Graymoor Estates Patio Homes Condominiums Council, Inc.

Key facts from Graymoor Estates Patio Homes Condominiums Council, Inc.'s documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Graymoor Estates Patio Homes Condominiums

Units / lots

4 (initial), expandable to approximately 24 (Exhibit A (4 units); Section 2.4(a) (app)

Developer / declarant

Fehrway Partnership

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910 (Preamble)

Assessments & dues

Not fixed; determined annually by Board (Section 7.2(a))

Special assessments

Allowed for reasonable purposes; may be levied against one or more units based on benefit (Section 7.2(c))

Collections & liens

Unpaid assessment is a continuing lien on the unit; may be foreclosed in same manner as mortgage on real property (Section 7.6, Section 7.7)

Reserves & fees

Required for future capital improvements; held in separate account in name of Council (Section 7.2(b))

Leasing & rentals

Yes, but lease must be in writing, subject to Declaration, Bylaws, Rules; copy delivered to Board (Section 5.3)

Insurance

Each unit owner shall obtain insurance on furnishings, personal property, interior improvements (plumbing fixtures, electrical fixtures, cabinets, carpeting, etc.) and comprehensive personal liability insurance (Section 8.7)

Use restrictions

Units shall be used only for single-family residential purposes (Section 5.1)

Voting & meetings

One vote per unit owned (Section 6.1)

Amendments

By majority of unit owners, effective upon recording; Developer during control period may amend to correct drafting or surveying errors (Section 11.2)

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