Chandler Hangar Leasehold Condominium

What Chandler Hangar Leasehold Condominium's governing documents say

Chandler Hangar Leasehold Condominium is an aircraft storage community at Chandler Municipal Airport where you own your individual hangar unit and share ownership of the building and common elements through the association. The property is leased from the City of Chandler, not owned; the ground lease runs through December 31, 2023, with a potential 20-year renewal through 2043, after which all improvements revert to the City.

• What you own & maintain: You own your hangar unit's interior (airspace and fixtures within the walls); the association maintains the building structure, utility systems, and common areas and holds the ground lease from the City.
• Ground lease and reversion: The land is leased from the City of Chandler through December 31, 2023, with an optional 20-year renewal through December 30, 2043, provided the declarant is not in default and timely requests renewal. At lease expiration, all buildings and improvements revert to the City at no cost to owners; however, you may continue month-to-month under the City's standard hangar lease at prevailing rates if the City continues aviation use and you remain in good standing.
• Common expenses and ground lease rent: Your assessments include the association's monthly ground lease rent owed to the City, allocated proportionately among all unit owners. Non-payment by the association could result in lease forfeiture and loss of all ownership rights.
• Intended use: Hangars are restricted to non-commercial aviation purposes—primarily for aircraft storage by the owner or those leasing or renting from the owner.
• Phases and allocated interests: The development spans three phases for approximately 85 total units; allocated interests are based on each unit's square footage as a percentage of all units and will be diluted proportionately when phases II and III are completed and added to the condominium.
• Association and governance: All unit owners form the association, managed by a board of directors (initially appointed by the declarant); the board collects assessments, pays ground lease rent, and enforces the declaration and bylaws.
• What this document doesn't cover: This declaration establishes the legal framework and core structure; specific operational rules, architectural standards, lease restrictions for subletting your unit, and other detailed policies are set out in the association's bylaws and rules, not included here.

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.