Hallcraft Villas East Five

What Hallcraft Villas East Five's governing documents say

This is a Land Use Restriction Agreement for a condominium unit in the Hallcraft Villas East Five community in Phoenix, AZ. It applies to the original buyer under the Resolution Trust Corporation's Affordable Housing Disposition Program and imposes temporary limits on occupancy and resale profits for one year. This is not the full condominium declaration; it covers only affordability restrictions.

• Affordability – occupancy requirement: The buyer must occupy the unit as their principal residence for at least 12 months from the date of the agreement (April 20, 1994).
• Affordability – resale profit recapture: If the buyer sells within the one-year restriction period, the seller recaptures 75% of any proceeds exceeding the original purchase price plus allowable closing costs ($8,106.47 total) and documented improvement costs.
• Affordability – waiver of recapture: The seller may waive the recapture requirement for good cause (e.g., relocation). The buyer must request waiver in writing, and the seller has 60 days to respond.
• Affordability – sale notification: If selling before the termination date without a waiver, the buyer must notify the seller in writing at least 60 days prior, providing improvement receipts and a release of the agreement, which the closing agent records.
• Affordability – termination: The agreement automatically terminates at 11:59 p.m. on April 20, 1995 (one year after title transfer). It also ends earlier upon seller's recorded release, foreclosure, deed in lieu, or HUD assignment of an insured mortgage.
• What this document doesn't cover: This document does not address pets, leasing (beyond the occupancy requirement), assessments, parking, architectural rules, or common area maintenance. Those topics would be in the condominium declaration and bylaws.

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.