Regal Center

Key facts from Regal Center's documents

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

Community type

Condominium (commercial)

Legal name

The Regal Center Condominiums

Developer / declarant

Spalted Investments, LLC (Opening paragraph)

Governing law

Kentucky Horizontal Property Law (Section 1, recitals)

Assessments & dues

In proportion to undivided share in common elements; determined by Council pursuant to bylaws (Section 7(b)(i))

Collections & liens

Unpaid common expenses become a lien on the unit, prior to all except first mortgage and tax liens; foreclosure after 30 days default (Section 7(b)(iii))

Reserves & fees

Reserves to cover future replacement costs and contingencies (Section 7(a) (page 6-7))

Pets

Prohibited - no animals, livestock, or poultry of any kind (Section 9(e))

Leasing & rentals

Yes, with conditions: copy of lease to board within 10 days; lease must comply with documents; board may terminate lease if tenant defaults (Section 9(p))

Parking & vehicles

Overnight parking only inside garage unless authorized; commercial vehicles limited to 4 hours; no boats, RVs, trailers, inoperable vehicles on common elements; no excessive repair (Section 9(j))

Architectural approval

Prior written consent of Board required for any alteration affecting common elements or other units, and for any improvement visible from outside (Sections 3(h) and 9(n))

Insurance

All-risk casualty on buildings (minimum 100% replacement cost) and comprehensive general liability (min $500k/person, $1M/occurrence, $50k property damage) (Section 11.2)

Use restrictions

Commercial purposes only; restricted exclusively for commercial use (Section 9 and 9(l))

Amendments

Declarant may amend while owning any units; after control, amendment requires 60% of unit owners (by common element interest) and 51% of first mortgagees (Section 21)

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