Landmark Ranch

What Landmark Ranch's governing documents say

Landmark Ranch is a raw land development in Coolidge, AZ, where you purchase an undivided fractional interest (UDI) as a tenant-in-common with other owners. This CC&R governs the ownership, management, and eventual sale of the entire property as a single investment. It is not a residential community — there are no homes, common areas, or association fees. The rules bind each UDI Owner and are designed for investors seeking to hold and later sell the land for development.

• Ownership & governance: You own an undivided cotenancy interest (UDI) in the entire Property. An Agent (Walton) manages planning activities and sale of the Property as a whole. The UDI Owners vote on major decisions (leases, easements, sales) with a 60% affirmative vote of those casting ballots, provided 30% of all interests participate.
• Transfer & sale restrictions: Initial UDI sales were restricted to non-U.S. persons (outside certain permitted dispositions). Any sale of a UDI to a U.S. person requires compliance with securities laws. Walton has a right of first refusal (10 days) to match any accepted offer for the Property or an individual UDI. Partition of the Property is prohibited before December 31, 2036, to preserve the value of the whole.
• Agent authority & fees: Walton, as Agent, may advance funds for Property Expenses and Planning Costs up to an Initial Amount (1% of purchase price) and a Discretionary Amount (additional 10%), all reimbursable from sale proceeds. Upon sale, Walton receives an Exit Administration Fee of 3% of gross proceeds plus 0.5% per month on outstanding reimbursable amounts. The Agent has a lien on each UDI to secure reimbursement.
• Voting & decision-making: UDI Owners vote on all major actions: leases, easements, conveyances, legal proceedings over $10,000, and changes to Planning Activities. A 'UDI Owners’ Vote' requires 60% in favor of those actually voting, with a quorum of 30% of all undivided cotenancy interests. The Agent can also act unilaterally on certain routine matters.
• Duration & termination: The CC&R lasts until the Property is sold, but no later than December 31, 2036. Walton may unilaterally terminate the CC&R after a Permitted Disposition (sale), and if the sale falls through, the CC&R is automatically reinstated. The Agent can be removed by a UDI Owners’ Vote, with a 30-day notice.
• What this document doesn't cover: This document does not address residential occupancy rules, pets, parking, architectural review, or any day-to-day living restrictions. There are no amenities, no maintenance obligations for owners, and no homeowner association. It is a land investment governance document, not a neighborhood rulebook.

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.