Lakebrook Villas

What Lakebrook Villas's governing documents say

Lakebrook Villas is a condominium community in Phoenix, AZ — you own your individual apartment unit (airspace) plus a 1/85 undivided interest in the common elements and exclusive use of a carport, patio, or balcony. The Association manages the property, carries master insurance, and levies assessments to cover common expenses. This declaration defines unit boundaries, owners' rights, and the Association's authority.

• What you own & maintain: You own the airspace inside your unit (floor to ceiling, interior wall surfaces). The Association maintains common elements (buildings, roads, pool, landscaping) and limited common elements (balconies, patios, carports assigned to your unit). You are responsible for your unit's electrical consumption; the Association handles water, sewage, garbage, and other utilities.
• Common expenses & assessments: The Board sets an annual budget and levies assessments against each unit based on its 1/85 share. Annual assessments can increase up to 5% per year (or by CPI, whichever is greater) without member vote. Special assessments require majority approval of members (quorum 25%). Unpaid assessments bear 18% interest, plus late charges, and become a lien on the unit, subordinate only to first mortgages.
• Insurance & restoration: The Association must carry multi-peril property insurance (replacement cost), liability insurance ($1M per occurrence), fidelity coverage, and flood insurance if applicable. After damage, the Association promptly repairs unless 80% of owners vote not to rebuild. Proceeds are held in trust and applied to restoration; surplus goes to mortgage holders then owners. Owners may obtain their own contents/liability policies.
• Board powers & rules: The Board may adopt, amend, and enforce rules governing use of the property, as long as they are non-discriminatory and consistent with the declaration. Board determinations on disputes or interpretation of documents are final. The Association may suspend voting rights and recreational facilities use for unpaid assessments or rule violations (up to 60 days).
• Voting & membership: Each unit has one vote. Owners holding more than one interest in a unit must vote jointly. Certain major decisions (e.g., sale of property, termination, substantial restoration) require 80% of unit owners and all institutional lenders' consent. Membership automatically transfers with unit ownership.

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.