Raintree Plaza

What Raintree Plaza's governing documents say

Raintree Plaza is a 26-unit condominium community in Phoenix, Arizona. You own an individual unit and share an undivided 1/26 interest in common elements (buildings, grounds, parking, recreational facilities). The association maintains all common elements and carries master insurance, funded by monthly per-unit assessments.

• What you own & maintain: You own your unit's interior, fixtures, and exclusive HVAC portion; you maintain your unit and keep it in repair. The association owns and maintains the building structure, roofs, shared mechanical systems, grounds, parking areas, pools, and recreational facilities.
• Assessments & fees: You pay a proportionate monthly share (1/26 of total) of common expenses for insurance, maintenance, repairs, and reserves. Late charges up to 10% per annum apply to unpaid assessments, which create a lien on your unit subordinate to first mortgages.
• Parking: You have an assigned, exclusive parking space included with your unit, plus access to guest parking areas managed by the association. Parking easements cannot be sold separately from the unit but may be exchanged with another owner's space with board and mortgagee consent.
• Patio use & landscaping: Each unit has an exclusive easement over an adjacent patio for personal use. You must maintain your patio in clean, neat condition; any plants you install cannot exceed 6 feet in height at maturity and must be kept weeded, watered, and trimmed by you.
• Insurance & liability: The association maintains master casualty insurance at 100% replacement cost for all buildings and units. Liability coverage includes minimum $1,000,000 per injury/death and $3,000,000 per occurrence for bodily injury; $250,000 per occurrence for property damage.
• Governance & voting: Unit owners hold Class A membership (1 vote each); the developer initially holds Class B membership (3 votes per unit). Developer's Class B status converts to standard Class A after the first outside unit sale or 5 years, whichever comes first.
• Major damage or obsolescence: For substantial destruction, condemnation, or obsolescence, the association may restore or (with 67% owner and 51% mortgagee consent) sell the property. Restoration costs are funded by special assessments at 18% annual interest, creating a lien on your unit if unpaid.
• What this document doesn't cover: Specific rules, lease restrictions, pet policies, architectural review procedures, and day-to-day use restrictions are adopted separately by the association bylaws and board regulations, which are not shown in this governing declaration.

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.