76th Street Business Center Owners Association

What 76th Street Business Center Owners Association's governing documents say

76th Street Business Center Condominium is a commercial condominium in Scottsdale, Arizona, with four office/warehouse units where each unit owner owns their individual space and shares ownership of the building structure, common areas, and parking through the homeowners association. Unit owners pay monthly common expense assessments based on the cubic-content size of their unit.

• What you own & maintain: You own your individual office/warehouse unit; the association maintains and insures the shared building structure, foundations, roof, walls, parking areas, lobbies, and all other common elements. Certain parking spaces and entryway doors are allocated exclusively to each unit.
• Assessments & monthly payments: Monthly assessments for common expenses (maintenance, insurance, reserves) are payable on a monthly schedule and begin the first day of the month after you take title. The Board can increase the maximum monthly assessment by up to 15% annually; increases beyond 15% require approval from 67% of voting members.
• Late payment penalties: If you miss a payment by 30 days or more, you owe interest at 4% above the prime rate, a 25% late charge (after notice and hearing opportunity), legal fees, and costs. Unpaid assessments create a lien on your unit that can be foreclosed.
• Insurance coverage: The association maintains master casualty insurance covering 100% of replacement cost for the building and units, public liability insurance of at least $1,000,000 per occurrence, workers' compensation insurance, and fidelity bonds on fund handlers. All costs are paid from common expenses.
• Voting & governance: Each unit owner (Class A member) gets one vote weighted by the size (cubic content) of their unit. The Declarant initially holds Class B voting rights (3 votes per unit) but converts to Class A when units are sold or when Class A votes reach or exceed Class B votes. Board directors must be unit owners or their spouses (or officers of corporate owners).
• Substantial destruction & termination: If casualty damage, condemnation, or obsolescence exceeds 50% of the property's restored value, the association can rebuild using insurance proceeds and special assessments—OR, if 80% of unit owners vote to terminate, the entire property is sold and proceeds are distributed to owners pro rata based on their unit size.

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.