La Corona

Key facts from La Corona's documents

Developer / declarant

Northeast Investment Corp., an Arizona corporation (Section 1.5)

Governing law

Arizona Revised Statutes §§ 33-551 et seq. (Horizontal Property Regime) (Preamble (WHEREAS) and Section 1.1)

Collections & liens

Association has lien on unit and private parking space for unpaid assessments; lien must be recorded; foreclosure within one year; lien is subordinate to prior recorded encumbrances (Section 7.1)

Pets

Small household pets allowed, subject to Board rules; no breeding; walking only as permitted by Board; pets not allowed loose or unsupervised (Section 17(c))

Home business

Permitted: maintaining personal library, business records, telephone/correspondence; no other business use implied (Section 17(a) exceptions)

Signs & flags

No signs except dignified name/address; no 'For Sale' signs; master sign allowed by Board; these restrictions do not apply to Declarant until last unit sold (Section 17(e))

Use restrictions

Units used only for residential purposes as single family; no transient or hotel use; only whole unit may be leased (Section 17(a))

Voting & meetings

Class A (all owners except Declarant) – one vote per unit, weighted by common element interest; Class B (Declarant) – three votes per unit owned, weighted similarly; Class B ceases upon sale of units or when Class A votes equal/exceed Class (Section 4.1)

Amendments

Requires instrument signed by owners of at least two-thirds (2/3) of undivided common element interest; amendments affecting Declarant's rights require Declarant's signature; all first mortgagees must consent to material amendments; Declara (Section 25)

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