Mc Clain Condominium

What Mc Clain Condominium's governing documents say

Mc Clain Condominium is a commercial condominium in Scottsdale, Arizona, with five office/warehouse units established in 1998. Unit owners own their individual units and share ownership of the building, grounds, and parking through the association; costs are split proportionally and funded by monthly assessments.

• What you own & maintain: You own your office/warehouse unit and hold an undivided interest in common elements (building structure, grounds, parking, HVAC systems). You maintain your unit's interior and any equipment serving only your unit; the association maintains the building, shared systems, and grounds.
• Common expenses & assessments: Monthly assessments are due proportional to your unit's percentage of common elements. Late payments accrue 12% annual interest plus a late charge up to 25%. Special assessments for capital improvements require the approval of owners holding at least 60% of votes.
• Insurance requirements: The association maintains master casualty insurance covering 100% replacement cost of the buildings and units, and public liability insurance with a minimum of $1,000,000 per occurrence. You must obtain separate insurance for personal property and business liability.
• Parking spaces: Each unit is assigned exclusive use of designated parking spaces (limited common elements). The board establishes parking rules and can manage guest or overflow parking.
• Board & membership: Unit ownership automatically makes you a member of the association with one vote per unit. Directors must be unit owners or spouses and must be current on assessments; the board's rulings on disputes are final and binding.
• Mortgages & liens: You can mortgage your unit individually. Unpaid assessments create a lien on your unit (subordinate to first mortgages), with 12% annual interest and late charges up to 25% of the unpaid amount.
• Substantial damage or termination: If damage, condemnation, or obsolescence exceeds 50% of restoration cost, owners holding 80% of votes can vote to terminate the condominium and sell the property, with proceeds distributed to each owner based on their unit's cubic square footage.
• Alterations & architectural review: Any structural alterations or exterior changes (patios, balconies, parking areas) require written board approval. Non-structural interior changes do not require approval, but you are liable for any damage caused to other units or common elements.

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.