Clark Place Conds

Key facts from Clark Place Conds's documents

Community type

Condominium

Legal name

Clark Place Condominiums

Developer / declarant

CHP Partnership

Governing law

Horizontal Property Laws of the Commonwealth of Kentucky (KRS 381.805 through 381.910 et seq.) (PAGE 1: 'WHEREAS, Section 381.805 throug)

Assessments & dues

Board estimates annual budget on or before December 1; assessment based on each owner's percentage of ownership in common elements as per Exhibit B; monthly payment of 1/12 of annual assessment (PAGE 13-14: 'N. Annual Budget and Assess)

Special assessments

Board may levy further assessment if annual budget inadequate, for extraordinary expenditures not originally included, or for owner default on maintenance lien discharge (PAGE 14: 'If said annual budget proves i)

Collections & liens

Unpaid common expenses constitute a lien on the unit superior to all other liens except real estate taxes and first mortgage; lien may be foreclosed like a mortgage; mortgagee taking title by foreclosure takes free of past due assessments (PAGE 5: 'The assessments imposed by the )

Reserves & fees

Board shall build up and maintain a reasonable reserve for contingencies and replacements; extraordinary expenditures charged first against reserve (PAGE 14: '(ii) The Board shall build up )

Pets

Dogs, cats, and other domestic pets are allowed in the demised premises, provided they do not disturb or annoy other occupants; owner responsible for any inconvenience, damage, or unpleasantness (PAGE 17: 'N. Dogs, cats, and other domes)

Insurance

Council shall obtain property insurance on Condominium Project at full replacement cost (100% replacement cost) with replacement cost endorsement, covering fire, extended coverage, vandalism, malicious mischief, boiler and machinery explosi (PAGE 6-7: 'VIII. INSURANCE. A. Tha Counc)

Use restrictions

Each unit shall be used as a residence for a single family and for no other purpose; no industry, business, trade, occupation, or profession (PAGE 16: 'A. No part of the property sha)

Voting & meetings

Each unit owner shall have one vote for each unit owned; specified percentages refer to aggregate interest in common elements (PAGE 11: 'The unit owners shall have one)

Amendments

Master Deed can be amended only by deed executed by all co-owners; certain changes (pro rata interest, partition, abandonment) require prior written approval of all first mortgagees (PAGE 9: 'XII. A. ... shall not be revoke)

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