Victoria Gardens Conds

Key facts from Victoria Gardens Conds's documents

Reflects the 1985 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Victoria Gardens Condominiums

Developer / declarant

Victoria Gardens Associates, a Kentucky partnership

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.990 (PAGE 1)

Assessments & dues

Board determines estimated Common Expenses annually, subject to Council approval, and collects monthly one-twelfth per unit based on percentage of common interest (Section K, PAGE 16)

Special assessments

Board may levy special assessment if common expense fund is insufficient for unit purchases (Section BB(8)(a)) (Section BB(8)(a), PAGE 39)

Collections & liens

Unpaid Common Expenses constitute a lien on the unit, prior to all liens except tax and first mortgage liens; enforceable by suit like a mortgage; 30 days written notice required before suit (Section N, PAGE 18-19)

Reserves & fees

Capital Replacement Fund established; funded from Common Expense collections allocated to capital replacement reserves; used for major capital improvements and repayment of certain indebtedness (Section T, PAGE 23-24)

Pets

Yes, one cat or one dog per unit (Section H(6), PAGE 13)

Leasing & rentals

Units may be leased, but not for transient or hotel purposes (Section G(2), PAGE 11)

Insurance

Board shall carry master policy for fire, extended coverage, vandalism, malicious mischief, and liability insurance; also workers' compensation if required. Buildings, improvements, and common elements insured for replacement value. (Section P, PAGE 19-20)

Use restrictions

Units shall be used only for residential purposes (Section G(1), PAGE 11)

Voting & meetings

Majority defined as owners of units with 51% floor area; specified percentages refer to common interest percentages; joint owners may cast one vote or divide by ownership; voting in person or by written proxy (Section W, PAGE 26)

Amendments

Declaration may be amended by majority of unit owners and mortgagees, recorded. Developer may amend while it constitutes Council subject to Section L limitations. (Section Z, PAGE 28)

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