Volare Hangars at Pegasus Airpark Condominium

Key facts from Volare Hangars at Pegasus Airpark Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title; para 2)

Developer / declarant

Hangar Homes At Pegasus, LLC and Hangar Homes At Pegasus II LLC (Preamble, Declarant definition para 1.11)

Governing law

Title 33, Chapter 9 of the Arizona Revised Statutes (A.R.S.) (Recitals, para 2)

Assessments & dues

Board adopts budget; each Owner pays proportionate share equal to undivided interest in Common Elements (Exhibit B). Budgets adopted without ratification by Owners. (para 8, 8.1)

Special assessments

Requires assent of 67% of votes of each class of Members present in person or by proxy at a meeting with 60% quorum of each class. Proportionate share based on same interest as common expenses. (para 8.3)

Collections & liens

Association has lien on Unit for unpaid Common Expenses, subordinate to first mortgage. Lien may be foreclosed like real property mortgages. Personal obligation survives transfer. (para 8.2)

Reserves & fees

Association shall maintain an adequate reserve for proper maintenance, repair, and replacement of Common Elements. (Paragraph 8)

Parking & vehicles

No parking on taxiways/drive aisles (immediate ingress/egress only). Aircraft and vehicles must be parked inside Units, except motor vehicles on driveways of Units B1-B5 and D1-D5. Board may regulate exterior surface parking. No blocking ha (para 7)

Maintenance

Roof is part of Common Elements; thus responsibility of Association. (Paragraph 3.2(f))

Insurance

Association may include deductible provisions as consistent with good business practice. (Paragraph 10 (after list of requirements)

Use restrictions

Units are defined as Aircraft Storage and Mixed Use Space, not exclusively residential. (Paragraph 1.3; Paragraph 1.29)

Voting & meetings

Class A (Owners) vote proportional to undivided interest in Common Elements (Exhibit B); Class B (Declarant) has 3 votes per Unit owned. Class B converts to Class A upon conveyance of that Unit or after 4 years after Declarant ceases offeri (para 4.1)

Amendments

Amendments executed pursuant to para 19 or 25 (details not fully provided). Reallocation of Limited Common Elements by amendment. (para 3.3, Table of Contents mentions par)

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