Valencia at the Summit

Key facts from Valencia at the Summit's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Master Deed of Condominium Regime)

Legal name

Valencia at Springhurst

Developer / declarant

Landis Lakes Patio Homes, LLC (Page 1, opening paragraph)

Governing law

Kentucky Horizontal Property Regime Law (KRS 381.810) (Page 1, reference to KRS 381.810(7) and )

Assessments & dues

For Springhurst Community Association: $460 per Lot for 2004; Valencia Homeowners Association assessment amount determined by Board (Article III Section 7 (a) for $460; Arti)

Special assessments

Yes, for capital improvements, with assent of members per Bylaws (Article III Section 8: 'special assessme)

Collections & liens

Assessments constitute a lien on the unit, subordinate only to first mortgage; may be foreclosed; first mortgagee liability limited to six months unpaid fees; foreclosure extinguishes prior assessment liens. (Article II Section 3; Article III Sectio)

Reserves & fees

Common Expense budget shall include a reserve for capital expenditures (Page 3: 'A reserve shall be included in )

Voting & meetings

Two classes: Class A (unit owners) one vote per unit; Class B (Developer) ten votes per unit owned until conversion. Class B ceases upon 20 years from first unit sale or when 90% of units sold, whichever earlier. (Article II, Section 6 (a) and (b))

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