Ormsby at Third

Key facts from Ormsby at Third's documents

Community type

Condominium

Legal name

Ormsby At Third Condominiums

Units / lots

4 units (Art II(A))

Developer / declarant

Ormsby At Third Development Company LLC

Governing law

Horizontal Property Law of Kentucky, KRS 381.805 to KRS 381.910 (Recitals)

Assessments & dues

Assessments for Common Expenses pursuant to Bylaws; each Unit Owner's share is same as undivided share in Limited Common Elements as set forth in Exhibit B (Art V(A))

Collections & liens

unpaid Common Expenses constitute a lien on the Unit prior to all others except first mortgage and tax liens; lien may be foreclosed like mortgage; costs including attorney fees secured; Board may enter and remedy defaults and add cost to l (Art V(C), Art V(F), Art II(F))

Reserves & fees

During Declarant's marketing interval, Board may not assess for reserve if it increases reserve beyond proportion of initial budget without Declarant's consent (Art VI(F)(3))

Leasing & rentals

Unit Owner may lease Unit provided written notice of fact of lease, identity of lessee, and term given to Council prior to commencement; lease subject to Condominium Documents (Art X(A))

Parking & vehicles

Parking spaces not Limited Common Elements are General Common Elements; Council may rent unassigned spaces to Unit Owners; Limited Common Elements include parking spaces designated on Plans (Art IV(A), Art IV(C))

Architectural approval

Board shall answer within 30 days of written request (Art II(G))

Signs & flags

Declarant may erect and store signs and billboards within unsold Units and distribute promotional materials; no general rule for other owners (Art II(D))

Maintenance

Council responsible for maintenance, repair, replacement of roofs (Art II(E)(1))

Insurance

Council shall insure Building, Common Elements, improvements for fire and extended coverage, vandalism, malicious mischief, earthquake, plate glass; public liability; workers' comp; and other insurance as Board determines; proceeds paid to (Art VIII(A)-(D))

Use restrictions

Each Unit shall be occupied as a residence by one family only; exception for unsold Units used as sales office or model; businesses may house business guests temporarily or hold incidental business meetings (Art II(D))

Voting & meetings

Unit Owners vote based on percentage interest in Common Elements; amendment requires vote of greater than 50% in interest (Art XIV, Art VI(G))

Amendments

Master Deed may be amended by Declarant subject to Art VI(F); or by vote of greater than 50% in interest in Common Elements at a duly called meeting after notice to Unit Owners and mortgagees, with Board approval, and recording; also by all (Art XIV, Art VI(F))

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