Highlands Inverness

Key facts from Highlands Inverness's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Submits property to 'condominium form of)

Legal name

Council of Co-Owners of Highlands Inverness Condominiums, Inc.

Units / lots

14 (Phase I) with potential for 7 additional (total 21) (Section B: 'fourteen (14) units' and 'se)

Developer / declarant

966 Cherokee, LLC ('966 Cherokee, LLC' on page 1)

Governing law

Kentucky Horizontal Property Law KRS 381.805 through 381.910 ('provided by the Kentucky Horizontal Pro)

Assessments & dues

Board estimates common expenses annually, determines unit portion, then levies monthly one-twelfth of that amount; if no formal determination, previous year's assessment continues (Section J(3): 'shall estimate the common)

Special assessments

Allowed (Section J(1): 'levy and collect appropri)

Collections & liens

Unpaid common expenses constitute a lien on units, prior except taxes and first mortgage; enforceable by suit; 15 days written notice required; Council may bid at judicial sale and acquire unit (Section M: 'All sums assessed for Common)

Reserves & fees

Required; a portion of monthly fees deposited in separate reserve and capital replacement fund in insured institution; withdrawals require two signatures (Section J(4): 'A portion of each monthly)

Leasing & rentals

Yes, only under specific circumstances: (a) immediate family member, (b) owner transferred more than 50 miles, (c) owner moved to nursing home, (d) death with no surviving spouse; maximum lease term 2 years; copy of lease to Board 10 days b (Section F(5): 'No unit may be leased or )

Use restrictions

Yes (Section F(1): 'The unit shall be used on)

Voting & meetings

Based on percentage of common interest; majority defined as more than 50% of common interest of those present at a meeting with quorum; joint owners may cast one vote or divide if disagreed; proxies allowed (Section P: 'the owners of the units to w)

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