Maryland Mews

What Maryland Mews's governing documents say

This is a Third Amendment to the Declaration of Horizontal Property Regime (condominium) for Maryland Mews in Phoenix, AZ. The amendment updates rules about document availability, lender protections, insurance, and legal rights. These provisions bind all unit owners and the homeowners association.

• Document access: The association must make the declaration, bylaws, rules, and financial records available to unit owners, lenders, and prospective purchasers—at least for inspection during business hours. Upon written request, an audited financial statement for the prior fiscal year must be provided within a reasonable time.
• Lender protections: A first mortgage holder who requests notice is entitled to timely written notice of proposed amendments affecting boundaries, unit interests, liabilities, or votes; any termination of the condominium; a material casualty or condemnation loss; a 60+ day assessment delinquency; or lapse of insurance. Also, major restoration or termination after casualty requires approval from lenders holding at least 51% of the votes of units subject to such mortgages.
• Insurance requirements: The association must maintain master property insurance covering common elements and limited common elements at 100% replacement cost, and comprehensive general liability insurance with at least $1,000,000 per occurrence. Fidelity bonds covering officers, directors, and employees must be at least three months' aggregate assessments plus reserve funds. Policies cannot be cancelled or substantially modified without 10 days' prior written notice to the association and each first mortgage holder listed.
• Insurance trustee: An insurance trustee may be named as insured to handle loss negotiations and insurance proceeds. Each unit owner appoints the association or trustee as attorney-in-fact for purchasing and maintaining insurance, collecting proceeds, and executing releases.
• Condemnation & casualty: The association represents unit owners in condemnation proceedings. Any award or settlement proceeds are payable to the association or trustee, held in trust for unit owners and their first mortgage holders.
• Conflicts between documents: If this declaration conflicts with the association's articles of incorporation or bylaws, this declaration prevails.
• Enforcement rights: The association and any aggrieved unit owner have a right of action against unit owners for noncompliance with the declaration, bylaws, or association decisions. Unit owners also have rights of action against 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.