Manslick Commons

Key facts from Manslick Commons's documents

Community type

Covenant / Planned Community

Legal name

Manslick Commons Subdivision

Developer / declarant

Manslick Development, LLC

Governing law

Kentucky Revised Statutes (Article I, Section 2 definition of Artic)

Assessments & dues

Board prepares annual operating budget; General Assessment per lot = (Total budget) x (Lot's Percentage Interest). Percentage Interest = 1 / (number of lots with constructed and sold residences). Budget becomes effective unless disapproved (Article IV, Section 2)

Special assessments

Requires affirmative vote of Class B Member (if exists) or after termination, majority of Class A vote. Emergency Special Assessment requires 65% of Board vote or majority of owners at special meeting. (Article IV, Section 3)

Collections & liens

Assessments are a continuing lien on each Lot, prior to all except taxes and first mortgages. Enforceable by suit, judgment, foreclosure. Association may bid at foreclosure. (Article IV, Section 4)

Reserves & fees

Board annually prepares a capital budget and sets required capital contribution to meet projected capital needs (Article IV, Section 5)

Pets

Dogs, cats and other household pets may be kept, but not for commercial purpose (Article VI, Section 9)

Voting & meetings

Two classes: Class A (Owners, 1 vote per lot); Class B (Developer, 1 vote per lot owned, plus appoint all board members during Class B Control Period). Class A vote not exercised until end of Class B Control Period or Developer's written no (Article II, Section 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.