Parkway East

Key facts from Parkway East's documents

Community type

Condominium

Units / lots

18 residential units (Article II(A), PAGE 3-4)

Developer / declarant

LEMAR CONDOMINIUMS, LLC

Governing law

Horizontal Property Law of the Commonwealth of Kentucky, KRS 381.805 to KRS 381.910 (Recitals, PAGE 1)

Assessments & dues

Each Unit Owner's share of common expenses is based on the percentage interest in Common Elements (floor area ratio per Exhibit B) (Article III(B) and Article V(A), PAGE 7,)

Special assessments

Assessments for garage unit maintenance and reserve fund; also assessments for reconstruction if insurance proceeds insufficient (Article IX(E)) (Article IV(D)(1), PAGE 9-10; Article IX()

Collections & liens

Unpaid common expenses constitute a lien on the Unit, prior to all liens except first mortgage and tax liens; after 30 days default Council may foreclose like a mortgage on real property, including reasonable attorney fees (Article V(C), PAGE 11-12)

Leasing & rentals

Yes, each Unit Owner may sell or lease the Unit and appurtenant Common Elements, provided written notice of lease, identity of lessee, and term is given to Council prior to commencement. (Article X(A), PAGE 24)

Parking & vehicles

Only a currently licensed noncommercial, non-farm, motor vehicle in operable condition may be parked in a parking space or carport. (Article IV(D)(5), PAGE 10)

Architectural approval

Board shall have obligation to answer within 30 days of request. (Article II(G), PAGE 7)

Home business

Incidental business meetings permitted so long as not primary purpose of ownership and occupancy; no industry, trade, business, or profession conducted otherwise. (Article II(D)(1), PAGE 5)

Maintenance

Council maintains and repairs roofs. (Article II(E)(1), PAGE 5)

Insurance

All buildings, Common Elements, and improvements insured at maximum insurable replacement value (excluding foundation/excavation). Personal property of Common Elements insured for value. Coverage includes fire, extended coverage, vandalism, (Article VIII(B)(1), PAGE 17-18)

Use restrictions

Each Unit shall be occupied as a residence by one family only, except unsold Units may be used as sales office or model. Business guest stays of temporary duration allowed if remuneration not a material inducement; incidental business meeti (Article II(D)(1), PAGE 5)

Voting & meetings

Each Unit Owner is a member of the Council; voting per unit not specified in Master Deed but implied by percentage interest (Article II(B), PAGE 4)

Amendments

During Declarant's marketing interval, Declarant may unilaterally amend condominium documents as long as it does not alter undivided interest of Units not owned by Declarant, increase common expenses of other Unit Owners, or materially alte (Article VI(F), PAGE 13-14; Article XIV, )

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