Mountain Shadow Lake Condominium

Key facts from Mountain Shadow Lake Condominium's documents

Reflects the 1983 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title: MOUNTAIN SHADOW LAKE CONDOMINIUM )

Legal name

MOUNTAIN SHADOW LAKE CONDOMINIUM TWO ASSOCIATION (Article III, Section 1: "Membership in t)

Units / lots

Up to 120 units (based on Class B voting rights for 120 Units) (Article III, Section 3: "Declarant shall)

Developer / declarant

NBS DEVELOPMENT CORPORATION, an Arizona corporation (Signature page (page 25))

Governing law

Horizontal Property Regime (Arizona law referenced) (Article I, Section 1: "Declaration of Ho)

Assessments & dues

Maximum annual assessment initially $1,100 per unit for the largest unit type (adjustable for smaller units by square footage pro-rata). (Article IV, Section 4)

Special assessments

May be levied for capital improvements, repairs, etc., with assent of 2/3 of votes of each class. (Article IV, Section 5)

Collections & liens

Assessments, interest, costs, and attorneys' fees create a continuing lien on the unit. Association may foreclose like a mortgage. Subordinate to first mortgage. Sale or transfer does not affect lien for future assessments. (Article IV, Sections 1, 7, 8)

Reserves & fees

Annual maintenance assessment includes an amount for a replacement fund for common elements improvements. (Article IV, Section 9)

Pets

Yes. Not more than two dogs, cats or household pets per apartment, subject to uniform rules. No commercial breeding. Must be leashed when outside unit. (Article XI, Section 3)

Leasing & rentals

Yes, but must be in writing, with tenant agreeing to comply with documents; minimum lease term of 30 consecutive days (no transient/hotel purpose). (Article XI, Section 13)

Parking & vehicles

Assignment of one covered parking space per unit; uncovered parking managed by board. No vehicles of any type (boat, camper, motorcycle, etc.) may be left unattended on common elements except as permitted. Inoperable vehicles not allowed. (Article XI, Section 6; Article XV, Secti)

Fences

No fences or walls shall be erected or maintained without approval of Architectural Control Committee. For private yards, fences are initially built by developer; not to be moved or removed; changes in size or color subject to ARC review. A (Article XI, Section 7; Article XIV, Sect)

Architectural approval

No building, fence, wall, patio cover, awning, antenna, or other structure shall be erected or altered without prior written approval of Board or Architectural Control Committee as to harmony of external design and location. (Article V, Section 1)

Home business

No business activities of any kind shall be conducted in any building or on any portion of the premises. (Exception for builder during construction and association activities.) (Article XI, Section 4)

Signs & flags

No advertising signs except one "for rent" or "for sale" sign per unit not exceeding 5 square feet. No billboards, unsightly objects, or nuisances. (Article XI, Section 4)

Maintenance

Association: maintenance, repair, replacement of common elements (including lakes, pool, spa, sprinkler system, etc.) and termite control. Owner: interior of unit, individual patio/balcony, back yard fence, windows, private yard, all fixtur (Article VI, Sections 1,2,4; Article VII;)

Insurance

Association must maintain: multi-peril (fire, extended coverage, vandalism, etc.) at 100% replacement cost; comprehensive public liability insurance at least $1,000,000 per occurrence; flood insurance if in flood area; fidelity bond at leas (Article VIII, Section 2)

Use restrictions

Properties restricted to residential dwellings for residential use, except improvements within common elements. (Article XI, Section 1)

Voting & meetings

Class A (owners): one vote per unit; Class B (declarant): three votes per unit owned or contemplated (up to 120 units). Conversion of Class B to Class A occurs when Class A votes equal Class B or on January 1, 1988, whichever earlier. (Article III, Section 3)

Amendments

Covenants run for 20 years from recording, then auto-renew for 10-year periods. Amendment requires instrument signed by owners of not less than 3/4 of the units, recorded in Maricopa County. Additional restrictions for FNMA/GNMA/FHLMC/FHA/V (Article XVI, Sections 5, 7)

Amenities

Swimming pool, spa, lakes, recreational facilities, sprinkler system. Lakes are for storage and aesthetics only; not for swimming or other use. (Article II, Section 1(g); Article IV, Se)

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