Towne Square Village

Key facts from Towne Square Village's documents

Reflects the 1998 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Towne Square Village

Developer / declarant

TSD, LLC, a Kentucky Limited Liability Company (Page 3, opening paragraph)

Governing law

Kentucky Horizontal Property Law, KRS 381.805 through 381.910 (Section 1, page 4)

Assessments & dues

Board determines annually estimated Common Expenses and assesses monthly or quarterly based on each Unit's percentage of common interest. Before Developer's Transfer of Control, Developer sets charges without adoption of budget. (Section 14.8, page 25-26)

Special assessments

Board may make additional assessments for unanticipated Common Expenses. Also, if a Unit Owner fails to maintain, Board may levy special assessment for cost of maintenance or repair. (Sections 14.8, 1.12.7)

Collections & liens

Unpaid Common Expenses constitute a lien on the Unit, prior except to taxes and first mortgage. Lien may be foreclosed like a mortgage; 30 days' written notice required. Suit for money judgment also maintainable. (Section 17, page 29)

Reserves & fees

Capital Replacement Fund: Board shall establish and pay into it a portion of Common Expense collections budgeted for capital replacement reserves. Disbursements only for major capital improvements or repayment of indebtedness. (Section 23, page 30-31)

Pets

Yes, but only one dog or cat per Unit; no other animals, reptiles, rabbits, livestock, fowl, or poultry. (Section 12.6, page 16-17)

Leasing & rentals

Yes, lease of entire Unit permitted; Garage passes with lease. No lease of Garage alone except with Unit lease. (Section 11.2, page 15)

Parking & vehicles

Outdoor Parking Spaces are General Common Elements. No parking in driveways except for loading/unloading. Boats, motorcycles, campers, trailers must be kept in garages. Garage doors must be kept fully closed except during ingress/egress. (Sections 1.10.2, 12.14, 12.16)

Architectural approval

Written consent of Developer or Board required for any alteration, construction, or removal from General Common Elements or Limited Common Elements; also for signs, awnings, canopies, shutters, antennas, and visible window treatments. (Sections 12.5, 12.11, 12.12)

Insurance

Board shall obtain master policy for fire, extended coverage, vandalism, malicious mischief, liability, and workers' compensation insurance for the Regime, covering full insurable replacement cost of General and Limited Common Elements and (Section 19, page 26-28)

Use restrictions

Units shall be used only for one family residential purposes. (Section 12.1, page 15)

Voting & meetings

One vote per Unit; joint owners may cast one vote; voting in person or by proxy (Section 14.12, page 27)

Amendments

Before Developer's Transfer of Control: Developer may amend unilaterally for errors, mathematical adjustments, compliance with agency requirements, or if beneficial. After transfer: 75% of Unit Owners (by square footage) and 75% of first Mo (Section 29, pages 34-35)

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