Novus Master Condominium I, Parcel 3B

Key facts from Novus Master Condominium I, Parcel 3B's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Recitals: 'creating Novus Master Condomi)

Units / lots

2 master units (Commercial Master Unit and Multi-Family Master Unit) (Section 3.01(a))

Governing law

Arizona Condominium Act, Arizona Revised Statutes § 33-1201 et seq. (Recitals)

Assessments & dues

Master Association establishes Regular Assessments based on Master Budget (Section 5.05(a)-(b)) (Section 5.05)

Special assessments

Permitted for non-recurring Common Expenses (Section 5.05(c)) (Section 5.05(c))

Collections & liens

Lien for assessments, prior to other liens except Priority Lien Indebtedness; judicial foreclosure only; Master Association may exercise power of sale (Section 5.07) (Section 5.07)

Reserves & fees

Common Expenses include replacement reserves for Common Elements (Section 1.15) (Section 1.15)

Leasing & rentals

Yes, Article 10 governs Lessee provisions; master units may be leased (Article 1.36 (Lessee), Article 10)

Parking & vehicles

Garage Parking Easement for Commercial Master Unit (exclusive parking areas) and non-exclusive access for Multi-Family Master Unit (Section 4.04(h)) (Section 4.04(h))

Signs & flags

Owner may erect signage on interior surfaces and on Skin of its master unit, subject to permits, maintenance, no Material Adverse Effect (Section 4.02, 4.04(i)) (Sections 4.02, 4.04(i))

Maintenance

Roof Easement allows Commercial Master Unit to install Systems on roof with consent of Multi-Family Owner. Roof serving one Master Unit may be part of that Master Unit; if serving multiple, General Common Element. (Section 4.04(d), Page 15-16; Section 3.0)

Insurance

Owner-maintained policies (Section 7.05) (Section 7.05)

Voting & meetings

Allocated interests and votes per Attachment 1; votes allocated per Master Unit, exercised by Owner (Section 5.02) (Section 5.02, 1.03)

Amendments

Amendment to Master Declaration under Section 11.02 (not fully quoted) (Section 11.02)

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