Verrado Master Planned Community

What Verrado Master Planned Community's governing documents say

This is a commercial restrictive covenant for Verrado Master Planned Community Phase 3, not a full homeowners' association rulebook. It records an agreement between Bashas' grocery and the developer that limits where grocery stores can be built within Phase 3 for a set period and beyond. Homeowners and residents should know this document only covers grocery store restrictions, not general community rules (e.g., parking, pets, landscaping).

• Grocery store restriction: For 20 years from 2007 (until December 15, 2023) and then as long as Bashas' operates a grocery store on the Initial Store Property or one of two Neighborhood Grocery Sites, no other grocery store is allowed in Phase 3 (except on the First Neighborhood Grocery Site). A "grocery store" is defined as a store (or department) with at least 5,000 square feet primarily selling food for off-premises consumption. Examples include Albertsons, Safeway, Walmart over 5,000 sq ft, but not specialty food stores under 5,000 sq ft or convenience stores like Circle K.
• Encumbered property: The restriction applies to most of Phase 3 of Verrado in Buckeye, AZ, as described in the legal exhibits (parcels 5.502–5.504 and Phase 3 East and South). Residential lots that are subdivided and have a permanent use restriction to residential use are excluded from the grocery restriction.
• Release of restrictions: The covenant automatically terminates for residential portions once they are subdivided with a residential restriction (but not until 50 years after recording or earlier if the whole covenant is released). For all land, it ends if the Initial Store Lease is terminated due to Bashas' default before the Minimum Operating Period, or if Bashas' breaches its obligation to continuously operate a store before the end of that period, or if no Bashas' store operates on the properties after December 16, 2005. Temporary closures (fire, remodeling, etc.) do not trigger release if reopening occurs within one year.
• What this document doesn't cover: This document is a single restrictive covenant between specific parties (Bashas' and the developer). It does not contain community rules on leasing, pets, parking, architectural standards, assessments, or other typical HOA matters. Those would be in the master CC&Rs or association documents.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.