Government Lots 1 2 & 3

What Government Lots 1 2 & 3's governing documents say

This is a Declaration of Covenants, Conditions and Restrictions (CC&R) for two parcels of raw land in Pinal County, Arizona (Government Lots 1-3 and an approximate 80-acre parcel). It governs the sale of undivided ownership interests (Units) in the land as tenancies-in-common, with a single operator (Walton) managing the entire property on behalf of all Unit Owners. This is not a residential HOA or condominium; owners have no right to use or occupy the land and are investors in a pooled landholding entity.

• Operator management & authority: The Operator (initially Walton) has full authority to manage, lease, license, and sell the Property without Unit Owner approval for many actions (e.g., leases, easements, sales of less than 10% of the Property). Unit Owners assign all use and possession rights to the Operator.
• No right to use or occupy: Owners (Cotenants) have no right to use, possess, or occupy any portion of the Property, either exclusively or in common. The Operator controls all access and use.
• Restrictions on ownership (U.S. Person): No Unit may be owned by a U.S. Person (as defined in the document) except in connection with an 'Accepted Purchase Offer' (a qualified sale of the entire Property). Transfers to U.S. Persons are void, and sales to non-U.S. Persons require compliance with securities laws.
• Sale process & voting: A sale of the Property requires a contract approved by Unit Owners holding at least 60% of the undivided interests actually voting (Unit Owners' Vote). If approved, the Operator executes deeds via powers of attorney, and all Owners must convey their interests. No sale later than December 31, 2033.
• Right of first refusal: Walton has a ROFR on any Accepted Purchase Offer for the entire Property and on any individual Unit Owner's proposed sale. Walton has 10 days to match the offer. Failing that, the sale proceeds on the same terms within 365 days.
• No partition: Unit Owners waive all rights to partition the Property (under Arizona law) prior to a sale pursuant to the CC&R, and in no event later than December 31, 2033. This prevents any owner from forcing a split of the land.
• Property expenses & operator reimbursement: All costs (Property Expenses and Planning Costs) are paid from Property income. Deficits are covered by an Initial Amount (14.86% of purchase price) and a discretionary amount up to 10% of purchase price, advanced by Walton and reimbursable at sale with interest. Walton has a lien securing reimbursement.
• Trust structure: Each Unit is initially held in a revocable trust with a Special Signatory Co-Trustee. Trust provisions are largely irrevocable to ensure the Operator can execute deeds and documents for a sale. Revocation requires recording a deed and granting a new power of attorney.

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.