Terraces at Indian Hills

Key facts from Terraces at Indian Hills's documents

Community type

Condominium (creates a residential condominium projec)

Legal name

Terraces At Indian Hills

Units / lots

10 (Building 1 only; additional buildings anticipated) (Article II(A): ten (10) one-story Units )

Developer / declarant

The Terraces Development IH, LLC

Governing law

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

Collections & liens

Unpaid Common Expenses constitute a lien on the unit, prior to all liens except first mortgage and tax liens. Council may sue to enforce collection and foreclose. (Article V(C))

Reserves & fees

Interest on unpaid assessments from due date until paid at rate provided in Bylaws (Article V(B): all sums not paid on or be)

Pets

Yes, limited: one dog or cat not exceeding 50 pounds, and two caged birds, hamsters, or guinea pigs. (Article I(D): No pets shall be permitted)

Leasing & rentals

Yes, with prior written notice to Council of lease, identity of lessee, and term. (Article X(A))

Architectural approval

Yes, prior written consent of Board required for alterations affecting Limited Common Elements or other Units. (Article II(G): No alteration or improvem)

Home business

Permitted as a home office, provided no non-resident employees and no customers or clients within the Buildings. (Article I(D): occupant of a Unit may ope)

Maintenance

Council (Article I(E)(1): the Council to maintain)

Insurance

Each unit owner shall maintain all-risk, comprehensive insurance with policy limits for full replacement to cover interior, fixtures, and contents. (Article I(E) (paragraph after (5) under )

Use restrictions

Yes, each unit shall be occupied as a residence by one family only (with limited exceptions for business guests and home offices). (Article I(D): Use of Units)

Amendments

Amendment may be made by: (1) Declarant (subject to Article VI(F)); (2) instrument signed by each unit owner; (3) vote of >50% in interest in common elements at duly called meeting with Board approval and notice to owners and mortgagees. (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.