El Tovar Homeowners Association, Inc.

What El Tovar Homeowners Association, Inc.'s governing documents say

El Tovar Condominiums is a horizontal property regime (condominium) in Phoenix, Arizona, with 45 initial units in two buildings. You own your individual unit and share the building structure, grounds, and common areas with other owners through the association, which maintains these shared elements and is funded by monthly per-unit assessments.

• What you own & maintain: You own your unit's interior and any exclusive fixtures; the association maintains the building structure, roof, bearing walls, parking areas, elevators, and recreational facilities. Pipes, wires, and systems serving other units or common areas are not part of your unit.
• Monthly assessments & fees: You pay monthly for common expenses (insurance, maintenance, reserves). The initial cap is $60/month per unit; annual increases are tied to the Consumer Price Index using a published formula. Payment is required each month, and is one-forty-fifth of total expenses shared equally among all 45 units.
• Late payment penalties & liens: If you miss a payment by 30 days, the association places a lien on your unit for the unpaid amount plus 12% annual interest, up to 25% late charge, and reasonable attorney's fees. This lien can be foreclosed like a mortgage, though it is subordinate to recorded first mortgages.
• Working capital fund: At closing, you pay a one-time amount equal to two months of estimated assessments into the association's working capital fund. This is non-refundable and is not credited as a prepayment of future assessments.
• Special assessments for major repairs: The association can levy special assessments for construction, reconstruction, or major replacements of common elements, but only with approval from 67% of voting members in person or by proxy.
• Insurance coverage: The association maintains casualty insurance covering all units and common elements at minimum 100% replacement cost (appraised annually), plus $1,000,000 minimum liability coverage per occurrence and fidelity bonds. All insurance costs are included in your monthly assessments.
• Voting & governance structure: Unit owners (Class A) have one vote per unit. The developer initially holds Class B membership with three votes per unit, converting to Class A after certain milestones (either 120 days after Class A votes equal Class B votes, or 5 years after the first unit sale, whichever comes first). The board's interpretations of governing rules are final and binding.
• Common element use rights & restrictions: You have non-exclusive rights to use common areas (parking, recreational facilities, etc.), subject to rules established by the board. The board can suspend your recreational facility access or voting rights if you fail to pay assessments for 30 days or violate published rules for up to 60 days.

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.