Villas of Stony Farms

Key facts from Villas of Stony Farms's documents

Community type

Condominium

Legal name

Villas of Stony Farm Condominiums

Units / lots

123 (Currently, there are 123 Units existing )

Developer / declarant

Stony Farms, LLC, a Kentucky limited liability company (DOC 119987 PAGE 1)

Governing law

THE KENTUCKY CONDOMINIUM ACT (DOC 121295 PAGE 1)

Assessments & dues

Each unit owner shall bear the same percentage of the common expense as the unit's percentage interest in the common elements as set forth in Exhibit B (each unit owner shall bear the same perc)

Special assessments

The Board of Directors may declare special assessments, which shall be made in accordance with the Bylaws and paid in accordance with the proportionate share of the common elements owned by each unit owner as shown on Exhibit B (DOC 121295 Art. V(A))

Collections & liens

Unpaid common expenses constitute a lien against the unit prior to all liens except first mortgage and tax liens; after 30 days default the Council may sue and foreclose the lien; foreclosure shortfall is charged to all unit owners as a com (DOC 121295 Art. V(C))

Reserves & fees

A unit owner shall not be liable for any common expenses accruing after the sale of his unit and the recording of a deed to the purchaser (DOC 121295 Art. V(D))

Architectural approval

Consent for alterations or improvements shall be requested in writing through the manager or managing agent, if any, or through the president or secretary of the Council if no manager is employed (DOC 121295 Art. II(F))

Maintenance

Council maintains and repairs the roofs of the buildings (The buildings (except to the extent of t)

Insurance

Council shall insure buildings, common elements, and other improvements at maximum insurable replacement value excluding foundation and excavation costs as determined annually by the Board; coverage not required within unit boundaries excep (DOC 121295 Art. VIII(B)(1))

Voting & meetings

Decision by a unit owner upon any matter shall be expressed by the same person who would cast the vote of such unit owner if in a Council meeting, unless joinder of all unit owners of record is specifically required (DOC 121295 Art. VI(F))

Amendments

Percentages of ownership in the common elements shall remain constant unless adjusted under Article XII or by law; adjustments require written approval of all unit owners and all holders of first mortgages on the affected units, unless requ (DOC 121295 Art. III(D))

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