Indian Square

What Indian Square's governing documents say

Indian Square is a commercial condominium in Phoenix, AZ — you own one of three units and share ownership of the building's common elements. The association maintains the common areas and carries insurance, funded by assessments. This property is limited to professional and commercial office use only; no residential use is allowed.

• Use & occupancy: Each unit may be used only for professional and commercial office purposes. Residential use is explicitly prohibited unless authorized by a majority of owners. No unit may be divided or subdivided without amending the Declaration.
• Leasing & rentals: Only entire commercial units may be rented. Leases for less than one year (with no renewal options) are exempt from the first‑right‑of‑refusal process. For longer leases, the owner must give the association 15 days’ written notice and a copy of the proposed lease; the association has a first option to lease on the same terms. The lessee must agree to be bound by the Declaration.
• Assessments & fees: Each commercial unit pays an equal one‑third share of common expenses. Monthly assessments are set by the board and due in advance on the first of each month, payable by the 15th. Late payments bear interest at the highest legal rate. Special assessments may be levied if needed.
• Maintenance responsibilities: The association maintains all common elements, structural components (outside walls, floors, ceilings, load‑bearing walls), and utility systems serving more than one unit. The unit owner maintains interior surfaces, HVAC equipment, plumbing and electrical fixtures, floor coverings, and any damages caused by their acts or neglect. Exterior alterations require board approval.
• First right of refusal: Before selling or leasing a unit (with exceptions), the owner must give the association 15 days’ written notice. The association may then elect to purchase or lease the unit on the same terms. If it declines or fails to act, the owner may proceed within the next 90 days. This right does not apply to foreclosures, transfers to a trustee, gifts to immediate family, or leases under one year.
• Voting & governance: The association is governed by a three‑member board of directors. Each commercial unit gets one vote (if co‑owned, one vote per unit). Owners elect directors; until two units are sold, the declarant may appoint a majority of the board. The board sets rules and regulations, provided they are approved by a majority of owners.
• What you own & maintain: You own the interior space of your unit, including interior surfaces, fixtures, and HVAC equipment. The unit comes with an undivided one‑third interest in the common elements (land, building structure, parking, utility easements, etc.). The exterior of the building, common areas, and structural components are owned and maintained by the association.

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.