Grace Court Development

What Grace Court Development's governing documents say

Grace Court Development is a commercial master-planned community in Phoenix, AZ, governed by a property owners' association that collects per-square-foot assessments and maintains common areas, landscaping, private roads, and facilities. This is the foundational declaration that establishes the governance structure, assessment authority, and developer controls; the full rulebook includes separate bylaws, articles, and parcel-specific declarations. Property owners automatically become members with voting rights tied to land area, subject to assessments that run with their parcel as a senior lien.

• Membership & Voting: Each property owner is automatically a member with voting rights based on land area owned (1 vote per 1,000 sq ft, rounded). The developer (Declarant) holds elevated Class B voting rights equal to 3× all owner votes combined until either 100% of the land is sold or December 31, 2012, whichever comes first, at which point Class B rights convert to standard Class A ownership.
• Assessments & fees: Annual assessments start at a maximum of $1.00 per square foot per year and are allocated pro rata by land area. Annual increases are capped at the greater of 10% or the Consumer Price Index. Special assessments require a 2/3 supermajority vote; regular assessment rate increases require a majority vote.
• Assessment Lien Priority: Unpaid assessments become a lien on the property that is senior to all other liens except property taxes and first mortgages. The Association can foreclose judicially or nonjudicially, and unpaid assessments may also include 18% annual interest and collection costs.
• Common Areas & Maintenance: The Association maintains common facilities including landscaping, lighting, private roads, sidewalks, parking areas, perimeter fencing, security gates, and guard kiosks. The Association also purchases master insurance and public liability coverage, funded by assessments.
• Developer Control & Property Expansion: The developer can annex additional land to the declaration until the Class B voting conversion occurs. Any annexed land can have modified covenants in a recorded Annexation Declaration, though Articles 3 and 4 (voting and assessments) cannot be changed for previously annexed land.
• Voting & Good Standing: To vote, an owner must have all assessments current (paid at least 10 days before the vote) and not be under a Board-imposed voting suspension. Quorum-based majority voting applies for most matters; 2/3 supermajority is required only for special assessments.
• What this document doesn't cover: This is the foundational declaration framework only. Specific development uses, detailed maintenance obligations, architectural review standards, and operational rules are contained in separate parcel declarations, bylaws, and Board-adopted rules not included here.

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.