Bycks Lofts

Key facts from Bycks Lofts's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (submits the herein described property to)

Legal name

Bycks Lofts

Units / lots

20 (initial: 15 Residential, 2 Commercial, 3 Garage); after First Amendment, added 2 Residential (Units 502,503) for total of 22 (consist of fifteen (15) Residential Cond)

Developer / declarant

Byck’s Lofts II, LLC

Governing law

Kentucky Horizontal Property Law (KRS 381.805 through 381.910, as amended) (as set out in KRS 381.805 through 381.91)

Assessments & dues

Board estimates common expenses, determines portion per unit based on percentage of common interest, and collects monthly (1/12 of annual amount) (It shall determine the portion of such c)

Special assessments

Permitted; Board may levy appropriate special assessments (Board of Administration shall levy and c)

Collections & liens

Unpaid common expenses constitute a lien on the unit, prior to all except tax liens and first mortgage liens; enforceable by suit like mortgage; Council may bid at judicial sale (All sums assessed for Common Expenses sh)

Reserves & fees

Portion of monthly fees deposited in separate reserve and capital replacement fund; requires two signatures; used for major capital improvements (A portion of each monthly maintenance fe)

Leasing & rentals

Yes, with restrictions: copy of lease to Board 10 days before term; lease subject to Master Deed and By-Laws (No Unit may be leased or rented or occup)

Home business

Live-work purposes allowed in Residential Units between 8:00 a.m. and 6:00 p.m. (shall not be prohibited from using their)

Use restrictions

Residential Units for single family residential purposes (plus live-work 8am-6pm); Commercial Units for commercial purposes per C-3 zoning with exceptions; Garage Units for garage purposes (Residential Unit ... restricted to singl)

Voting & meetings

Based on percentage of common interest; majority means owners of more than 50% of common interest of those present at a meeting with a quorum; joint owners may cast single vote or divided; proxy allowed (majority of Unit owners means owners of )

Amendments

Developer may amend prior to relinquishing control; thereafter amendment requires signatures of 75% of unit owners, effective upon recording. (this Master Deed may be amended by the D)

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