Continental Plaza

What Continental Plaza's governing documents say

Continental Plaza is a condominium in Phoenix, AZ, with 95 apartment units in 17 buildings. You own your individual unit plus an undivided fractional interest in the building's common elements, which the association maintains and insures, funded by per-unit assessments. This document is a 1981 amendment establishing governance procedures; current rules may include subsequent amendments not shown here.

• What you own & maintain: You own your apartment unit and an undivided fractional interest in the common elements (building structure, grounds, shared systems). The association maintains all common areas.
• Ownership interests: Each unit's fractional interest in common elements is based on its livable floor space relative to all other units. These interests are fixed proportionally.
• Assessments & collection: Annual assessments fund building maintenance. Unsold units start at a temporary maximum of $120/year; sold units may have higher assessments. Payments are due monthly; if not received by the 10th, a $10 late charge applies. Unpaid assessments become delinquent after 30 days and accrue 6% interest (or the prevailing VA/FHA rate, whichever is higher). The association can place a lien, accelerate the balance, sue for collection, and recover attorney's fees.
• Phase expansion restrictions: Phase II was originally proposed but was never built and has been abandoned. No additional phases can be annexed without approval from the Federal Housing Administration or Veterans Administration, plus approval from 75% of institutional first mortgagees.
• First mortgagee notices: Lenders holding mortgages on units must be notified in writing whenever damage to a unit or common elements exceeds $10,000.
• What this document doesn't cover: This is a 1981 amendment covering ownership structure and assessment enforcement. Original operating rules (architectural review, common area use, lease/rental restrictions, enforcement procedures) are in the founding declaration and any subsequent amendments not included here.

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.