Standing Oak

Key facts from Standing Oak's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Preamble: 'submits ... to a horizontal [)

Legal name

Standing Oaks Condominiums

Units / lots

Approximately 12 units on current land, up to 15 if Lot 16 added (Section 2.4(a): 'approximately 12 Units )

Developer / declarant

Richard N. Johnstone and Linda Johnstone, and Joyce Schrenger and Gregory Schrenger

Governing law

Kentucky Horizontal Property Law, Sections 381.805 through 381.910 of the Kentucky Revised Statutes, as amended (Preamble)

Assessments & dues

Set annually by Board based on estimated Common Expenses (Section 7.2)

Special assessments

Council may levy special assessments for reasonable purposes, apportioned among units benefited (by square foot or other fair method). Also levy as fine. (Section 7.2(c), (e))

Collections & liens

Assessment is a continuing lien on the unit; may be foreclosed like a mortgage. Lien arises automatically without recording. Includes interest, collection costs, attorneys' fees. (Sections 7.1, 7.6, 7.7, 7.13(c))

Reserves & fees

Required; funds for future capital improvements to be held in a separate account in name of Council for benefit of all unit owners (Section 7.2(a))

Leasing & rentals

Yes, lease must be in writing, subject to Declaration, Bylaws, Rules; copy delivered to Board (rent may be redacted). (Section 5.3)

Parking & vehicles

Developer may assign one parking space and one garage space per unit as Limited Common Elements; assigned spaces transfer only with unit. (Section 2.5)

Architectural approval

Prior written approval of Developer or Board required for any fence, patio, wall, pool, antenna/satellite dish, outbuilding, shed, or other structure on Common Elements or Limited Common Elements. (Section 5.4)

Setbacks / home size

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

Insurance

Fire, extended coverage, vandalism, malicious mischief, liability insurance on buildings and common elements; worker's compensation if required; fidelity coverage on officers/employees handling funds; D&O insurance may be purchased. (Sections 8.1, 8.2, 8.3)

Use restrictions

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

Voting & meetings

One vote per unit; if multiple owners, one vote exercised jointly, cannot be split (Section 6.1)

Amendments

By majority of unit owners, effective upon recording. During developer control period, Developer may make clarifying/correction amendments and amendments required by FHLMC, FNMA, HUD, FHA, VA or similar programs. (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.