Ridge at Old Henry

Key facts from Ridge at Old Henry's documents

Community type

Condominium

Legal name

The Ridge at Old Henry Condominiums

Units / lots

Approximately 61 Units contemplated by Developer; corrected Exhibit A lists 61 unit numbers (Section 2.4(a): Developer currently cont)

Developer / declarant

The Ridge I, LLC

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910, as amended (Preamble)

Assessments & dues

Regular total assessment is determined at least annually by Council/Board to cover Common Expenses, including operating funds and reserve funds; each Unit owner pays the Unit's percentage of common interest monthly in advance (Section 7.2(a), 7.2(b), 7.3)

Special assessments

Council may levy special assessments for reasonable purposes, apportioned by square feet unless another method is fairer (Section 7.2(c))

Collections & liens

Assessments are a continuing lien on the Unit and the percentage of common interest, binding successors; Council may foreclose as a mortgage (Section 7.1 and Section 7.6)

Reserves & fees

Regular assessment must include reserve funds estimated necessary for future capital improvements, held in an account for the benefit of Unit owners (Section 7.2(a))

Leasing & rentals

Unit leases are permitted but must be in writing, subject to the Declaration, Bylaws and Rules, and a copy must be delivered to the Board (rent may be redacted) (Section 5.3)

Parking & vehicles

Parking and/or carport spaces may be designated by Developer as Limited Common Elements reserved for certain Units (Section 1.3)

Fences

Fences require prior written approval of Developer or Board (Section 5.4)

Setbacks / home size

Council must observe setback lines affecting the Regime as shown on the plans (Section 6.3(e))

Maintenance

Roofs are Common Elements and their repair/replacement is a Common Expense (Section 1.2(b) and Section 1.5 (roof rep)

Insurance

Council shall carry master fire and extended coverage, vandalism, malicious mischief, liability and workers' compensation (if required) insurance (Section 8.1)

Use restrictions

Units shall be used only for single-family residential purposes (Section 5.1)

Voting & meetings

One vote per Unit; co-owners of a single Unit exercise one vote and may not split it (Section 6.1)

Amendments

Declaration may be amended by a majority of Unit owners, effective upon recording; Developer may make clarifying/corrective amendments and secondary-market-required amendments during its control period (Section 11.2)

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