Estates & Meadows at Floyds Fork

Key facts from Estates & Meadows at Floyds Fork's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Estates & Meadows at Floyds Fork

Developer / declarant

SAR, LLC

Governing law

Kentucky Revised Statutes (Section 1.4 (Articles of Incorporation f)

Assessments & dues

Board prepares budget prior to each fiscal year; Base Assessment per Dwelling Unit = total budgeted Common Expenses divided by number of Dwelling Units. Board may reduce by other funds or anticipated new units. (Section 4.3(a)-(e))

Special assessments

Levy for operating deficit or capital improvements. If total per Lot exceeds 100% of Base Assessment, must be approved by majority vote of Members. Board may impose without vote if within limit. (Section 4.4)

Collections & liens

Unpaid Assessments constitute a lien on the Lot, prior to all except taxes, government liens, and first mortgages. Association may perfect by recording notice of lien and foreclose like a real property mortgage. Deficiency judgment allowed. (Sections 4.13-4.16)

Reserves & fees

Budget includes capital reserve account for capital replacement. Common Surplus may be applied to reserve. (Section 4.3 (budget includes capital res)

Pets

Yes, dogs or other household pets not totaling more than three (3) per Lot, kept subject to Rules and Regulations, not for commercial purpose. (Section 6.2(i))

Home business

Allowed if: (i) not interfere with quiet enjoyment; (ii) not increase traffic; (iii) not detectable by sign, sound or smell from exterior; (iv) comply with zoning; (v) not increase insurance; (vi) consistent with residential character; (vii (Section 6.2(a))

Signs & flags

No permanent signs except standard 'For Sale' sign typical size. Other signs require Board approval. Fine of $150/day for violation. Exemptions for Declarant/Builder signs and mortgagee in possession. (Section 6.2(h))

Use restrictions

No part of Property other than Common Elements shall be used for other than residential housing. Each Dwelling Unit shall be used only as a residence for a single family. (Section 6.2(a))

Voting & meetings

Class A Members (all Owners except Declarant during Development Period) have voting rights; Class B Member (Declarant) has voting rights during Development Period. Majority vote required for Special Assessments exceeding 100% of Base Assess (Section 1.12, 1.13, 4.4(c))

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