El Povar Condominiums

What El Povar Condominiums's governing documents say

El Tovar Condominiums is a 13-unit condominium in Phoenix, AZ. You own your unit and an undivided 1/12th interest in the common elements, which the association maintains. The declaration establishes the horizontal property regime and governs all owners, occupants, and mortgage holders.

• What you own & maintain: You own your unit's interior space (walls, floors, ceilings) as defined in the plat. The association maintains the common elements, including the building's structure, roof, bearing walls, parking, recreation areas, and utility systems serving more than one unit. Each unit has a 1/12th undivided interest in the common elements.
• Assessments & fees: Monthly assessments begin at $60 per unit, adjustable annually by the Consumer Price Index (CPI). Special assessments for capital improvements require 67% approval of each membership class. Late payments accrue 12% interest plus a late charge up to 25% of the amount due. The association collects a two-month working capital fund upon sale of a unit.
• Insurance: The association must carry master casualty insurance covering the common elements and units (excluding personal property) at 100% replacement cost, plus liability insurance of at least $1,000,000 per occurrence. Owners may obtain separate policies for personal property and additions. All policies must contain waivers of subrogation and Fannie Mae/Freddie Mac compliant clauses.
• Parking & vehicles: Parking spaces are part of the common elements, shown on the plat. The board has full authority to manage and regulate parking for owners and guests, including setting rules and allocating spaces.
• Destruction, condemnation & obsolescence: 'Substantial destruction' occurs when restoration costs exceed 50% of restored value. The association must restore unless 100% of owners and eligible mortgage holders consent to terminate the regime and sell the property. Special assessments may be levied for restoration. Condemnation awards are allocated by cubic content of units.
• Use restrictions: Common elements are for shared use (access, recreation, parking). The board may suspend use rights for unpaid assessments (until paid) or for rule violations (up to 60 days). No specific lease restrictions or pet limits are stated in this excerpt.

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.