Lake Park Village I

Key facts from Lake Park Village I's documents

Reflects the 1973 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (Condominium) (Recitals: "subject and submit this real )

Units / lots

126 (Article II: '126 units as described in t)

Developer / declarant

GERMANTOWN DEVELOPMENT COMPANY, INC., a Wisconsin corporation (Page 5 (WHEREAS))

Governing law

Arizona Revised Statutes Sections 33-551 through 33-561 (Page 5 (NOW, THEREFORE))

Age restriction

Not explicitly; referred to as "adult community" and age may be considered in uniform standards for lease/transfer (Article I Section 12: "LAKE PARK VILLAGE)

Assessments & dues

Council determines Carrying Charges from time to time, estimated on an annual basis (Article VII Section 1: "The Council shal)

Special assessments

Yes, Council may levy special assessment for improvements, damage restoration, etc. (Article IV Section 7: "The Council shall)

Collections & liens

Yes, lien upon recordation of notice, enforceable by foreclosure like real property mortgages (Article VII Section 3: "Such lien may be)

Reserves & fees

Yes, reserves set up by the Council are included in carrying charges (Article VII Section 1(f): "All reserves )

Pets

Dogs, cats or other household pets may be kept subject to Council approval (Article III Section 5)

Leasing & rentals

Impliedly allowed; sale, lease, other transfer subject to uniform standards (Article III Section 12: "the sale, lease)

Parking & vehicles

No boats, campers or vehicles other than golf carts, passenger automobiles and stationwagons parked or stored without Council permission (Article III Section 10)

Architectural approval

Yes, Architectural Control Committee approval required for any exterior alterations, installations, etc. (Article VIII Section 1)

Home business

No religious, professional, commercial or industrial operations (Article III Section 9)

Signs & flags

No sign displayed to public view without Council approval, except Declarant's signs (Article III Section 4)

Maintenance

Owner maintains unit interior, doors, windows, etc. Council maintains common areas and limited common areas except fenced areas (Article IV Section 2(g) and Article II S)

Insurance

Fire insurance with extended coverage for full insurable replacement value of Common Areas and Units, and liability insurance (Article IV Section 2(b)(1) and (2))

Use restrictions

Each Unit shall be used as a private dwelling (Article III Section 1: "Each Unit shall )

Voting & meetings

Each unit owner is a member of the Council and entitled to vote (Article I Section 24: "Vote" means the n)

Amendments

By 3/4 vote of Record Owners, plus consent of Declarant or Association if affecting their rights; Declarant can amend until first unit sold (Article XI Sections 1 and 2)

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