Elliot Place

What Elliot Place's governing documents say

Elliot Place is a 24-unit condominium community in Chandler, AZ — you own your individual unit plus an undivided 1/24th interest in the common elements. The association (Elliot Place, Inc.) manages and maintains the shared property, carries master insurance, and levies assessments. This document establishes the governance structure, but key use restrictions (e.g., leasing, pets) are referenced only by paragraph headings and not provided in the excerpt.

• What you own & maintain: You own the interior of your unit (walls, floors, ceilings inclusive of fixtures serving only that unit). The association owns and maintains all common elements — land, roofs, hallways, parking, pool, and structural components — plus carries master casualty and liability insurance.
• Assessments & fees: Each owner pays a proportionate share of common expenses (1/24th per unit). Initial monthly assessment capped at $70, adjustable annually by CPI (U.S. Cities All Items Average, 1967=100). Special assessments for capital improvements require 67% member vote. Late payments incur 12% interest and up to 25% late fee, with lien rights (subordinate to first mortgages).
• Parking & vehicles: Guest parking spaces are part of the common elements; the board may set rules for their use. No mention of assigned or restricted parking for owners.
• Insurance: Association must maintain master casualty (100% replacement cost), comprehensive liability ($1M per occurrence), workers' compensation, and fidelity bonds. Owners may obtain additional coverage for personal property but must not impair association policies.
• Destruction, condemnation & obsolescence: Substantial damage/casualty or condemnation requires 100% owner and mortgagee consent to terminate the condominium; otherwise, restoration is mandatory. Partial events are restored without a vote. Special assessments can fund restoration costs.
• What this document doesn't cover: The excerpt omits text of several key sections, including 'Use and Occupancy Restrictions' (Para 17) and 'Architectural Control' (Para 18). Specific rules on leasing (minimum terms), pets, age restrictions, rentals, or alterations are not available from this document fragment.

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.