The Terrace in Fountain Hills Condominiums

Key facts from The Terrace in Fountain Hills Condominiums's documents

Reflects the 1984 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Horizontal Property Regime) (Title)

Units / lots

80 (maximum number of units that may be submitted) (Section 2.0)

Developer / declarant

MCO Properties Inc., a Delaware corporation (First paragraph)

Governing law

Arizona Revised Statutes, Sections 33-551 through 33-561 (Preamble)

Assessments & dues

Maximum $1,080 per unit until January 1 after first unit conveyance to a purchaser. (Section 8.2)

Special assessments

May be levied for capital improvements or other lawful purpose, requires 2/3 vote of each class. (Section 8.3)

Collections & liens

Assessments, interest, costs, and reasonable attorney's fees are a lien on the unit. Personal obligation of owner at time levied; does not pass to successors unless assumed. (Section 8.0)

Reserves & fees

Reserves for depreciation and contingencies to be maintained (implied in Section 8.1). (Section 8.1)

Pets

Yes, reasonable number of house pets only, not for commercial purposes. (Section 4.6)

Leasing & rentals

Yes, subject to all provisions of the Declaration. Lease must be in writing. No time shares allowed. (Section 4.8)

Parking & vehicles

No mobile homes, motor homes, recreational vehicles, boats, trailers, trucks (except certain pickups and mini motor homes meeting size and use conditions) are permitted to be parked on any portion of the condominium. (Section 4.12)

Architectural approval

Yes. Structural alterations, additions, or improvements require prior written approval of members (51% of each class). Nonstructural additions visible from neighboring property require board approval. Board approval also required for awning (Section 4.3, Section 4.16)

Home business

Allowed only if personal professional library, business records/accounts, or personal correspondence; no actual business conducted. (Section 4.0)

Signs & flags

No signs (including For Sale/For Rent) except name/address sign not exceeding 9x30 inches, without board written approval. (Section 4.13)

Maintenance

Association maintains roofs as part of General Common Elements. (Section 5.0)

Use restrictions

Each unit and its restricted common elements shall be used exclusively for residential use by a single family. No gainful occupation, profession, trade, or other nonresidential use permitted. (Section 4.0)

Voting & meetings

Class A: each unit owner gets 1 vote per unit. Class B: Declarant gets 3 votes per unit owned (80 minus units sold), converts to Class A upon (a) 53 units sold, (b) 7 years after first unit conveyance, or (c) Declarant relinquishes in writi (Section 7.1)

Amendments

Amendment procedure referenced in Section 14.3; not detailed in text but requires approval of Eligible Mortgage Holders per Section 12.2. (Article XII Section 12.2, Article XIV Se)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.