Twin Peaks Condominiums

What Twin Peaks Condominiums's governing documents say

Twin Peaks Condominiums is a small condominium community in Fountain Hills, AZ, consisting of two units (A and B). You own your unit and an undivided equal share in the common elements; the Homeowners Association maintains common areas and enforces rules. All owners, tenants, guests are bound by the governing documents.

• What you own & maintain: You own the interior of your unit; boundaries are the exterior finished surfaces of perimeter walls, bottom of building slab, and top of roof. You must maintain, repair, and restore your unit and any limited common elements (e.g., porches, balconies, exterior doors/windows) at your own expense. The Association maintains common elements, but if it fails, each owner is obligated to maintain the common area contiguous to their unit.
• Use restrictions: Units must be used exclusively as single-family residential. No business, no nuisance, no exterior speakers, no clotheslines, no visible satellite dishes or solar devices without adjacent owner's consent, no vehicle repairs visible from neighboring property, and no inoperable vehicles stored visibly.
• Architectural review: An Architectural Committee of at least two members appointed by the Board regulates external design. Prior written approval from the adjacent unit owner is required for structural additions, alterations, or changes to exterior color or texture. Nonstructural interior changes do not need approval but you are liable for any damage to other units or common elements.
• Assessments & fees: The Board may adopt an annual budget and assess common expenses equally between the two units. Assessments are due monthly in advance or as the Board determines. Late penalties may be imposed. The Association's lien for unpaid assessments is subordinate to first mortgages. Delinquent amounts are reallocated to other owners if extinguished by foreclosure.
• Insurance: Each unit owner must maintain fire, casualty, and liability insurance on their unit at full replacement value, with at least $500,000 combined liability coverage (jointly with adjacent owner). Evidence of insurance must be provided to the adjacent owner. The Association also carries insurance on the building and common elements.
• Dispute resolution: Disputes between unit owners must first be addressed by written notice, then a 21-day settlement period. If unresolved, the dispute goes to binding arbitration by a mutually agreed arbitrator or one selected by the Maricopa County Superior Court.
• Amendments: Amendments to the Declaration require unanimous approval of all unit owners (100% vote). Certain amendments also require consent of eligible mortgage holders. The Declarant had rights to amend during the period of declarant control to comply with law or correct errors.
• Rights of mortgagees: First mortgagees have rights to notice of certain events (e.g., delinquency, insurance lapse) and must approve certain actions like termination or changes to pro-rata interests. The Declaration prohibits a right of first refusal on unit sales.

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.