Shelby Pointe Cond Homes

Key facts from Shelby Pointe Cond Homes's documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Shelby Pointe Condominium Homes

Units / lots

Initially 12; after First Amendment 28; after Second Amendment 44; maximum 112 (Section B (initially 12); First Amendmen)

Developer / declarant

Marq Corp.

Governing law

Condominium Property Law, Sections 381.805 through 381.910 of the Kentucky Revised Statutes (Master Deed, first paragraph)

Age restriction

Subject to age limitations on residents as may be contained in Master Deed, Bylaws, or Board rules. (Section G.1)

Assessments & dues

Board determines annually, subject to Council approval, the estimated Common Expenses for the succeeding twelve months. (Section J)

Collections & liens

Unpaid Common Expenses constitute a lien on the Unit, prior to all other liens except taxes and first mortgage. Lien may be enforced by suit, with 30 days prior written notice to interested parties. Council may bid at judicial sale, acquire (Section L, M)

Reserves & fees

Up to 10% of unpaid amount if share remains unpaid for ten days after due date. (Section L)

Leasing & rentals

At least one year in duration. (Section G.3)

Insurance

Fire and extended coverage, vandalism, malicious mischief insurance and liability insurance, minimum $100,000 per occurrence, and workers' compensation if required by law. (Section N)

Use restrictions

Unit shall be used only for single family residential purposes and shall not be subdivided. (Section G.1)

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