Mesa Coronado III

What Mesa Coronado III's governing documents say

Mesa Coronado III is a 102-unit condominium (horizontal property regime) in Mesa, AZ. Each owner holds an undivided interest in the common elements, and the association (Mesa Coronado III, Inc.) manages the property and common expenses. This declaration sets out the rights and obligations for unit owners, including shared use of common areas, limited common elements (assigned parking and storage), and mandatory assessments. It also governs insurance, maintenance, alterations, and procedures for destruction or condemnation.

• What you own & maintain: You own the interior space of your unit (defined by interior unfinished surfaces) and are responsible for maintenance, repairs, and replacements within your unit and any exclusive HVAC portion. The association maintains the common elements (roofs, walls, structural elements, central systems, landscaping, pool, etc.).
• Common expenses & assessments: Each owner pays a share of common expenses proportional to a fixed percentage interest — all units share a 50/51% undivided interest (the exact percentage per unit is equal). Assessments are due as determined by the board, with an 18% annual interest charge on delinquent amounts, plus costs and attorney fees. Delinquent assessments become a lien on the unit, subordinate only to a prior recorded first mortgage.
• Limited common elements – parking & storage: Each unit has an assigned restricted parking space and a storage area, both labeled with the unit number. These are limited common elements for exclusive use. Guest parking spaces are general common elements and may be assigned by the board. No storage is allowed outside units except in designated enclosed storage areas.
• Insurance: The association carries casualty insurance on the property (replacement cost), $1,000,000 minimum public liability/property damage insurance, workers' compensation, and a fidelity bond covering at least 150% of the annual budget. Owners may obtain their own insurance for personal property and liability, but it must not impair the association's policies.
• Alterations & improvements: No alterations to common elements or patios/balconies without prior board approval. Non-structural interior alterations (excluding patio/balcony) do not require board approval, but the owner bears all risk of damage to other units or common elements.
• Destruction, condemnation & obsolescence: In case of substantial destruction (cost of restoration exceeds 50% of restored value), the association may decide not to restore with consent of two-thirds of owners (and all first mortgagees on mortgaged units). If non-restoration is approved, the common elements are sold and condominium ownership terminates. Special assessments for restoration may be levied, but owners who voted against restoration are not personally liable.
• Membership & voting: Each unit owner is a member of the association. Initially, there are two classes: Class A (all owners except declarant) with one vote per unit (weighted by common interest), and Class B (declarant) with three votes per unit. Class B membership ends upon sale of units or by December 31, 1987, or when Class A votes exceed Class B. Class A members cannot vote for directors while any Class B membership exists.

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.