Villas Moria Condominium

What Villas Moria Condominium's governing documents say

Villas Moria Condominium is a small condominium community in Chandler, AZ, with 6 units in single-story buildings. The governing document is the Declaration of Horizontal Property Regime and Covenants, Conditions, and Restrictions, which defines the rights and obligations of unit owners. It creates a condominium regime under Arizona law, establishing the association, assessments, insurance requirements, use restrictions, and easements.

• What you own & maintain: You own the interior airspace of your unit, including finished surfaces, fixtures, and appliances that serve only your unit. You must maintain your unit's interior, windows, doors, patio area, and any exclusive-use items like water heaters and A/C units. The association maintains the common elements (the rest of the property) and carries master insurance.
• Assessments & fees: The initial maximum annual assessment is $100 per unit (likely per year), adjustable annually by the CPI. Special assessments for capital improvements require a 2/3 vote of each class. A working capital fund deposit equal to twice the monthly assessment is required from the declarant at initial sale. Assessments are a lien on the unit and a personal obligation of the owner.
• Insurance: The association must maintain multi-peril property insurance (100% replacement cost), general liability ($1M per occurrence), boiler insurance if applicable, flood insurance if in a flood zone, fidelity coverage (1.5x annual budget), and workers' compensation as required. Unit owners should get their own insurance for personal property and liability.
• Use restrictions: Units must be used exclusively as private residences. No business, commercial, manufacturing, or non-residential use is allowed without board approval. The document does not address pets, leasing, or age restrictions.
• Easements & parking: Each unit has an exclusive easement to use its adjacent patio area and a designated parking space. These easements are appurtenant and cannot be severed from the unit.
• Voting & governance: The association has two classes of membership: Class A (all owners except declarant, one vote per unit) and Class B (declarant, three votes per unit, converting to Class A after five years or when Class A votes equal or exceed Class B). The board consists of 3-5 directors, with meetings and voting as per bylaws.
• What this document doesn't cover: The document does not specify pet policies, minimum lease terms, rental restrictions, or architectural review procedures. These may be covered in separate association rules or later articles not included in this excerpt.

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.