/contingency/surplus fund exceeding proportion of initial budget reserves to total initial budget without Declarant consent (Section 9.4(iii))

Pets

Partial text: Fourth Amendment adds Section 3.7(D) beginning 'No animals of any kind shall be ra...' (document truncated before completion) (Fourth Amendment Section 3)

Leasing & rentals

Yes, with prior written consent of the Board (Section 11.2: 'No Unit nor any Limited C)

Parking & vehicles

Each Unit Owner assigned one parking space per Unit with license and right to utilize such spaces (Section 6.4: 'Each Unit Owner shall be a)

Architectural approval

Yes; no structural addition, alteration, or improvement without prior written Board consent, not unreasonably withheld (Section 3.9)

Home business

Commercial retail, business or office uses must be approved in advance by the Board (Section 3.4: 'any commercial retail, bus)

Maintenance

Roofs are part of General Common Elements maintained by Council (Section 1.1(H): 'General Common Elements)

Insurance

Council shall maintain insurance coverage on Condominium Project; named insured is Council individually and as agent for Unit Owners and mortgagees (Section 4.1)

Voting & meetings

Each Unit Owner designates one Designated Voter; vote weighted in proportion to Common Elements appurtenant to Unit (Sections 8.1 and 8.2)

Amendments

Master Deed may be modified by vote of greater than two-thirds (2/3) majority interest; notice to Unit Owners and mortgagees; Board approval; recorded instrument with Board certification (Section 14.1)

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