Spring Drive

Key facts from Spring Drive's documents

Community type

Condominium

Legal name

Spring Drive Condominiums

Developer / declarant

Highland Development Group Partners I, LLC

Governing law

KRS 381.805 to 381.910 (Page 1)

Assessments & dues

By Board according to common expenses (Paragraph 8: Common Expenses)

Special assessments

Permitted for casualty or condemnation excess costs (Paragraph 13(c)(7) and 13(f))

Collections & liens

Unpaid assessments constitute a lien, prior to all liens except taxes and first mortgage. Lien may be enforced by suit. 30 days notice required before suit. (Paragraph 9(a))

Reserves & fees

$25.00 (Paragraph 9(b))

Leasing & rentals

Implicitly allowed; paragraph 17(k) addresses tenants; amendment procedures include restrictions on leasing (Paragraph 17(k); Paragraph 23(b)(10) ref)

Parking & vehicles

Assigned parking spaces are limited common elements (Paragraph 6(f)); No obstruction of common elements (17(c)); Tenant cannot adversely impact parking ratio (17(k)) (Paragraphs 6(f), 17(c), 17(k))

Architectural approval

Yes, for alterations to common elements, changes to exterior, etc. (Paragraph 17(i): "Nothing shall be alter)

Signs & flags

No "For Sale" or "For Rent" signs except as determined by Developer/Board (Paragraph 17(b))

Maintenance

Common element (Paragraph 5 includes "roofs"). Council responsible. (Paragraph 5)

Insurance

100% full replacement value insurance for hazard, flood, casualty, liability, employee workers' compensation (Paragraph 12(a))

Use restrictions

Yes (Paragraph 17(a): "No part of the propert)

Voting & meetings

Percentage of common interest determines votes (Page 9: percentage interest table; also )

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