Corcovado Owners Association

What Corcovado Owners Association's governing documents say

This is a Declaration of Covenants, Conditions, Restrictions and Easements (CC&Rs) for Corcovado, a commercial shopping center in Chandler, AZ. It governs the use, maintenance, and development of multiple commercial tracts, and applies to owners and occupants of the shopping center (not a residential community).

• What you own & maintain: Owners own their individual tracts (commercial parcels) and are responsible for improvements on them. The Association maintains the Common Area (e.g., driveways, parking, landscaping, signage) and collects assessments from each owner based on their tract's pro rata share of land area.
• Easements (access, parking, utilities): All owners and their occupants have perpetual non-exclusive easements for vehicular and pedestrian access, parking (except reserved spaces), and utility lines across the Common Area. There is also a shared common wall with an adjacent residential tract, with cost-sharing for construction and maintenance.
• Assessments & fees: The Association sets annual and special assessments for Common Area maintenance, reserves, and capital improvements. Special assessments after the Turnover Date require two-thirds vote. Delinquent assessments bear interest at 15% per annum and a late charge of the greater of $250 or 5% of the amount due, and may become a lien on the tract.
• Insurance requirements: The Association must carry commercial general liability insurance (minimum $5 million per occurrence) and workers' compensation. Each owner must maintain liability insurance (minimum $5 million per occurrence) and property insurance covering 100% of insurable replacement cost of Common Area improvements on their tract.
• Architectural review & design control: All improvements, alterations, landscaping, and changes to exterior appearance require prior written approval from the Development Control Committee, which adopts Design Guidelines. The Drugstore Tract is exempt from some restrictions but must still conform to the general architectural theme.
• Membership & voting: Each tract owner is a member of the Corcovado Owners Association. Voting is by tract (one vote per tract for Class A members; Declarant holds 3 votes per tract as Class B until Turnover). Voting rights can be suspended for nonpayment or default.

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.