Algodén Center

What Algodén Center's governing documents say

This is a supplemental declaration (tract declaration) for commercial parcels within the Algodén Center master-planned development in Phoenix, AZ. It binds the property owners/developers, not individual homeowners or residents, and sets development obligations, use restrictions, and maintenance responsibilities for the Eisenberg Parcel (neighborhood shopping center) and JFLP Parcel.

• Use restriction (retail only for 10 years): For 10 years from the effective date (2008), the Eisenberg Parcel must be used for retail use only, defined as a neighborhood shopping center with at least 40,000 gross rentable square feet, including retail, service, professional office, restaurants, grocery, etc. After 10 years, any lawful use is allowed if not violating the Master CC&Rs.
• Improvement obligations & deadlines: Eisenberg-Algodón must achieve substantial completion of a 40,000+ sq ft shopping center by March 15, 2009 (extendable for force majeure). If building permits not received or construction not commenced by July 15, 2008, Declarant has an option to repurchase the parcel at a specified price minus costs.
• Site improvements & cost sharing: Declarant (JFLP) must complete certain site improvements (hardscape, irrigation) by Dec 31, 2008, at its cost. Eisenberg-Algodón must pay up to $100,000 of those costs within 30 days of completion notice, with 18% interest if late, secured by a lien on the parcel.
• Maintenance area & annual fee: The Eisenberg-Algodón Maintenance Area (landscaping along 91st Ave and Thomas Rd) is a separate maintenance area. In lieu of regular master assessments, Eisenberg-Algodón pays an annual fee, initially $500 for 2009, adjusted annually by CPI. Failure to maintain more than twice in 12 months may terminate the separate maintenance area.
• Major entry feature sign easement: A perpetual easement for a major entry identification sign is granted on the Eisenberg Parcel. Declarant maintains the sign; Eisenberg-Algodón provides electrical power at its cost and must not obstruct the sign.
• Lot 1 (child care facility) special provisions: Lot 1 within the Eisenberg Parcel is pre-approved for a child care facility. Outdoor child play is not a nuisance. If use changes, Declarant will not unreasonably withhold consent for a veterinary office up to 2,000 sq ft. Declarant waives certain easement and dedication rights over Lot 1 without consent.
• What this document doesn't cover: This document does not cover any residential rules, pet restrictions, leasing limits, or other typical homeowner association covenants. It is purely a commercial development covenant between developers.

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.