Cottonwood (KY)

Key facts from Cottonwood (KY)'s documents

Community type

Condominium

Legal name

Cottonwood Condominiums

Developer / declarant

Thoroughbred Properties, LLC

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910 (Master Deed, first paragraph)

Assessments & dues

Board estimates common expenses each year subject to approval of majority of Council. Portion attributable to each Unit levied monthly at 1/12 of such amount. If no determination, previous year's assessments continue. (Section J(3))

Special assessments

Board may levy and collect appropriate special assessments for operation of the Project. (Section J(1))

Collections & liens

Unpaid Common Expenses constitute a lien on the Unit prior to all liens except tax liens and first mortgage liens. May be enforced by suit with 30 days prior written notice to all persons with interest. Council may bid at judicial sale and (Section M)

Reserves & fees

Portion of each monthly maintenance fee deposited in separate reserve and capital replacement fund. Held in insured institution, withdrawals require two signatures. Disbursements only for repairing, replacing, or erecting major capital impr (Section J(4))

Leasing & rentals

Yes, but with restrictions. (Section F(5))

Maintenance

Association responsibility as roofs are General Common Elements ("main walls, roofs"). (Section A(2)(b))

Use restrictions

Unit shall be used only for residential purposes, except Developer may use unsold Units as models or sales offices. (Section F(1), F(4))

Voting & meetings

Quorum is referred to but not explicitly defined; budget approval requires "a meeting at which a quorum is present". (Section J(3))

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