Park Villas North Condominium Association (PVN)

What Park Villas North Condominium Association (PVN)'s governing documents say

This is a notice from the Park Villas North Condominium Association (Phoenix, AZ) about an increase in regular assessments and an emergency special assessment for all unit owners. The document does not contain the full CC&Rs but provides specific financial obligations and payment deadlines.

• Regular assessment increase: The Board imposed a 17% increase in monthly regular assessments, effective September 1, 2024. The exact new amount per unit is listed in the table and is based on square footage (Exhibit B of the CC&Rs).
• Emergency special assessment: A one-time emergency special assessment of $255,848.00 was approved, divided among units by square footage. Each unit's total emergency assessment and its four monthly installments are shown in the table.
• Payment options & deadlines: Owners may pay the emergency assessment in full by December 1, 2024, or in four equal monthly installments due on September 1, October 1, November 1, and December 1, 2024. Autopay users must go online to adjust payment amounts. Late payments are subject to the Association's Assessment Collection Policy.
• Reason for the assessments: The emergency assessment is due to a drastic increase in insurance premiums from $63,000 budgeted to $458,435.72, after the prior carrier declined renewal. The Board also borrowed $98,330.42 from reserves, to be repaid within one year from combined regular and emergency assessment increases.
• What this document doesn't cover: This notice only addresses assessment changes; it does not contain the full CC&Rs, rules on leasing, pets, parking, or other typical HOA restrictions. Refer to the complete governing documents for those topics.

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.