Pegasus Airpark Flight Association

What Pegasus Airpark Flight Association's governing documents say

Pegasus Airpark Flight Association is a private community in Queen Creek, AZ, built around a residential airpark for pilots and aviation enthusiasts. This declaration creates the Association, which owns and manages the airport runway and taxiways (the Common Elements). Membership in the Association is required for owners of residential lots and aircraft storage spaces, and it governs the use of the airpark. The rules are designed to maintain a safe, private aviation environment and are binding on all members.

• Membership & voting rights: There are two classes of membership: Class A (all members except Declarant) with one vote per membership (lot or storage space), and Class B (Declarant) with three votes per membership. Class B converts to Class A when all lots/storage spaces are sold, by Declarant notice, or by April 1, 2020. Membership is tied to ownership of a residential lot or aircraft storage space and cannot be transferred separately; transfer requires Board consent and must accompany the property transfer.
• Use of the airport & common elements: The Parcel (runway and taxiways) is for aviation use only by members and their guests. Use is subject to the Special Use Permit (Exhibit D), which limits aircraft to propeller-driven fixed-wing under 12,500 lbs, prohibits jets, ultralights, and helicopters, and caps total planes at 225 (max 92 at the FBO). The Association may adopt safety regulations, and members must comply. The Board can suspend use rights for violations.
• Assessments & fees: Members pay monthly common expenses for operation, maintenance, insurance, and reserves. The Board sets the budget and assessments without member approval. Late payments accrue 12% interest and up to 25% late charge. Unpaid assessments become a lien on the member's lot or storage space (subordinate to first mortgages). Special assessments require 67% approval of each class. Declarant is exempt from assessments on unsold memberships.
• Property use restrictions: Common Elements cannot be obstructed or used in ways that violate the Special Use Permit or safety rules. No spotlights or floodlights without Board approval. Members must avoid nuisances (noise, illegal acts). The Association may suspend or terminate membership for violations. Declarant is exempt from these restrictions during development.
• Amending the rules: Until all lots and storage spaces are sold, Declarant can amend the Declaration unilaterally. After that, amendments require 80% member approval for the first 20 years, then 75%. Declarant must approve any amendment while it still owns any lot or storage space.

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.