Lake Village at Landis Lakes

Key facts from Lake Village at Landis Lakes's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Lake Village at Landis Lakes Condominiums

Units / lots

Maximum 48 units; as of Fourteenth Amendment, 42 built (Fourteenth Amendment Article II(A) and A)

Developer / declarant

Michael R. Effinger, LLC

Governing law

Kentucky Horizontal Property Law (Article IX(F)(3) of Fourth Amendment)

Assessments & dues

Council determines regular total assessment annually for a period not exceeding 12 months; each unit owner pays percentage equal to unit's percentage of common interest (Fourth Amendment Article VI(H)(1) and (2)

Special assessments

Council may levy special assessments for reasonable purposes; may be against one unit, group, or all, based on benefit (Fourth Amendment Article VI(H)(3))

Collections & liens

Fine assessments may have lien filed and be enforced by foreclosure, treated as regular assessment (Fourth Amendment Article VI(H)(4))

Reserves & fees

Council maintains separate account for capital improvements; reserve funds required for future capital improvements are held in Council's name for benefit of unit owners (Fourth Amendment Article VI(A) and Artic)

Insurance

Council insures buildings and common elements (excluding foundation/excavation) to maximum insurable replacement value; coverage includes fire, extended coverage, vandalism, malicious mischief, earthquake, plate glass, public liability, wor (Fourth Amendment Article IX(B) and (H))

Voting & meetings

Each unit owner votes based on percentage interest in common elements (Fourth Amendment Article VI(H)(2))

Amendments

During Declarant control, Declarant can amend by recorded instrument; after control, amendment requires vote of >50% interest in common elements with board approval and recorded, or for material changes after control, requires 67% unit owne (Fourth Amendment Article XIV as restated)

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