Executive Towers

Key facts from Executive Towers's documents

Community type

horizontal property regime as of 1972 ("a horizontal property regime")

Legal name

Executive Towers Association as of 2016 (Section 1.4)

Units / lots

160 as of 2016 (Section 3)

Developer / declarant

Executive Towers Association, an Arizona nonprofit corporation as of 2016 (Preamble)

Governing law

Arizona Condominium Act, A.R.S. § 33-1201 et seq. as of 2016 (Section 1.1)

Assessments & dues

Each Owner pays proportionate share of common expenses in the same ratio as his or her percentage of interest in the Common Elements as of 2016 (Section 7)

Special assessments

May be levied; requires approval of Owners holding 65% or more of total voting power at a regular or special meeting where a quorum is present as of 2016 (Section 7.1)

Collections & liens

If any Owner fails to pay assessments, the amount constitutes a lien on the Unit, subordinate to a first mortgage except for assessments due from and after the date the mortgagee takes possession, accepts conveyance, files foreclosure suit, as of 2016 (Section 7.2)

Reserves & fees

One-time late charge as determined by the Board as of 2016 (Section 7.5)

Parking & vehicles

Each Owner has the right to exclusive use of one covered parking space in the parking garage for each Unit owned; spaces assigned by the Board and subject to rules; additional parking must be negotiated with the Board or its managing agent as of 2016 (Section 6)

Insurance

Each Owner responsible for insurance on contents of Unit, additions/improvements, decorating, furnishings, personal property, and personal liability not covered by Association's policy; Owner's policy shall include coverage for water damage as of 2016 (Section 9)

Voting & meetings

Aggregate number of votes shall be 100, divided among Owners in accordance with their respective percentage interests in the Common Elements; cumulative voting applies in election of directors as of 2016 (Section 4)

Amendments

Not fully specified; this document is an Amended and Restated Declaration; presumably amendment is governed by Arizona Condominium Act and Bylaws as of 2016

Amenities

Common Elements include store spaces on first level, building office, laundry room, parking garage, common parking areas, storage areas, recreational facilities, swimming pool and furniture, hospitality room on first level, outside walks an as of 2016 (Section 1.7)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.