Park Place Lofts

Key facts from Park Place Lofts's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium property regime (NOW, THEREFORE, Declarant hereby submits)

Legal name

Park Place Lofts Council of Co-Owners, Inc.

Units / lots

40 Units: 32 Residential Units and 8 Garage Units (Section 2.1)

Developer / declarant

LHD EAST MAIN, LLC, a Kentucky limited liability company d/b/a Park Place Lofts (Master Deed opening paragraph)

Governing law

Horizontal Property Law of the Commonwealth of Kentucky, KRS 381.805 to KRS 381.910 (WHEREAS clauses and Article I preamble)

Assessments & dues

Amount determined by Council at least annually based on Common Expense budget; not a fixed amount (Section 5.2(a); Section 6.6)

Special assessments

Council may levy special assessments for reasonable purposes against one Unit, a group of Units, or all Units based on circumstances and benefit (Section 5.2(c))

Collections & liens

All assessments plus interest and collection costs constitute a charge and continuing lien on the Unit; if default for 30 days Council may sue and foreclose the lien like a mortgage (Section 5.1; Section 5.5(b))

Reserves & fees

Common Expense budget shall include a reserve for capital replacements; reserve funds held in account in name of Council for benefit of all Unit Owners (Section 1.1.F; Section 5.2(a)(ii))

Leasing & rentals

Yes; any lease of a Unit shall be in writing and subject to the Condominium Documents (Section 2.7(a))

Parking & vehicles

29 parking spaces designated as Limited Common Elements (excluding parking spaces in Garage Units) (Section 4.1(i))

Architectural approval

Unit Owner must obtain prior written consent of the Council before repairing, altering, replacing, painting, decorating or changing the exterior of, or any equipment, fixtures or other improvements located outside the Unit (Section 2.8(b)(6))

Home business

Unit Owners of Units 100-110 may use the First Floor of each such Unit for Commercial Purposes: general office purposes and complimentary retail operations, including a first class restaurant/bar (Section 2.3(b); Second Amendment Section)

Maintenance

Council responsible for the roof, excluding the HVAC units that constitute part of the Limited Common Elements (Section 2.8(a)(1))

Insurance

Council shall maintain insurance on the Building, Common Elements and other improvements upon the Land in amounts sufficient to prevent co-insurer status (Section 9.2(a))

Use restrictions

Residential Units shall be lawfully used, leased or occupied for single-family residential housing purposes (Section 2.3(a))

Voting & meetings

Representatives representing Unit Owners of at least 51% in interest of the Expense Percentage are necessary for any required action, approval, consent, decision, or vote of the Council (Section 6.1)

Amendments

Master Deed may be amended by vote of Unit Owners representing more than 50% in interest of the Expense Percentage at duly called meeting, by recorded instrument (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.