Osborn Gardens Condominium

What Osborn Gardens Condominium's governing documents say

Osborn Gardens is a condominium community in Phoenix, AZ — you own your individual unit and share ownership of the building's common elements and amenities. This document is the First Amendment to the original Declaration, modifying specific provisions; it is not the full governing document.

• Reserve & working capital funds: A reserve fund for maintenance and replacement of common elements must be funded by regular assessments. A working capital fund equal to at least two months' assessments for all units will be collected at closing and held in a segregated account. Unsold units' contributions are due within 60 days of conveyance of the first unit.
• Insurance requirements: The association must carry property insurance of no less than 1.5 times estimated annual operating expenses and reserves, or 3 months' aggregate assessments plus reserves. If in a special flood hazard area, a blanket flood insurance policy must cover the outstanding loan balances, replacement cost, or the maximum available under the National Flood Insurance Program, whichever is highest.
• Management agreements: Owners are bound by management agreements entered by the board, copies available on request. Owners can cancel a management agreement by a 2/3 vote. Any agreement with a developer or builder cannot exceed 3 years, renewable yearly, and must allow termination by either party without cause on 90 days' notice. If the association returns to self-management, mortgagee consent is required.
• Unit conveyance & control of association: Control of the association transfers to unit owners within 120 days after the declarant has conveyed an aggregate of 14 units (as evidenced by recorded deeds or agreements for sale).
• Assessments timing: Assessments for each unit and the owners' liability start no later than 60 days after conveyance of the first unit, unless the board specifies otherwise.
• Amenities & common elements: All amenities on the property—parking, recreation, and service areas—are part of the condominium project and subject to mortgages on individual units to the same extent as common elements. They must be fully installed and operational for unit owners' use.
• Alienation rights: No unit shall be subject to unreasonable restraints on alienation that would affect marketability or the ability of a first mortgagee to foreclose or accept a deed in lieu of foreclosure, then sell or lease the unit.
• What this document doesn't cover: This is only a partial amendment—original rules on pet limits, lease restrictions, assessment amounts, use restrictions, and other typical condominium rules are not included here. For a complete picture, you must also review the original Declaration, Bylaws, and any other amendments.

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.