Plex I Condominiums

What Plex I Condominiums's governing documents say

Plex I Condominiums is a 2-unit condominium community in Phoenix, Arizona. You own your individual unit and share ownership of the building's common elements, which the association maintains and insures, funded by per-unit assessments based on floor area.

• What you own & maintain: You own your unit's interior and furnishings; you're responsible for all maintenance, repairs, and replacements within your unit at your own expense. The association maintains all common elements (shared structure and grounds) and carries the master insurance.
• Limited common elements: Your exclusive-use limited common elements include your driveway and parking area, yard, and heating/air-conditioning unit. You hold 100% ownership of these for your exclusive use and benefit.
• Common expenses & assessments: All owners share common expenses proportionally based on floor area, including maintenance, utilities, insurance, management fees, and a reserve fund. The Board collects assessments at least annually (possibly monthly, quarterly, or semi-annually).
• Insurance & casualty: The association carries comprehensive insurance (fire, windstorm, hail, flood, liability, workers' compensation) on the project. In event of casualty, insurance proceeds pay for restoration; if insufficient, a special assessment is levied on all owners.
• Architectural control: You may not make additions, alterations, or improvements to common elements (including those in your unit) without prior written Board approval, except minor repairs incidental to maintenance.
• Voting rights & membership: You automatically become an association member upon acquiring a unit and have one vote per unit. Voting rights automatically suspend if you are 30 or more days in arrears on any assessment or in default on any other obligation.
• Assessment liens & enforcement: Unpaid common expenses become a continuing lien on your unit at 18% annual interest. The Board may pursue collection and foreclosure after 30 days' written notice; special assessments may be levied if damage is uninsured or condemnation proceeds are insufficient.

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.