Silver Reef

What Silver Reef's governing documents say

Silver Reef is not a residential community but an investment land trust. This document governs a fractional ownership arrangement in a 160-acre undeveloped parcel in Pinal County, Arizona. You buy an undivided interest (a 'Unit') as a tenant-in-common, but you have no right to use, possess, or occupy the land. The Operator manages the property, pays expenses, and is authorized to sell the entire parcel, with proceeds distributed to owners. This is a financial investment, not a home.

• What you own & your rights: You own an undivided fractional interest in the land but have no right to use, possess, or occupy it. All use rights are assigned to the Operator.
• Operator's role & authority: The Operator (initially Walton) manages the property, pays property expenses, handles planning for future development, and can enter leases, easements, and sales without owner approval for certain actions. Owners can replace the Operator with a 60% vote.
• Restrictions on sale & transfer: Units can only be sold to non-U.S. persons (unless an Accepted Purchase Offer for the whole property). The Operator and Walton have rights of first refusal on unit sales. You cannot sell your interest to a U.S. person.
• Partition prohibited until 2033: You waive all rights to partition the land or force a sale. The property cannot be divided until at least December 31, 2033, unless the Operator sells the whole property earlier.
• Sale of the entire property: The Operator can market the property. A sale requires approval from owners holding 60% of interests. Proceeds are distributed after deducting reimbursable amounts (expenses and planning costs).
• Financial obligations: Property expenses and planning costs are paid from rental income (if any) and an initial amount from purchase prices. Any shortfall may be funded by owners if 60% approve, and the Operator has a lien for reimbursable amounts with interest.
• What this document doesn't cover: This document does not contain typical residential rules such as pet restrictions, parking policies, architectural guidelines, or occupancy limits, because the property is not intended for residential use.

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.