52nd Street Villas

Key facts from 52nd Street Villas's documents

Community type

condo (Part I: Declaration of Horizontal Proper)

Legal name

52nd Street Villas Condominium Association (Article I, Section 3 – Page 8)

Developer / declarant

North 52nd Street Condominiums, an Arizona limited partnership, by and through its general partner, Investment Resources, Inc. (Page 3, lines 7-9)

Governing law

Arizona Revised Statutes §§ 33-551 through 33-554 (Page 3, lines 14-16)

Assessments & dues

Board prepares and adopts annual budget from which common expenses are determined and assessed. (Article VII, Section 3 – Page 23)

Special assessments

May be levied for construction, reconstruction, repair, replacement, or unanticipated expenses; requires majority of votes at a meeting with 30-60 days' notice and 50% quorum. (Article VII, Section 4 – Pages 24-25)

Collections & liens

Assessments constitute a continuing lien on the unit, subordinate to first mortgage. May be foreclosed like real property mortgages. (Article VII, Sections 1 and 7 – Pages 22)

Reserves & fees

Adequate reserve fund for maintenance, repairs, and replacement of common elements. (Article VII, Section 3 – Page 23)

Pets

Yes (Article XIV, Section 4 – Page 49)

Leasing & rentals

Yes, subject to restrictions. (Article XIV, Section 2 – Page 48)

Parking & vehicles

Each owner entitled to exclusive use of one parking space; assignment by Board, may be changed. No right to any particular space. (Article VI – Page 22)

Architectural approval

All exterior alterations, additions, or improvements must be approved in writing by Board or architectural control committee. (Article XIII – Page 45)

Home business

No professional, commercial, industrial, or nonprofit business operations; personal library or business records allowed. (Article XIV, Section 7 – Page 50)

Signs & flags

One sign no more than 4 square feet indicating unit for rent or sale allowed without approval; any other sign requires written approval. (Article XIV, Section 5 – Page 49)

Maintenance

Association maintains common elements; owner maintains interior, patios, fixtures, electrical, plumbing, HVAC, etc. (Article XII, Sections 1 and 2 – Pages 41)

Insurance

Multi-peril policy covering entire condominium project, including buildings and improvements, on replacement cost basis at 100% of insurable value. Also flood insurance if in special flood zone. (Article IX, Section (a) – Pages 27-28)

Use restrictions

No part of property shall be used for other than residential or related purposes. (Article XIV, Section 1 – Page 48)

Voting & meetings

Class A (owners other than Declarant): one vote per unit. Class B (Declarant): three votes per unit owned. Class B ceases upon later of when Class A votes equal or exceed Class B, or 5 years after first unit sold. (Article IV, Sections 1 and 2 – Pages 18-)

Amendments

By instrument signed by owners of 2/3 of units and 75% of first mortgagees; no amendment affecting Declarant's rights without Declarant's signature while Declarant owns interest. (Article XVI – Pages 55-56)

Amenities

Swimming pool mentioned in definition of Improvement; Association may charge fees for recreational facilities and suspend use for nonpayment or infractions. (Article I, Section 9 – Page 9; Article I)

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