Parkridge IV and V

Key facts from Parkridge IV and V's documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Single-family residential homeowners association (Section 1.4 (Association); Section 8.1(a)

Units / lots

286 (Recitals: Lots 595-775 inclusive (181 lo)

Developer / declarant

CHI Construction Company, an Arizona corporation (First paragraph: "by CHI Construction Co)

Assessments & dues

Maximum $240.00 per lot until 12/31/98 (Section 6.3)

Special assessments

Requires assent of 2/3 of each class of Members for capital improvements (Section 6.4)

Collections & liens

Claim of lien possible after 10-day demand; lien may be foreclosed by court action or power of sale; subordinate to first mortgages (Sections 6.8(b), 6.9)

Reserves & fees

Interest at 12% per annum from due date (Section 6.8)

Pets

Reasonable number of generally recognized house or yard pets allowed; no commercial purpose; no excessive noise/nuisance (Section 8.1(m))

Leasing & rentals

Leasing of Lot with improvements to a single family is permitted, subject to all Declaration provisions (Section 8.1(a): "Nothing herein shall be)

Parking & vehicles

No motor vehicles >1 ton, work vehicles, mobile homes, motor homes, vans, trailers, campers, boats, etc. visible from neighboring property without ARC approval; inoperable vehicles not allowed visible; no vehicle construction/reconstruction (Section 8.1(o))

Fences

Party walls/fences: joint maintenance; damage by owner to be repaired by that owner; surfaces viewable from public streets or Common Area color scheme must have ARC approval (Section 8.1(t))

Architectural approval

Prior written approval required for any exterior alteration, improvement, construction, including color schemes and materials; no changes to approved plans without approval (Section 8.1(d); Section 7.2 (duties))

Home business

Prohibited: "No gainful occupation, profession, trade or other non-residential use shall be conducted thereon." (Section 8.1(a))

Signs & flags

No signs except name/address sign not exceeding 9"x30"; one temporary sale/rent sign not exceeding 5 sq ft; Declarant signs allowed during construction; Association signs exempt (Section 8.1(k))

Maintenance

Owner responsible for Lot and improvements; Association responsible for Common Area maintenance as per Section 8.2(c) (Sections 8.1(e)-(f) (owners); Section 8.)

Insurance

Association must maintain liability insurance for Common Areas of at least $1,000,000 and directors and officers liability (Section 9.1)

Use restrictions

All Lots shall be used exclusively for single family residential use; no gainful occupation, profession, trade or other non-residential use (Section 8.1(a))

Voting & meetings

Class A (owners, 1 vote per lot) and Class B (Declarant, 3 votes per lot until conversion) (Section 5.2)

Amendments

First 30 years: 75% of each class; thereafter: 2/3 of each class; Declarant may amend for FHA/VA/FHLMC/FNMA requirements; amendments must be recorded (Section 10.4)

Amenities

No common area owned by Association; right-of-way along 95th Avenue maintained but not owned; Tracts A,B,C owned and maintained by City of Peoria (Section 1.7: "No common areas to be owne)

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