Colony Wash Condominiums

What Colony Wash Condominiums's governing documents say

Colony Wash Condominiums is a 2-unit condominium community in Fountain Hills, AZ. These governing documents (Declaration and Bylaws) define what owners can and cannot do, the association's structure, and each owner's obligations. Each unit owner holds an undivided interest in common elements and must comply with the rules.

• What you own & maintain: You own the interior of your unit; the association maintains the common elements. You are also responsible for limited common elements (e.g., patios, exterior doors, and any balcony or porch) and, if the association fails to maintain, you must maintain half of the common area along your boundary.
• Use restrictions: Units are for single-family residential use only. No commercial or gainful occupation is allowed, but you can keep a personal home office. No nuisances, inoperable vehicles, or outdoor machinery. All valid laws and zoning must be followed.
• Architectural and exterior changes: An Architectural Committee (at least 2 members) must approve any exterior changes, including solar panels, satellite dishes, and antennas – which also require written consent from the adjacent unit owner. Nonstructural interior alterations do not need approval, but you are liable for any damage they cause.
• Assessments and finances: Common expenses are assessed equally between the two units (50% each). The board collects monthly assessments, may charge late fees, and can file liens for nonpayment. An annual budget is prepared and provided to owners.
• Insurance: Each unit owner must maintain fire, casualty, and liability insurance on their unit with at least $500,000 combined liability coverage (unless the association or both owners agree on a different amount). Proof of insurance must be provided to the adjacent unit owner.
• Dispute resolution: Disputes between unit owners must first go through a 21-day notice and negotiation period. If unresolved, the matter is submitted to binding arbitration (or a board of arbitration selected by a superior court judge if parties cannot agree). The decision must be complied with within 30 days.
• Rights of mortgage holders: First mortgage holders have special rights: they must approve certain amendments, terminations, or changes to unit boundaries (requiring 100% of such mortgage holders). Assessment liens are subordinate to first mortgages. Owners must notify mortgagees of delinquencies, insurance lapses, or major actions.
• Amendment and duration: The Declaration runs for an initial term (number not legible) and automatically renews for 10-year periods. Amendments require approval of 100% of unit owners (or all first mortgagees for certain changes). The Declarant can amend during the Period of Declarant Control to correct errors or comply with laws.

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.