Inn on First

Key facts from Inn on First's documents

Community type

condominium (Recitals: "shall be a condominium projec)

Governing law

Horizontal Property Law of the Commonwealth of Kentucky, KRS 381.805 to KRS 381.910 (Recitals, PAGE 2)

Assessments & dues

Each Unit Owner bears proportionate share equal to percentage interest in Common Elements as set forth in Exhibit B (Article V, Section 5.1: "Each Unit Owner)

Collections & liens

Unpaid assessments become a lien on Unit, prior to all other liens except first mortgage and tax liens; foreclosure after 30 days default (Article V, Section 5.3(a) and (b): "any )

Reserves & fees

Interest at rate provided in Bylaws on sums not paid within 10 days of due date (Article V, Section 5.2: "assessments pai)

Leasing & rentals

Yes, with right of first refusal by Declarant and Board approval (Article X, Section 10.1: "each Unit shal)

Parking & vehicles

Each Unit has two parking spaces in rear; other spaces are General Common Elements (Article IV, Section 4.3: "Each Unit shal)

Architectural approval

Yes, for alterations that affect Common Elements or other Units; also for exterior changes (Article II, Section 2.6: "No alteration )

Maintenance

Condominium Association (Article II, Section 2.4(a)(1): "The Buil)

Insurance

Insurance on Condominium Project covering buildings and improvements to replacement value, public liability insurance, fidelity bonds for officers handling funds, and other risks such as vandalism, malicious mischief, earth movement, glass (Article VIII, Sections 8.1, 8.2, 8.3)

Use restrictions

Intent: "a residential condominium project" (Recitals: "Declarant wishes to create a )

Amendments

May be amended by Declarant via recorded instrument subject to Section 3.1 and/or 6.5; or by instrument signed by each Unit Owner and Declarant if required; or by vote of greater than 50% in interest in Common Elements at duly called meetin (Article XIII, Section 13.1)

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