Ambassador East of 1612 Gardiner Lane

Key facts from Ambassador East of 1612 Gardiner Lane's documents

Community type

Condominium

Legal name

Homeowners Association of Ambassador East of 1612 Gardiner Lane, Inc.

Governing law

Kentucky Revised Statute 381 (referred to for assessments). (Section 11(L))

Special assessments

Such further assessment shall become effective within 30 days after the delivery or mailing of further assessment. When assessment is greater than $500, partial payment may be monthly with total payment to be made within 90 days of assessme (Section 11(L) Paragraph 5)

Reserves & fees

Ten (10) percent of the incoming management revenue shall be placed in a reserve escrow account for contingencies and major replacements or repairs, as deemed necessary by the Board. When expenses exceed the budgeted amount, the residents a (Section 11(L))

Leasing & rentals

Effective July 1, 2002, no unit may be leased or rented and no unit may be occupied by a tenant who pays rent to the owner unless (a) the owner held legal title to the unit prior to July 1, 2002 and it was being used for rental purposes on (Section 11(w))

Insurance

On an annual basis, a copy of homeowner’s proof of insurance must be submitted to the President by each unit owner. (Section 11(Y))

Amendments

Amendments must be with the approval of more than 51% of the unit owners (co-owners) and by an action of the Board of Directors. (Preamble (both documents))

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