Ormsby Place

Key facts from Ormsby Place's documents

Community type

Condominium

Legal name

Ormsby Place Condominium

Developer / declarant

Ormsby Enterprise, LLC

Governing law

Chapter 381, Kentucky Revised Statutes (Horizontal Property Law) (Doc 121541, Page 1: 'pursuant to the Hor)

Assessments & dues

Board of Directors of the Association determines the amount and due date (Doc 122882, Page 4 (Section 4))

Special assessments

Additional assessments may be levied for units with privacy fences (see Section 13(b)) (Doc 122882, Page 4 (Section 4) and Page )

Collections & liens

Assessments constitute a lien on the unit, subordinate to first mortgage; enforceable by foreclosure; in voluntary conveyance, grantee jointly liable for unpaid assessments up to time of grant but entitled to statement from Secretary; mortg (Doc 122882, Page 4 (Section 3); Doc 1215)

Reserves & fees

A reserve shall be included in the Common Expense budget for capital expenditures (Doc 122882, Page 3 (Common Expenses defi)

Voting & meetings

Class A (unit owners): one vote per unit owned; Class B (Developer): ten votes per unit owned until conversion (Doc 122882, Page 5 (Section 6))

Amendments

Master Deed may be amended by unanimous consent of all Co-Owners and mortgagees; Bylaws may be amended differently; Declaration may be amended by Developer while owning lots, thereafter by 75% of unit owners; Declaration restrictions auto-r (Doc 121541, Page 11 (THIRTEENTH); Doc 12)

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