Freeport-Mcmoran Center Condominium

What Freeport-Mcmoran Center Condominium's governing documents say

Freeport-McMoRan Center is a mixed-use condominium in Phoenix, AZ, consisting of two units: a hotel unit (242 rooms, levels 11-18) and an office unit (~249,000 sq ft, levels 19-26). It is not a typical residential condominium; ownership is limited to the two unit owners. The association maintains common elements like parking and structural components. Potential owners include hotel operators and office tenants.

• What you own & maintain: Each unit owner owns their unit's interior (including fixtures, interior walls, and exclusive utility facilities) and an undivided interest in common elements (parking, structural elements, and other common areas). The association maintains common elements and structural components. Owners must maintain their limited common elements (e.g., exclusive-use utility lines, windows, doors).
• Use & occupancy restrictions: The hotel unit must operate as a hotel meeting 'Class A Standards' (high-end brands like Marriott, Westin, Hilton, etc.) and is limited to hotel uses. The office unit is for office use. Prohibited uses include gambling, adult entertainment, pawn shops, and any use not permitted by law.
• Leasing & rentals: Owners may lease their units, but no minimum lease term is specified in this document. Tenants and their permittees may use common elements per the owner's delegated rights. The declaration does not impose lease restrictions beyond general compliance.
• Architectural review & construction: Any temporary construction, repairs, or alterations requiring use of common elements (e.g., scaffolding, staging) must follow a detailed approval process: submit a work plan, obtain comments, resolve disputes, and provide plans 30 days before start. The association and the other owner may object to protect structural integrity, functionality, or Class A appearance.
• Parking & vehicles: The parking area is a common element, with designated exclusive parking: up to 104 spaces for the hotel unit and up to 120 for the office unit (including spaces for Freeport if applicable). Parking percentages may adjust if reserved office spaces increase. The board may create parking rules but cannot impose unreasonable costs on owners.
• Assessments & fees: Common expenses are allocated by percentage: parking area expenses 57% hotel/43% office; structural and other common expenses 52% hotel/48% office; trash and utility expenses based on actual use. The board can levy general, services, and special assessments. Late payments accrue interest at prime rate plus 4% (capped by law).
• Insurance & risk: The association carries all-risk property insurance on the building and liability insurance. Owners must carry their own insurance for unit improvements and personal property. The board may adjust coverage as needed.
• Dispute resolution: Disputes between owners or with the association regarding construction or other matters are resolved through a process outlined in Exhibit B (not included in this excerpt). Objections to work plans trigger a 30-day response period and mandatory meeting if unresolved.

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.