Corte Madera East Condominiums

What Corte Madera East Condominiums's governing documents say

Corte Madera East is a condominium community in Phoenix, AZ — you own your individual unit (one of 34) and an equal 1/34 undivided interest in the common elements. The association maintains and insures the common elements, and owners pay monthly assessments based on that equal share. This restated declaration supersedes the original and sets the framework for ownership, insurance, maintenance, and governance.

• What you own & maintain: You own the interior space of your unit (walls, floors, ceiling, windows, doors, and any exclusive patio). You are responsible for maintenance and repairs inside your unit, including the air conditioning/heating system and patio. The association maintains all common elements (roofs, parking areas, landscaping, recreational areas, and structural components).
• Assessments & expenses: Each owner pays an equal share (1/34) of common expenses, which cover insurance, utilities for common areas, maintenance, reserves, and a working capital fund of at least 2 months' estimated expenses. The board sets annual budgets and can levy special assessments for capital improvements with a majority vote. Unpaid assessments accrue 12% interest and become a lien on the unit.
• Insurance: The association carries casualty insurance covering 100% replacement cost of the buildings and common elements, plus liability insurance (minimum $1,000,000 per occurrence). Each owner should get their own insurance for personal property and liability. Insurance proceeds are collected by the association and used for restoration or distributed to owners if the property is not restored.
• Alterations & improvements: Nonstructural interior alterations (e.g., painting, flooring) do not require board approval, but you are liable for any damage to other units or common elements. Structural changes or any alterations to common elements (including patios) require prior written board approval. The association cannot make structural changes without board and majority owner approval.
• Parking: Guest parking spaces are located in Tract C between Units 28 and 29, and are managed by the board under its rules. There is no mention of assigned or reserved parking for individual units; owners and guests use common parking areas as designated.
• Destruction & condemnation: If damage exceeds 50% of restored value, the board can decide not to restore with consent of 80% of owners and first mortgagees, and the property may be sold. Restoration costs not covered by insurance are covered by special assessments. Condemnation awards are distributed to owners in proportion to their interests.

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.