Lofts of Baxter Walk

Key facts from Lofts of Baxter Walk's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

The Lofts of Baxter Walk

Units / lots

7 (Tract 1) (Section B: 'Tract 1 to consist of seven )

Developer / declarant

Baxter Lofts, LLC

Governing law

Kentucky Condominium Property Law, KRS 381.805 through 381.910 (WITNESSETH paragraph)

Assessments & dues

Board determines annually estimated Common Expenses for succeeding 12 months, then assesses monthly or quarterly from each Unit owner based on percentage of common interest, rounded to nearest whole dollar; if no formal determination, previ (Section J)

Collections & liens

Unpaid Common Expenses constitute a lien on the Unit, prior to all other liens except taxes and first mortgage (and second mortgage if any); enforced by suit like mortgage, with 30 days prior written notice to all interest holders; Council (Section L)

Reserves & fees

Board shall establish Capital Replacement Fund; monthly portion of Common Expense collections allocated to it; disbursements only for major capital improvements or repayment of certain indebtedness; fund may be invested in interest-bearing (Section R)

Use restrictions

Units shall be used only for residential purposes; Developer may use unsold Units as models or sales offices (Section G.1)

Voting & meetings

Majority means more than 50% of Unit owners; amendment to By-Laws requires 60% majority; joint owners may cast vote by one owner; if joint owners disagree, vote divided by ownership interest; voting by written proxy allowed (Section U)

Amendments

Declaration may be amended by majority of Unit owners, effective upon recording. Developer may unilaterally amend to show completed Units and add Tracts 2 and 3 per KRS 381.830(1)(b) and 381.835(5) without unit owner joinder (Section W)

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