Rand Condominiums

What Rand Condominiums's governing documents say

Rand Condominiums is a two-unit condominium project in Fountain Hills, AZ. You own your individual unit and an undivided 50% interest in the common elements. The association maintains the common elements and exterior structure, while each unit owner is responsible for the interior and certain limited common elements like patios, garages, and the roof.

• What you own & maintain: Each unit includes the interior space and a garage. The association maintains all common elements and structural portions of limited common elements. Unit owners must maintain the unit interior, the roof above their unit, and limited common elements such as patio areas, garage doors, windows, and the air conditioning unit.
• Assessments & fees: Annual assessments are set by the board and shared equally (50% per unit). Special assessments require 100% approval of unit owners present at a meeting. Delinquent assessments accrue 10% annual interest and may incur late fees, costs, and attorney fees. The association has a lien on the unit for unpaid assessments.
• Use restrictions: No dumping or storage of trash visible from the street. Common elements and limited common elements may not be used for storage; patio furniture is allowed. No clotheslines, exterior speakers (except security), or nuisances. Boats, RVs, and trailers may not be stored in driveways for more than 72 hours in a 30-day period.
• Limited common elements: Each unit has exclusive use of a covered patio, backyard area, garage, and any meters serving only that unit. The unit owner must maintain these areas (e.g., painting patio floors, maintaining garage door and opener) and cannot change exterior colors without board approval.
• Insurance: The association must maintain property insurance on common elements (at least 80% replacement cost) and liability insurance. Each unit owner may obtain their own insurance for the unit and personal property. The association's insurance is primary, and proceeds for common element losses are held in trust.
• Dispute resolution: Any dispute arising from the declaration must first go to mediation in Maricopa County. If unresolved, binding arbitration follows under the Arizona Revised Uniform Arbitration Act. Each party pays its own costs and fees unless the arbitrator decides otherwise.

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.