Palisades Racquet Estates Condominium

Key facts from Palisades Racquet Estates Condominium's documents

Community type

condominium (Document title; Paragraph 1.4)

Legal name

Palisades Racquet Estates Condominium Association (Paragraph 1.2)

Developer / declarant

902 WEST GLENDALE PARTNERSHIP, an Arizona general partnership (Opening paragraph)

Governing law

Title 33, Chapter 9 of the Arizona Revised Statutes (Paragraph 1.1; recitals)

Assessments & dues

Initially $165 per month per unit (until first fiscal year after first conveyance to non-Declarant). Thereafter may be adjusted by CPI or by 67% vote. (Paragraph 7 (end), Paragraph 7.2)

Special assessments

Yes, for capital improvements or restoration; must be approved by 67% of each class voting in person or by proxy at a meeting. (Paragraph 7.3, 10.4)

Collections & liens

Lien on unit for unpaid common expenses, interest, late fees, costs, attorneys fees. Subordinate to first mortgage except for assessments accruing after mortgagee acquires title. Foreclosure as real property mortgage or deed of trust. (Paragraph 7.2)

Reserves & fees

Association shall maintain an adequate reserve for replacement of Common Elements. (Paragraph 7)

Pets

Yes, but limited to not more than 3 commonly accepted household pets, each not exceeding mature weight of 20 pounds. No breeding. Must be kept leashed and supervised. (Paragraph 17)

Leasing & rentals

Yes, but must be in writing, subject to Declaration, for entire unit, minimum term of 30 days. No transient or hotel use. Copy of lease to Association before term. (Paragraph 17)

Parking & vehicles

Parking Spaces are part of Common Elements. Board assigns at least one Parking Space per Owner. Board may establish rules and regulations for use. (Paragraph 6)

Architectural approval

No building, fence, wall, antenna, awning, sign or other structure, nor exterior addition/change/alteration visible from building exterior, nor landscaping/grade/drainage changes without written approval of Board or architectural committee (Paragraph 18)

Home business

Not prohibited as long as it does not conflict with residential use; owners may maintain a professional library and keep personal business records. (Paragraph 17)

Signs & flags

No signs of any nature on Units, windows, or Common Elements. No "For Sale" or "For Rent" signs. A master "For Sale" sign may be placed by Board. Exception for Declarant until last unit sold. (Paragraph 17)

Maintenance

Association shall repair roof leaks and damage promptly upon written notice (unless caused by owner's willful/negligent act). (Paragraph 21)

Insurance

Association maintains master casualty insurance covering Common Elements and each Unit (exclusive of personal property) at 100% replacement cost, fire and extended coverage, plus flood if available. Also comprehensive public liability ($1,0 (Paragraph 9, 9.1, 9.2)

Use restrictions

No part of Condominium shall be used for other than residential purposes and related common purposes, except Declarant's development activities. (Paragraph 17)

Voting & meetings

Two classes: Class A (all Owners except Declarant) - one vote per Unit; Class B (Declarant) - three votes per Unit owned. Class B memberships terminate upon first conveyance of a unit to a non-Declarant owner (for that unit) or upon first t (Paragraph 4.1)

Amendments

Not fully detailed in extracted text; referenced in Paragraph 25. Mentioned that amendments to Declaration may be executed pursuant to Paragraph 19 or 25 (see Paragraph 3.3). (Paragraph 3.3, 25 (not provided in text))

Amenities

Swimming pool, racquetball and recreational area (part of Common Elements). (Paragraph 1.5)

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