The Studios at Carefree Condominiums

Key facts from The Studios at Carefree Condominiums's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Recital D)

Legal name

The Studios at Carefree Condominium Association (Recital E, Section 1.4, Section 2.3)

Developer / declarant

Montana Vista Capital, L.L.C. (First paragraph)

Governing law

Arizona Condominium Act, A.R.S. §§ 33-1201 et seq. (Recital D, Section 2.1)

Assessments & dues

Board adopts budget at least 60 days before each calendar year. Common Expense Assessment allocated to each Unit in proportion to its Common Expense Liability (square footage). (Section 10.3(A), 10.4(A))

Special assessments

May be levied for capital improvements or lawful purposes. Amounts over 25% of annual budget require majority vote of Owners and Declarant approval during Period of Declarant Control. (Section 10.5)

Collections & liens

Assessment Lien created upon recording; may be foreclosed like a mortgage. Personal obligation also exists. Lien subordinate to first mortgage. (Section 10.1, 10.8(B)(ii), 10.9)

Reserves & fees

Board may include reserve fund for maintenance, repairs, and replacement of Common Elements and Association property. (Section 10.2)

Leasing & rentals

Leasing allowed. Leases must be in writing and subject to Association Documents. (Section 7.14)

Parking & vehicles

Parking areas are Common Elements, assigned by Declarant or Association. May be designated as Limited Common Elements. Association may adopt regulations. (Section 4.4)

Architectural approval

Nonstructural additions within Unit allowed without prior approval but Owner liable for damage. Structural additions and any alteration visible from exterior require prior written Board approval; Board has sole discretion on aesthetics. (Section 7.3)

Home business

Commercial use is primary; home business not separately addressed. (Section 7.2)

Signs & flags

No signs visible from exterior without prior written approval of Declarant (during control) or Board (after), except Declarant signs, legal signage, or approved signs. Sign approval does not warrant compliance with Town of Carefree ordinanc (Section 7.10)

Maintenance

Association maintains Building exteriors, which includes roof. (Section 8.1)

Insurance

Premiums and deductibles are Common Expenses. (Section 11.2)

Use restrictions

No; at least 50% of each Unit must be used for office, reception, meeting, showroom, sales, display or similar uses. (Section 7.2)

Voting & meetings

Each Owner has number of votes equal to net square feet of floor area in Owner's Unit as set forth on Plat. Block voting for multi-owner units. (Section 4.7)

Amendments

During Period of Declarant Control, Declarant may amend to comply with law or correct errors without Owner consent if amendment does not materially adversely affect Owners (30 days after recording). After control, amendment as per Condomini (Section 5.1(C), (D))

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