Roosevelt III Condominiums

What Roosevelt III Condominiums's governing documents say

Roosevelt III Condominiums is a condominium in Phoenix (1029 E. Roosevelt) where you own your individual unit and share ownership of the common elements, which the association maintains and insures. This is a conversion of a pre-1974 apartment building to condominiums; you accept your unit 'as-is' with no warranties from the developer.

• What you own & maintain: You own your unit's interior; the association maintains all structural elements, exterior walls, roof, plumbing/electrical/utility lines, and grounds (lawn, exterior painting, pest control). You maintain your interior walls, ceilings, floors, appliances, and fixtures.
• Ownership shares & assessments: Three units: Unit 100 & 101 each own 30%, Unit 200 owns 40% of common elements and expenses. Annual assessments are approved by the Board and paid in three equal monthly installments starting January 1st. The Board can levy fines of $5 per day for rule violations.
• New occupancy approval: Before any person occupies a unit, you must submit their name, address, and three references to the Board for approval. The Board has 10 days to respond; silence means approval. Mortgagees and their purchasers/lessees are exempt from this rule.
• Sale & lease approval: You cannot sell or lease your unit without Board approval. Notify the Board with buyer/lessee name, address, and terms; they have 10 days to approve or offer an approved alternative on equal terms. The Board cannot deny based on race, creed, color, or national origin.
• Architectural review & modifications: You cannot paint, decorate, or modify the building exterior or structure without written Association approval. Interior alterations affecting structural integrity or utility systems require Board approval and mortgagee consent.
• Insurance & casualty damage: The Association carries master insurance on the building and common elements (fire, liability, extended coverage). If damage is less than 70% of building value, repairs are made from insurance proceeds and common funds. If damage exceeds 70%, 66% of unit owners must vote to rebuild within 20 days; otherwise any unit owner can force a partition sale.
• Property conversion & no warranty: This building was originally constructed before 1974 as rental apartments and is being converted to condominiums. The developer makes NO warranties about condition, compliance with condo building codes, or defects. You accept your unit entirely 'as-is' with all faults; the developer is not liable for structural, design, or construction issues.
• What this document doesn't cover: This is the Declaration only. The complete rulebook (Exhibit C: Covenants, Conditions & Restrictions) is referenced but not included in this excerpt and covers detailed use rules, parking, pets, and other policies. Specific assessment dollar amounts are marked 'to be decided.'

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.