Levy Building

Key facts from Levy Building's documents

Community type

Condominium Project as of 2005 (Article 1(1): submission to condominium )

Developer / declarant

Leestown Partners, Ltd., a Kentucky limited partnership as of 2023 (First Amended and Restated Declaration, )

Governing law

KRS 381.805 et seq. as of 2023 (Article 1(1) of original declaration)

Assessments & dues

Set annually by Board; not fixed in declaration as of 2005 (Bylaws Section V(a))

Special assessments

Board may levy further assessment if budget inadequate as of 2023 (Bylaws Section V(a) of Second Amended an)

Collections & liens

unpaid assessments constitute a lien on the unit, superior to all liens except first mortgage and ad valorem taxes as of 2023 (Article 11(3) of First Amended and Resta)

Reserves & fees

Board shall build up and maintain a reasonable reserve for contingencies and replacements. as of 2005 (Bylaws Section V(a))

Pets

dogs, cats, or other household pets may be kept subject to rules, not for commercial purposes, must be leashed, nuisance removal within 3 days as of 2023 (Article 8(1)(f) of First Amended and Res)

Leasing & rentals

Yes, but with first right of refusal for Developer or Council (30 days). as of 2005 (Article 5(1))

Parking & vehicles

Parking areas not covered are common elements; no specific rules on where to park. as of 2005 (Article 2(1): parking areas not covered )

Architectural approval

Yes, for any exterior changes, painting, antennas, etc. Developer or Council must consent. as of 2005 (Article 8(1)(e), (k), (2)(c), (l))

Insurance

Each unit owner must carry at least $1,000,000 liability coverage for their unit. as of 2005 (Article 4(1)(b))

Use restrictions

residential for units other than Unit 100; Unit 100 may be used as family style restaurant, retail, or additional units as of 2023 (Article 8(1)(a) of First Amended and Res)

Voting & meetings

One vote per Unit. Owner of Unit 100 not eligible to vote on matters solely affecting floors 2-5 once Developer control ends. Unit 100 cannot vote on most amendments except those affecting Articles 7, 8(1)(a), 11(2). as of 2005 (Article 6(1), Article 13(1); Bylaws Sect)

Amendments

majority of total votes for most amendments; 75% of total votes for amendments to Articles 7, 8(1)(a), 11(2); Developer may amend unilaterally for certain purposes until control transferred as of 2023 (Article 13 of First Amended and Restated)

Amenities

Recreational rooms mentioned as common elements but no specific amenities listed. as of 2005 (Article 2(1); Article 8(1)(a) references)

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