Cantera Fountains Condominiums

What Cantera Fountains Condominiums's governing documents say

Cantera Fountains Condominiums is a condominium community in Phoenix, AZ — owners own individual units (Phase One had 16 units, planned up to 68 total) and share undivided interests in common elements, with the association responsible for common expenses and maintenance. The project was originally developed in phases by the declarant, who retained control of the association until specified triggering events.

• What you own & maintain: You own your unit's interior; the association maintains the common elements (shared building parts, grounds). Common element interest is a fraction (1/total units), never less than 1/68.
• Phasing & development: The project could be built in up to four phases with a maximum of 68 units (23 one-bedroom, 45 two-bedroom). Units are added automatically when the first unit in a phase is sold; all phases had to be annexed by May 31, 1989.
• Association control & voting: The declarant controlled the board until the earliest of: May 31, 1989; sale of 51 units (75% of projected total); or voluntary relinquishment. Each unit gets one vote, regardless of number of owners.
• Assessments: Assessments are levied per unit. Liability for assessments begins when the first unit in a phase is acquired. The declarant was responsible for project expenses exceeding collected assessments and posted a bond for that purpose.
• Declarant reserved rights: While in control, the declarant could add real estate, create easements, convert units to common elements or vice versa, and amend the declaration to comply with FHA/VA or secondary market guidelines.

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.